I. Fill in the blanks with appropriate words in the following statements.
1. The place where sellers and buyers meet to sell and buy the goods is generally called _____
2. The market that is generally restricted to a geographical region is called _______ market.
3. The markets that are regulated by statutory regulations is called ______ Markets.
4. Storing of goods between the time of production and the time of sale is facilitated by ___
5. The activities that pursue customers to buy the products come under the scope of _____mix.
6. The best example for the goods sold by the producers directly to the consumer is _____
7. For all the brand registered products, on packages is indicated______________
8. The assurance of the standard quality of product to consumers is assured by ________of goods.
Ans: (1) market; (2) regional; (3) regulated; (4) ware housing; (5) promotion;
(6) Bata shoe; (7) ®; (8) grading
II. Answer each of the following questions in a sentences or two.
1. Mention the four types of markets classified under the bases of area.
Ans: Types of market classified on the basis of Area are- (a) local market, (b) Regional market, ( c) National market and (d) International market.
2. What are money markets? How are they different from capital markets?
Ans: Money market is a specialized market for availing short term finance to business houses. Capital market is a specialized market for availing long term finance to business houses, generally through financial institutions and stock exchange.
3. What are producers markets? And what are consumers markets?
Ans: Producers market: In this type of market goods are purchased for the use in the further process of production.
Consumers market: In this type of market goods are purchased for personal consumption.
4. What is a spot market and how is it different from future market?
Ans: Spot market: In this type of market goods are sold to the buyers on the spot where the sellers agree to sell their products and buyers agree to buy them for consideration.
Future market: In this type of market goods are transferred at a later date.
5. Mention any four types of non-traditional markets.
Ans: Four types of non-traditional markets are - (i) mail order houses, (ii) tele shopping,
(iii) Virtual stores, (iv) catalogue market.
6. What do you mean by marketing mix?
Ans: Formulation and implementing the methods of marketing is referred as 'Marketing Mix'.
7. Why is consumer protection required?
Ans: Consumer protection is required to safeguard the interests of consumers, consumer rights are assured.
8. What is branding of goods?
Ans: Branding is an act of fixing a symbol or some letter to a product to distinguish it from the products of others.
III. Answer each of following questions in about eight to ten sentences.
1. What are the functions of marketing? Explain anyone function briefly?
Ans: Marketing involves many function s. Some of the major specialized functions of marketing are-
(i) Buying and assembling,
(iv) Storage and ware housing,
(v) Market research,
(vi) Standardization and grading,
(viii) Branding and
(ix) Insurance, etc.
Selling-: It is the end function of marketing. It is concerned with disposing or transferring of goods by sale from the seller to the buyer at a profitable price. The creation, maintenance or expansion of market for a product is also included in selling.
2. What are the forces of marketing mix? Explain anyone force.
Ans: The forces of marketing mix are as follows-
(a) Product mix,
(b) Price mix,
(c) Promotion mix and
(d) Place mix
(a) Product mix:- It is a very Important and vital element of the marketing mix. It means the d different alternate combinations of the features relating to the product to be offered for sale. It includes service mix also. The producer aims at producing quality products but emphasis is also given to the variety of the product, design of the product, packaging, colour and other features under the product mix. Grading, branding and labelling are also included in product mix.
3. What are the distribution channel under indirect selling?
Ans: Under indirect selling, we have the following distribution channels.
(i) Producer → Retailer → Consumer
(ii) Producer → Wholesaler → Retailer → Consumer
(iii) Producer → Agent → Retailers → Consumer
(iv) Producer → Agent → Wholesaler → Retailer → Consumer
(i) Producer → Retailer → Consumer: Under this system of distribution, producer sells goods to the retailers, who in turn sells them directly to consumers.
(ii) Producer → Wholesaler → Retailer Consumer: Under this channel of distribution, two middlemen come into picture. Ex. Distribution of groceries, drugs etc.
[iii) Producer → Agent → Retailers → Consumer: Under this channel of distribution, there are limited numbers of retailers. The producers appoint agents who go to the retailers and sell the products directly to them.
(iv) Producer → Agent → Wholesaler → Retailer Consumer: This channel of distribution is the longest and complete distribution channel.
4. What is the importance of marketing? How does marketing help in improvement of standard of living?
Ans: Marketing plays a vital role in the growth of a nation. The following reasons may be given for the importance of marketing.
(i) standard of living,
(ii) consumer satisfaction,
(iii) employment opportunity,
(v) international marketing,
(vi) economic development.
(i) Standard of living: Availability and consumption of various types of products and services increase the standard of living of the people.