Concept of Market and Marketer

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Questions:

Multiple Choice Question

7 x 1 = 7

_______is a medium for place to interact and exchange goods and services

(a)

Commerce

(b)

Industry

(c)

Business

(d)

Market

__________provides short term and very short term finance to industries, banks and financial intermediaries.

(a)

Money market

(b)

Foreign exchange market

(c)

Regulated market

(d)

None of these

Which types of market where short term securities are exchanged?

(a)

Bullion markets

(b)

Manufactured goods market

(c)

Money market

(d)

Spot market

The word market is derived from the latin word

(a)

Marks

(b)

Marcatus

(c)

Mars

(d)

Marcus

Stock Exchange Market is also called______

(a)

Spot Market

(b)

Local Market

(c)

Security Market

(d)

National Market

The marketer initially wants to know in the marketing is_______

(a)

Qualification of the customer

(b)

Quality of the product

(c)

Background of the customers

(d)

Needs of the customers

One who promotes (or) Exchange of goods or services for money is called as______

(a)

Seller

(b)

Marketer

(c)

Customer

(d)

Manager

Generic 2

5 x 2 = 10

What is the meaning of marketer?

Write a Definition of market.

10.

What is meant by Commodity Market?

11.

Define Marketer.

12.

What is Market?

Generic 3

4 x 3 = 12

13.

List down the functions of marketer.

14.

Explain the types of market on the basis of time.

15.

Marketer is an innovator. Do you agree?

16.

Mention any three role of Marketer.

Generic 5

2 x 5 = 10

17.

How the market can be classified on the basis of Economics?

18.

How the market can be classified? (any 5)

Odd one out

2 x 2 = 4

19.

(a) Instigator
(b) Storage
(c) Integrator
(d) Implementer

20.

(a) Money market
(b) Stock market
(c) Instigator
(d) Foreign exchange market

Assertion and reason

2 x 2 = 4

21.

Assertion (A) : In wholesale market goods are supplied in bulk quantity to dealers/retailers.
Reason (R) : The goods and services are not sold to customers directly.
Codes:
(a) Both (A) and (R) are true and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R) is true.

22.

Assertion (A) : Certain type of commodities has demand throughout the country.
Reason (R) : Hence it is called as a national market.
Codes:
(a) Both (A) and (R) are true and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R) is true

Correct the Statement

3 x 1 = 3

23.

(i) Innovative and attractive ideas are the desirable products for the marketers to sell.
(ii) Social media marketing thrives on new ideas in a consistent manner.
(iii) One who promotes (or) Exchange of goods or services for money is called as customer.
(a) (i) is correct
(b) (i) and (ii) are correct
(c) (ii) and (iii) are correct
(d) (i), (ii) and (iii) are correct

24.

(i) Primary markets can be found in villages and mostly the products arrive from villages.
(ii) Terminal market is a central site that serves as an assembly and trading place for commodities in a metropolitan area.
(iii) The marketing of goods and services through celebrities is a successful formula for creating a brand relationship with the consumers.
(a) (i) is correct
(b) (i) and (ii) are correct
(c) (ii) and (iii) are correct
(d) (i), (ii) and (iii) are correct

25.

(i) Markets which deal in perishable goods like fruits and vegetables are called as very short period market.
(ii) Price is determined on the basis of demand.
(iii) Spot markets, contracts are made over the price for future delivery.
(a) (i) is correct
(b) (i) and (ii) are correct
(c) (ii) and (iii) are correct
(d) (i), (ii) and (iii) are correct

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Answers Key:

Multiple Choice Question

7 x 1 = 7

(d)
Market

(a)
Money market

(b)
Marcatus

(d)
Needs of the customers

(b)
Marketer

Generic 2

5 x 2 = 10

(i) One who deals in a market; specifically, one who promotes or sells a product or service.
(ii) A marketer is some one whose job involves marketing.
(iii) Someone who promotes or exchanges goods or exchanges goods or services for money.

According to Pyle, "Market includes both place and region in which buyers and sellers are in free competition with one another.

10.

Ans.A commodity market isa place whereproduced goods or consumption goods are bought and sold.

11.

Ans.According to Business dictionary "A person whosc duties include the identification of the goodsandservices desired by a set of consumers, as well as the marketing of those goods and services on behalf of the company".

12.

(i) The word market is derived fronn the Latin word 'Marcatus' which means trade, commerce, merchandise, a place where business is transacted
(ii) The comon usage of market means a place where oods are bought or sold. In simple words, themecting placc of buyers and sellers in an arca is called market

Generic 3

4 x 3 = 12

13.

(i) Gathering and analysing market information
(ii) Market planning
(iii) Product designing and development
(iv) Standardisation and grading
(v) Packaging and labelling
(vi) Branding
(vii) Customer support services
(viii) Pricing of products
(ix) Promotion and selling
(x) Physical distribution
(xi Transportation
(xii Storage and warehousing

14.

(i) Very shot period market :Markets which deal in perishable goods like fruits, milk, vegetables,etc. are called very short period market.
(ii) Short period market : In certain goods, supply is adjusted to meet the demand. The demand is greater then supply. Such markets are known as shortperiod market.
(iii) Long period market : This type of market deals in durable goods, where the goods and services are dealt for longer period usages.

15.

Yes, Marketer seeks to distinguish his products/services by adding additional features or functionalities to the existing product, modifying the pricing structure, introducing new delivery pattern, creating new business models, introducing change in production process and soon.

16.

(i) Instigator : As an instigator, marketer keenly watches the developments taking place in the market and identifies marketing opportunities emerging in the ever changing market. In such a case, marketer plays an instigator and leads the business towards new directions.
(ii) Innovator : Marketer seeks to distinguish his products/services byadding additional features to the existing product. He also does modifying the price structure, introducing new delivery pattern, creating new business models etc.
(iii) Integrator :Marketer playsa role ofintegrator in the sense that he collects feedback or vital inputs from channel members and consumers and provides products/service solutions to customers/consumers by co-ordinating multiple functions of organisation.

Generic 5

2 x 5 = 10

17.

On the basis of Economic the market can be classified into (a) Perfect market (b) Imperfect market
(a). Perfect market: A market is said to be a perfect
market, if it satisfies the following conditions:
(i) Large number of buyers and sellers.
(ii) Prices should be uniform throughout the market.
(iii) Buyers and sellers have a perfect knowledge of market.
(iv) Goods can be moved from one place to another without restrictions.
(v) The goods are identical or homogeneous. It should be remembered that such types of markets are rarely found.
(b). Imperfect market: A market is said to be imperfect when:
(i) Products are similar but not identical
(ii) Prices are not uniform
(iii) There is lack of communication
(iv) There are restrictions on the movement of goods.

18.

The market can be classified as follows:
I. On the basis of Geographical area :
a. Family market
b. Local market
c. National market
d. International market or world market
II. On the basis of commodities /Goods :
a. Commodity market :
(i) Produce Exchange market
(ii) Manufactured goods market
(iii) Bullion market
b.Capital markets :
(i) Money market
(ii) Foreign Exchange market
(iii) The stock Exchange market
III. On the basis of Economics :
(i) Perfect market
(ii) Imperfect market
IV.On the basis of Transaction:
(i) Spot market
(ii) Future market
V. On the basis of regulation:
(i) Regulated nmarket
(ii) Unregulated narket
VI. On the basis of time :
(i) Very short period market
(ii) Short period market
(iii) Long period market
VII. On the basis of volume of business :
(1) Wholesale market
(2) Whole sale market
VIII.On the basis of importance :
(i) Primary market
(ii) Secondary market
(ii) Terminal market

Odd one out

2 x 2 = 4

19.

Storage
Reason : Storage is the function of marketing. Other three are role of a marketer

20.

Instigator
Reason:Instigator puts in place appropriate marketing mix to capitalize the opportunity,. Other three are types of capital markets on the basis of commodities.

Assertion and reason

2 x 2 = 4

21.

Both (A) and (R) are true and (R) is the correct explanation of (A).

22.

Both (A) and (R) are true and (R) is the correct explanation of (A).

Correct the Statement

3 x 1 = 3

23.

(b) (i) and (ii) are correct

24.

(d) (i), (ii) and (iii) are correct