Dear Class 12 Samacheer Kalvi students, here are the text book solutions for Chapter 13, Concept of Market and Marketer in Commerce for your reference.
I. Choose the Correct Answers:
| 1. One who promotes (or) Exchange of goods or services for money is called as |
| a) Seller |
| b) Marketer |
| c) Customer |
| d) Manager |
| 2. 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 |
| 3. The Spot market is classified on the basis of |
| a) Commodity |
| b) Transaction |
| c) Regulation |
| d) Time |
| 4. Which one of the market deals in the purchase and sale of shares and debentures? |
| a) Stock Exchange Market |
| b) Manufactured Goods Market |
| c) Local Market |
| d) Family Market |
| 5. Stock Exchange Market is also called _____________ |
| a) Spot Market |
| b) Local Market |
| c) Security Market |
| d)National Market |
II. Very Short Answer Questions:
1. What is Market?
The word market is derived from the Latin word ‘Marcatus’ which means trade, commerce, merchandise, a place where business is transacted or a place where goods are bought or sold.
According to Pyle “Market includes both place and region in which buyers and sellers are in free competition with one another.”
2. Define Marketer.
A marketer is one who deals in a market; specifically, one who promotes or sells a product or service. Business Dictionary defines marketer as “A person whose duties include the identification of the goods and services desired by a set of consumers, as well as the marketing of those goods and services on behalf of a company”.
3. What is meant by Regulated Market?
Regulated Market is a type of market which is organised, controlled and regulated by statutory measures. Example: Stock Exchanges of Mumbai, Chennai, Kolkata etc.
4. What is meant by Spot Market?
A spot market is a market in which goods are exchanged and the physical delivery of goods takes place immediately.
5. What is meant by Commodity Market?
A commodity market is a place where produced goods or consumption goods are bought and sold.
II. Short Answer Questions:
1. What can be marketed in the Market? (any 3)
The items that can be marketed in a market include goods, services, experiences, events, persons, places, properties, organisations, information and ideas.
2. Mention any three roles of Marketer?
Three roles a marketer can play are:
1. Instigator: As an instigator, marketer keenly watches the developments taking place in the market and identifies emerging opportunities.
2. Innovator: As an innovator, he seeks to add additional features to the existing product, modifying the pricing structure, introducing new delivery pattern, creating new business models, introducing change in production process and so on.
3. Integrator: As an integrator, he collects feedback from channel members and consumers and provides solutions to customers.
3. Explain the types of market on the basis of time.
The types of market on the basis of time are:
i. Very Short Period Market: Markets which deal in perishable goods like, fruits, milk, vegetables etc., are called as very short period market. There is no change in the supply of goods. Price is determined on the basis of demand.
ii. Short Period Market: i. In certain goods, supply is adjusted to meet the demand. The demand is greater than supply. Such markets are known as Short Period Market.
iii. Long Period Market: This type of market deals in durable goods, where the goods and services are dealt for longer period usages.
III. Long Answer Questions:
1. How the market can be classified? (any 5)
On the basis of different approaches markets have been classified on the basis of Area, Nature of Goods, and Economic view, Transaction, Regulation, Time, Volume and importance.
I. On the Basis of Geographical Area
Family Market: When exchange of goods or services are confined within a family or close members of the family, such a market can be called as family market.
2. On the Basis of Commodities
Commodity Market:
A commodity market is a place where produced goods or consumption goods are bought and sold. Commodity markets are subdivided into Produce Exchange Market, Manufactured Goods Market, and Bullion Market.
3. On the Basis of Economics
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.
4. On the Basis of Transaction
Spot Market: In such markets, goods are exchanged and the physical delivery of goods takes place immediately.
5. On the Basis of Regulation
Regulated Market: These are types of markets which are organised, controlled and regulated by statutory measures. Example: Stock Exchanges of Mumbai, Chennai, Kolkata etc.
2. How the market can be classified on the basis of Economics?
On the Basis of Economics, markets can be classified as follows:
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 are there.
ii. Prices are 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 homogenous.
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.
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