Part-B Chapter-11

Question 1

From where do we get the term market

Answer 1

The word market has its origin in the latin word ‘ Marcatus’ meaning merchandise, wares or trade

Question 2

Market in common language means

Answer 2

Market in common language is used for a place where buyers and sellers meet and conduct buying and selling activities.

Question 3

The usage of the term market may sometimes suggest what?

Answer 3

Sometimes the usage of the term market may suggest the nature of the products being traded in the market. e. g. Cloth market, car market etc

Question 4

The term market is also used for

Answer 4

The term market is also used sometimes to indicate the volume of trade which takes place between the buyer and the seller. The place where goods are sold in bulk are called wholesale market and the place where goods are sold in smaller quantities are called retail market.

Question 5

Market’s meaning in mordern marketing sense

Answer 5

The term maket in modern marketing sense refers to a set of actual and potential buyers of a product or service

Question 6

Functions of marketing

Answer 6

1. Gathering and analysing market information
2. Market planning
3. Product designing and development
4. Standardisation and Grading
5. Packaging and labelling
6. Branding
7. Pricing of products
8. Physical distribution
9. Promotion
10. Customer support service
11. Transportation
12. Storage and warehousing

Question 7

Gathering and analysing market information

Answer 7

One of the most important function of a marketer is to gather and analyse market information. This is necessary to identify the needs of the customers and take various decision for the successful marketing of the product and services. This is important for making an analysis of the available opportunities and threats as well as strengths and weaknesses of the organisation, and in deciding what opportunities can best be pursued by it.