Students get through the TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer which is useful for their exam preparation.

TN State Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

Very short answer questions

Question 1.
Define the term “Market”.
Answer:
According to Pyle “Market includes both place and region in which buyers and sellers are in free competition with one another ”.

Question 2.
What is the need for the market?
Answer:

  1. To exchange (barter) goods and services.
  2. To adjust demand and supply by the price mechanism.
  3. To improve the quality of life of society.
  4. To introduce new models of life.

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

Question 3.
How to classify the market?
Answer:
On the basis of different approaches market have been classified on the basis of:

  1. Geographical area
  2. Nature of goods
  3. Economic View
  4. Transaction
  5. Time
  6. Volume of business
  7. Importance

Question 4.
Explain – world market.
Answer:
Word or International market is one where the buyers and sellers of goods are from different countries that is the involvement of buyers and sellers beyond the boundaries of a nation.

Question 5.
Define Bullion market.
Answer:
This type of market deals with the purchase or sale of gold and silver bullion markets of Mumbai, Kolkata, Kanpur, etc., which are examples of such markets.

Question 6.
What is the classification of the commodity market?
Answer:
A commodity market is a place where produce goods or consumer goods are bought and sold. Commodity markets are subdivided into:

  1. Produce Exchange Market
  2. Manufactured goods Market
  3. Bullion Market.

Question 7.
What is meant by the perfect market?
Answer:
A market is said to be a perfect market if it satisfies the following conditions:

  1. a Large number of buyers and sellers are there.
  2. Uniform price throughout the market.
  3. Buyers and sellers have a perfect knowledge of the market.
  4. The goods are identical or homogeneous.

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

Question 8.
Who is called implementer?
Answer:
Marketer plays the role of implementer when he/she actually converts marketing opportunities into marketable products with the help of several functional teams put in place in the organization.

Question 9.
What is called Terminal Market?
Answer:

  1. It is a central site that serves as an assembly and trading place for commodities in a metropolitan area.
  2. For agricultural commodities, are usually at or near major transportation hubs.

Question 10.
Mention the role of the Marketer.
Answer:
The marketer plays four roles as follows:

  1. Instigator
  2. Innovator
  3. Integrator
  4. Implementer

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

Short answer questions

Question 1.
Explain the information is observed from the definition of the market.
Answer:

  1. The market may mean a place, where buying and selling take place.
  2. Buyers and sellers come together for transactions.
  3. The act of buying and selling goods (to satisfy human wants).
  4. An area of operation of commercial demand for commodities.
  5. An organization through which the exchange of goods takes place.

Question 2.
Explain the difference between the national market and the international market.
Answer:
National market:

  1. Commodities have demand throughout the country.
  2. The goods from one comer can reach another with communication and transportation facilities.
  3. The company has the same policies and strategies in National Marketing their products.

International Market:

  1. The international market is one where the buyers and sellers of goods are from different countries.
  2. Involvement of buyers and sellers beyond the boundaries of a nation.
  3. International marketing requires different strategies and policies in the promotion of their product.

Question 3.
Discuss warehousing.
Answer:

  1. A warehouse is a building for storing goods.
  2. Warehouse are used by manufacturers, importers, exporters, wholesalers, businesses, customs, etc.
  3. Usually cover large plain buildings in industrial parks on the outskirts of cities, towns, or villages.
  4. It is the act of storing goods that will be sold and distributed later.
  5. The warehouse provides nothing more than storage of goods.

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

Question 4.
Write a short note on the Foreign Exchange market.
Answer:

  1. It is an international market.
  2. This type of market helps exporters and importers in converting their currencies into foreign currencies and vice versa.
  3. Foreign exchange markets are made up of investment management firms, banks, commercial companies and investors.
  4. The major participants in the foreign exchange market are commercial banks forex brokers and monetary authorities.

Long answer questions

Question 1.
How the market can be classifies on the basis of geographical area?
Answer:
On the basis of geographical area:

  • Family market: When the exchange of goods or services is confined within a family or close members of the family.
  • Local market: Participation of both the buyers and sellers belonging to a local area or areas, maybe a town or village is called a local market.
  • National market: Commodities have demand throughout the country. Today the goods from one comer can reach another comer with communication and transportation facilities.
  • International market or world market: A world or International market is one where the buyers and sellers of goods are from different countries involvement of buyers and sellers beyond the boundaries of a nation.

Question 2.
Explain the role of transportation in marketing.
Answer:

  1. It enables trade between people which is essential for the development of civilizations.
  2. Transport plays an important part is in economic growth and globalization.
  3. It helps the assembling of raw materials and distribution of finished goods.
  4. Mobility of labor and capital increases with the development of transport.
  5. It helps to an optimum level and efficient use of its national resources.
  6. To provide more employment opportunities and increase national income.
  7. The performance of marketing functions like buying, assembling, selling, storage and warehouse etc.
  8. It increases internal and foreign trade.

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

Multiple-choice questions

1. It is a medium or place to interact and exchange goods and services:
(a) Market
(b) Area
(c) Product
(d) Price
Answer:
(a) Market

2. Mention the area of local market:
(a) Town
(b) City
(c) Metropolitan
(d) None
Answer:
(a) Town

3. Give them examples of the local market.
(a) Fruits
(b) Vegetables
(c) Fish
(d) All the above
Answer:
(d) All the above

4. When an exchange of goods and services are confined with family members can be called as:
(a) Local market
(b) Family market
(c) National market
(d) Commodity market
Answer:
(b) Family market

5. Market is one where the buyers and sellers of goods are from different countries is called as:
(a) World market
(b) National market
(c) Commodity market
(d) Capital market
Answer:
(a) World market

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

6. In which market goods are identical or homogeneous?
(a) Imperfect
(b) Perfect
(c) Both (a) and (b)
(d) None
Answer:
(b) Perfect

7. A market that is not regulated by statutory measures is called:
(a) Regulated market
(b) Unregulated market
(c) Future market
(d) Spot market
Answer:
(b) Unregulated market

8. In which type of market semi-finished goods are marketed?
(a) Secondary market
(b) Primary market
(c) Wholesale market
(d) Retail market
Answer:
(a) Secondary market

9. The event marketing aims at promoting and marketing:
(a) Shows
(b) Exhibitions
(c) Fairs
(d) All the above
Answer:
(d) All the above

10. The marketing of goods and services through celebrities is called as:
(a) Person
(b) Event
(c) Place
(d) None
Answer:
(a) Person

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

11. Endorsement for the brand of a company can be carried down by:
(a) Cinema stars
(b) Sports star
(c) Musicians
(d) All the above
Answer:
(d) All the above

12. Today in what way information collected by?
(a) Libraries
(b) Book publishers
(c) Internet
(d) All the above
Answer:
(d) All the above

13. An may change the world.
(a) Idea
(b) Organization
(c) Properties
(d) Places
Answer:
(a) Idea

14. The most valuable product that can be marketed today:
(a) Ideas
(b) Information
(c) Organization
(d) None
Answer:
(b) Information

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

15. The purchase or sale of gold and silver are called as:
(a) Bullion market
(b) Money market
(c) Capital market
(d) Stock market
Answer:
(a) Bullion market

16. Market where sales and purchase of shares and bonds of companies is known as:
(a) Stock market
(b) Money market
(c) Foreign market
(d) None
Answer:
(a) Stock market

17. Find out the international market.
(a) Stock market
(b) Money Market
(c) Foreign exchange
(d) Capital market
Answer:
(c) Foreign exchange

18. It provides short-term finance to industries, banks, and Government agencies:
(a) Capital market
(b) Stock market
(c) Money market
(d) None
Answer:
(c) Money market

19. How to determine the price of goods in an unregulated market?
(a) Demand
(b) Supply
(c) Both (a) and (b)
(d) None
Answer:
(c) Both (a) and (b)

TN Board 12th Commerce Important Questions Chapter 13 Concept of Market and Marketer

20. In which type of goods long period market deals with?
(a) Durable
(b) Non-durable
(c) Perishable
(d) All the above
Answer:
(a) Durable