Students get through the TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix which is useful for their exam preparation.

TN State Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

Very short answer questions

Question 1.
Define Marketing.
‘‘Marketing includes those business activities which are involved in the flow of goods and services from production to consumption ” – Converse.

Question 2.
What is the “Barter system”?
The goods are exchanged against goods, without any other medium of exchange, like money.

TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

Question 3.
Why there is a need for the storage function of marketing?

  1. There is a time gap between the production and consumption of goods.
  2. To make the goods, available to the consumers and when they are required.

Question 4.
Mention the types of warehouses.

  1. Private warehouses
  2. Public warehouses
  3. Bonded warehouses

Question 5.
Explain standardization.

  1. Standardization means the establishment of certain standards based on intrinsic qualities of a commodity.
  2. The quality may be determined on the basis of various factors like size, colors, taste, appearance etc.

Question 6.
List out the facilitating functions of marketing.

  1. Financing
  2. Risk
  3. Market information
  4. Standardization
  5. Grading
  6. Branding
  7. Packing and
  8. Pricing

TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

Question 7.
What is the classification of functions of Marketing?

  1. Functions of Exchange
  2. Functions of physical supply (Hi) Facilitating Functions

Question 8.
Name the Elements of the Marketing mix.

  1. Product
  2. Price
  3. Place (Physical Distribution)
  4. Promotion

Short answer questions

Question 1.
Discuss “Risk Bearing” functions of marketing.
Answer:
The possibility of losing something of value when taking risk resulting from a given action or inaction foreseen or unforeseen, planned, or unplanned risk is predominately negative terms.
Risk Bearing:

  1. Time Risk
  2. Place Risk
  3. Competition Risk
  4. Risk of change in demand
  5. Risk arising from natural calamities
  6. Human risks
  7. Political risks

Question 2.
Explain grading and branding.
Answer:
Grading: Grading means classifications of standardized products into certain well-defined classes.
Branding: Branding means giving a name or symbol to a product in order to differentiate it from competitive products.

TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

Question 3.
How to determining price in the market?
Answer:

  1. Pricing is the most important decision taken by a businessman.
  2. It is the decision upon which the success or failure of an enterprise depends to a large extent.
  3. The price must be determined only after taking all the relevant factors into consideration.

Long answer questions

Question 1.
Differentiate storage from warehousing.
Answer:
Storage:

  1. Holding and preservation of goods from the time they are produced to the time they are consumed.
  2. The time gap between the production and consumption of goods.
  3. To make the goods available to the consumers and when they are required.

Warehousing:

  1. It creates time utility by storing the goods throughout the year.
  2. To releasing the goods when they are needed.
  3. A warehouse is a building for storing goods.
  4. It is the act of storing goods that will be sold or distributed later.

Question 2.
Explain the Risk Management.
Answer:
The process of identifying assessing and controlling threats to an organization Risk Management: Risk Management refers to the practice of identifying potential risk in advance and analyzing and taking precautionary steps to reduce and curb the risk. The following are the steps for risk management:

  1. Manage risk on a daily basis
  2. A risk is an uncertain event, it can have a positive or negative concept
  3. Identify the risk
  4. Analyze the risk
  5. Evaluate the risk
  6. Treat the risk
  7. Monitor and Review the risk

Risk is a deviation from an expected outcome. That deviation can be positive or negative and it relates to the idea of no pain or no gain.

TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

Multiple-choice questions

1. ………. assumes a managerial role to co-ordinate all interactions of business activities.
(a) Barter system
(b) Marketing
(c) Exchange
(d) None
Answer:
(b) Marketing

2. ……….. is a connecting link between the consumer and producer.
(a) Exchange
(b) Goods
(c) Marketing
(d) Consumption
Answer:
(c) Marketing

3. Mention the basic functions of all businesses.
(a) Marketing
(b) Innovation
(c) Both (a) and (b)
(d) None
Answer:
(c) Both (a) and (b)

4. Which process increases employment opportunities?
(a) Marketing
(b) Consumption
(c) Production
(d) Distribution
Answer:
(a) Marketing

5. Find out the subsidiary functions of Management.
(a) Innovation
(b) Decision making
(c) Communication
(d) All the above
Answer:
(d) All the above

TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

6. Holding and preservation of goods from the time they are produced to the time they are consumed is known as:
(a) Warehousing
(b) Pricing
(c) Storage
(d) Packing
Answer:
(c) Storage

7 create time utility by storing the goods throughout the year.
(a) Storage
(b) Warehousing
(c) Assembling
(d) None
Answer:
(b) Warehousing

8. Classification of standardized products into certain well-defined classes is called:
(a) Grading
(b) Branding
(c) Placing
(d) Pricing
Answer:
(a) Grading

9. A product in order to differentiate it from competitive products:
(a) Placing
(b) Branding
(c) Pricing
(d) All the above
Answer:
(b) Branding

10. Wrapping and crafting of goods before distribution:
(a) Pricing
(b) Packing
(c) Both (a) and (b)
(d) None
Answer:
(b) Packing

11. ………. is the value of a product expressed in money terms.
(a) Price
(b) Costs
(c) Product
(d) Marketing
Answer:
(a) Price

TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

12. ………. is the main element of marketing.
(a) Cost
(b) Product
(c) Factors
(d) Promotion
Answer:
(b) Product

13. ……….. is concerned with putting the goods into the hands of the buyers for a price.
(a) Selling
(b) Marketing
(c) Pricing
(d) Business
Answer:
(a) Selling

14. Which is the oldest profession in the world?
(a) Business
(b) Marketing
(c) Exchange
(d) Distribution
Answer:
(b) Marketing

15. Goods are exchanged against goods without exchange like money:
(a) Money economy
(b) Exchange system
(c) Barter system
(d) None
Answer:
(c) Barter system

16. It creates place utility:
(a) Storage
(b) Transportation
(c) Warehousing
(d) Pricing
Answer:
(b) Transportation

17. To transfer of goods and services for money’s worth is known as:
(a) Exchange
(b) Distribution
(c) Production
(d) Consumption
Answer:
(a) Exchange

TN Board 12th Commerce Important Questions Chapter 14 Marketing and Marketing Mix

18. How many types of warehouses are used for the storage of goods?
(a) 2
(b) 4
(c) 3
(d) 5
Answer:
(c) 3

19. Which the cause for the success or failure of an enterprise?
(a) Packing
(b) Pricing
(c) Grading
(d) Risk
Answer:
(b) Pricing

20. Without a ………… there can be no marketing.
(a) Product
(b) Price
(c) Cost
(d) None
Answer:
(a) Product