9th Standard, Social, BUSINESS STUDIES, CHAPTER – 33
MARKETING MANAGEMENT
EXERCISES
I. Fill in the blanks with appropriate words.
1. The place where sellers and buyers meet to sell and buy the goods is generally called Market.
2. The market that is generally restricted to a geographical region is called Regional market.
3. The markets that are regulated by statutory regulations is called Regulated Markets.
4. Storing of goods between the time of production and the time of sale is facilitated by ware housing.
5. The activities that pursue customers to buy the products come under the scope of Promotion mix.
6. The best example for the goods sold by the producers directly to the consumer is Direct selling.
7. For all the brand registered products, on packages ‘R’ in a circle’ (registered trademark symbol) is indicated.
8. The assurance of the standard quality of product to consumers is assured by Quality assurance of goods.
II. Answer each of the following questions in a sentence or two.
9. Mention the four types of markets classified under the basis of area.
Answer: The four types of markets classified under the basis of area are,
1. Local market
2. Regional market
3. National market
4. International market
10. What are money markets? How are they different from capital markets?
Answer: Money market is a specialized market for availing short term finance to business houses. E.g.: Share market, banking systems.
But capital market is different from Money market. Capital market is a specialized market for availing long term finance to business houses, generally through financial institutions and stock exchanges. Eg.: Share Market.
11. What are producers markets and what are consumers markets?
Answer: Goods are purchased for the use in the further process of production is called producers markets.
When goods are purchased for personal consumption is called consumers markets.
12. What is a spot market and how is it different from future market?
Answer: Goods are sold to the buyers on the spot where the sellers agree to sell their products and buyers agree to buy them for consideration is called spot market. Spot market is different from future market because in Future market goods are transferred at a later date.
13. Mention any four types of non-traditional markets.
Answer: The four types of non-traditional markets are as follows.
- Mail order houses
- Tele shopping
- Virtual stores
- Catalogue market
- Online marketing
14. What do you mean by Marketing mix?
Answer: Formulation and implementing the methods of marketing is called ‘Marketing Mix’.
15. Why is consumer protection required?
Answer: Consumer protection is required because it protect to consumers against the exploitation by the producers and traders. There is a great need for consumer protection. To safeguard the interests of consumers, consumer rights are assured.
16. What is branding of goods?
Answer: This is the act of fixing a symbol or some letter to a product to distinguish it from the products of others. Branding brings down selling costs, widens the market and creates a demand for a particular or branded ‘product’. Brand should be duly registered under the Trade Marks Act. The letter ® within a circle on each product and package indicates that the selected brand is duly registered. Others cannot use this brand name. If used legal action can be taken. e.g.: Reebok shoes, Rin soap, Parker pen etc.
III. Answer each of the following questions in about eight to ten sentences.
17. What are the functions of marketing? Explain any one function briefly?
Answer: Some of the major functions of marketing are as follows.
1. Buying and assembling.
2. Selling.
3. Transportation.
4. Storage and warehousing.
5. Market research.
6. Standardization.
7. Grading.
8. Branding.
9. Insurance.
Explanation of one function:
Buying and assembling: Buying in marketing implies buying of goods by the manufacturers for use in production or buying of goods from middle men for resale. It is not buying of goods by the consumers for consumption. Assembling is a function which starts after buying is over.
18. What are the main elements of marketing mix? Explain any one of them?
The elements of marketing mix are made up of four forces namely,
- Product mix 2) Price mix 3) Promotion mix 4) Place mix
1. Product Mix: It is a very important and vital element of the marketing mix. The producer aims at producing quality products but emphasis is also given to the variety of the product, design of the product, packaging, colour and other features under the product mix.
19. What is the importance of marketing? How does marketing help in improvement of standard of living?
Answer: The importance of marketing are,
1) Standard of living
2) Consumer satisfaction
3) Employment opportunity
4) Resources
5) International Marketing
6) Economic development
Availability and consumption of various types of products and services increase the standard of living of the people. That is how marketing will help in improvement of standard of living.
IV. Activities:
- Collect any two consumer disputes which appeared in Newspapers. Write about the dicision pronounced by the consumer forum.
1. Zomato ordered to pay Rs 60,000 to Karnataka woman for not delivering momos worth Rs 133.25 -A consumer court in Karnataka has ordered Zomato to pay a woman from Dharwad Rs 60,000 for failing to deliver her order of momos placed online last year. The order by the District Consumer Disputes Redressal Commission in Dharwad came on July 3.
2. Lufthansa fined Rs 1 lakh for not informing passenger about Schengen visa
Man was travelling to Canada for higher studies but was stopped at Mumbai airport on April 13, 2022, for not possessing a mandatory Schengen visa required for transiting through European countries like Germany. Lufthansa had not informed him of this requirement during the ticket booking process.
Some more questions:
- Mention the different types of markets.
Answer: The different types of markets are as follows.
1. On the basis of area – Local market, Regional market, National market, International market.
2. On the basis of items – Commodity market, Money market, Capital market.
3. On the basis of Link – Primary market, Secondary market, Terminal market.
4. On the basis of volume of business – Wholesale market, Retail market
5. On the basis of nature of transactions – Spot Market. Future market
6. On the basis of nature of goods – Consumers market, Producers market
7. On the basis of Regulation – Regulated market, Non-regulated market or free market
8. Traditional and Non Traditional markets
2. How does Marketing create employment opportunity?
Answer: Many institutions are involved in the process of marketing. For example manufacturers, wholesalers, retailers, transport agencies, banks, insurance logistic, transcribing and supply chain management agencies etc., in the course of executing marketing activities. These activities create employment opportunities in the country.
3 . Why Marketing mix is important?
Answer: Marketing mix is important because of the following reasons:
1) Marketing mix helps the firm to increase its sales and profit.
2) Marketing mix serves as a link between the firm and its customers.
3) Marketing mix helps to meet the needs of the customers.
4. What are the two categories of distribution?
Answer: The distribution channel can be classified mainly into two categories. They are:
a. Direct distribution channel or Direct selling
b. Indirect distribution channel or indirect selling.
5. What are the distribution channels in Indirect selling?
Answer: The channels in indirect selling are,
1. Producer → Retailer → Consumer
2. Producer → Wholesaler → Retailer → Consumer
3. Producer → Agent → Wholesaler → Retailer → Consumer
4. Producer → Wholesaler → Consumer
6. Explain the role of middleman in the channel of distribution
Answer: The distribution channel of a product begins with the producers and ends with the consumers. In between producer and the final consumer various middlemen are included. They either purchase and sell goods or negotiate purchases and sales. However transporting agents, banks, insurance companies which also help in the movement of goods are not included in the distribution channel. This is because though these agencies perform certain functions of marketing, they neither purchase nor sell the goods or negotiate the purchases and sales of goods.
7. Mention the different Consumer Regulatory Acts passed in India.
Answer: The different Consumer Regulatory Acts passed in India are,
(1) Indian Contracts Act-1872
(2) The sale of goods Act-1930
(3) Indian Standards Institutions Act-1952
(4) Essential Commodities Act-1955
(5) The Consumer Protection Act-1986.
8. What are the rights of consumers according to The Consumer Protection Act?
Answer: According to The Consumer Protection Act the rights of consumers are as follows.
- The right to protect: Against the marketing of goods which are hazardous to life and property.
- The right to information: Information about the quality, quantity, purity, standard etc. to protect the consumers against unfair trade practices.
- Right to choice: Wherever possible access to variety of goods at competitive prices.
- Right to be heard: The interests of the consumers to be heard with due consideration.
- Right to seek redressal: Against the unfair trade practices or unscrupulous exploitation.
- Right to consumer education: The consumers are to be educated about their rights.
- Right to stop exploitation.
- Right to healthy environment that is good physical environment will enhance the quality of their life.
9. Name the Consumer grievances disputes redressal Agencies.
Answer: The consumer disputes redressal agencies are,
(1) District Commission
(2) State Commission
(3) National Commission.
