{"id":21592,"date":"2022-07-05T12:03:12","date_gmt":"2022-07-05T06:33:12","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=21592"},"modified":"2025-12-26T14:46:43","modified_gmt":"2025-12-26T09:16:43","slug":"12th-ocm-chapter-8-exercise-2","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/","title":{"rendered":"12th OCM Chapter 8 Exercise (Marketing) Maharashtra Board &#8211; Free Resource"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e1d5c85e567\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e1d5c85e567\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#12th_OCM_Chapter_8_Exercise\" >12th OCM Chapter 8 Exercise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Chapter_8_%E2%80%93_Marketing\" >Chapter 8 &#8211; Marketing<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_A_Select_the_correct_option_and_rewrite_the_sentences\" >Q.1 (A) Select the correct option and rewrite the sentences.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_B_Match_the_pairs\" >Q.1 (B) Match the pairs.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_C_Give_one_wordphraseterm_for_the_following_statements\" >Q.1 (C) Give one word\/phrase\/term for the following statements.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_D_State_whether_the_following_statements_are_true_or_false\" >Q.1 (D) State whether the following statements are true or false.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_E_Find_the_odd_one\" >Q.1 (E) Find the odd one.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_F_Complete_the_sentences\" >Q.1 (F) Complete the sentences.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_G_Select_the_correct_option\" >Q.1 (G) Select the correct option.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_H_Answer_in_one_sentence\" >Q.1 (H) Answer in one sentence.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1I_Correct_the_underlined_word_and_rewrite_the_following_sentences\" >Q.1(I) Correct the underlined word and rewrite the following sentences.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q1_J_Arrange_in_proper_order\" >Q.1 (J) Arrange in proper order.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q2_Explain_the_following_termsconcepts\" >Q.2 Explain the following terms\/concepts.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q3_Study_the_following_case_situation_and_express_your_opinion\" >Q.3 Study the following case \/ situation and express your opinion.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q4_Answer_in_brief\" >Q.4 Answer in brief.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q5_Justify_the_following_statements\" >Q.5 Justify the following statements.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q6_Attempt_the_following\" >Q.6 Attempt the following.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Q7_Answer_the_following\" >Q.7 Answer the following.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#12th_Commerce_OCM_Textbook_Solutions\" >12th Commerce OCM Textbook Solutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Check_out_other_posts_related_to_the_12th_Commerce\" >Check out other posts related to the 12th Commerce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-8-exercise-2\/#Online_lectures_of_Class_12_Commerce\" >Online lectures of Class 12 Commerce<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"12th_OCM_Chapter_8_Exercise\"><\/span>12th OCM Chapter 8 Exercise<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/07\/12th-OCM-Chapter-8-Exercise-1024x576.webp\" alt=\"12th OCM Chapter 8 Exercise\" class=\"wp-image-21597 lazyload\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/07\/12th-OCM-Chapter-8-Exercise-1024x576.webp 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/07\/12th-OCM-Chapter-8-Exercise-300x169.webp 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/07\/12th-OCM-Chapter-8-Exercise-768x432.webp 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/07\/12th-OCM-Chapter-8-Exercise-1536x864.webp 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/07\/12th-OCM-Chapter-8-Exercise.webp 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\"><strong>12th OCM Chapter 8 Exercise<\/strong><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-black-color has-vivid-green-cyan-background-color has-text-color has-background has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Chapter_8_%E2%80%93_Marketing\"><\/span><strong>Chapter 8 &#8211; <strong><strong>Marketing<\/strong><\/strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_A_Select_the_correct_option_and_rewrite_the_sentences\"><\/span>Q.1 (A) Select the correct option and rewrite the sentences.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) The term market is derived from the _____ word &#8216;Mercatus&#8217;<br><\/strong>a) French <br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">b) Latin <br><\/mark><\/strong>c) Italian<\/p>\n\n\n\n<p><strong>2) In the ______ concept of market, emphasis is given on &#8216;buying and selling of goods or services.<br><\/strong>a) Place <br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">b) Exchange <br><\/mark><\/strong>c) Customer<\/p>\n\n\n\n<p><strong>3) Perishable goods such as vegetables, fruits, milk products, etc. are sold in _____ market<\/strong>.<br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">a) Very Short Period <br><\/mark><\/strong>b) Short Period <br>c) Long Period<\/p>\n\n\n\n<p><strong>4) Retail market is the market where retailer sells goods directly to the _____ in small quantities.<\/strong><br>a) Producer <br>b) Wholesaler <br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">c) Consumer<\/mark><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_B_Match_the_pairs\"><\/span>Q.1 (B) Match the pairs.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group A<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">a) Market<\/td><td class=\"has-text-align-center\" data-align=\"center\">1) Single Seller<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">b) Registered brands<\/td><td class=\"has-text-align-center\" data-align=\"center\">2) Stock Market<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">c) Monopoly<\/td><td class=\"has-text-align-center\" data-align=\"center\">3) Distinct Name<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">d) Branding<\/td><td class=\"has-text-align-center\" data-align=\"center\">4) Mercatus<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">e) Digital Marketing<\/td><td class=\"has-text-align-center\" data-align=\"center\">5) Single Buyer<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">6) lSI<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">7) Trademark<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">8) Use of traditional media<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">9) Multiple sellers<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">10) Use of digital media<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Answers.   <br>a. 4) Mercatus<br>b. 7) Trademark<br>c. 1) Single Seller<br>d. 3) Distinct Name<br>e. 10) Use of digital media<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_C_Give_one_wordphraseterm_for_the_following_statements\"><\/span>Q.1 (C) Give one word\/phrase\/term for the following statements.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) The market for the commodities which are produced in one country and sold in another countries.<br><strong>Answer: International market<\/strong><\/p>\n\n\n\n<p>2) Type of market where durable commodities which are generally non-perishable in nature are sold.<br><strong>Answer: Long period Market<\/strong><\/p>\n\n\n\n<p>3) The market where goods are sold to the ultimate consumers or the users of the product.<br><strong>Answer: Retail market<\/strong><\/p>\n\n\n\n<p>4) Two sellers, selling either a homogeneous product or a differentiated product.<br><strong>Answer: Duopoly<\/strong><\/p>\n\n\n\n<p>5) Giving of distinct name to one&#8217;s product.<br><strong>Answer: Branding<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Solution of other subjects<\/a><br><a href=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\">Solution of all Chapters of OCM<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\">3<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">7<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_D_State_whether_the_following_statements_are_true_or_false\"><\/span>Q.1 (D) State whether the following statements are true or false.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) The term market is derived from the Latin word &#8216;mercatus&#8217;. <strong>(True)<\/strong><\/p>\n\n\n\n<p>2) Market may be defined as aggregate demand by potential buyers for a product or service. <strong>(True)<\/strong><\/p>\n\n\n\n<p>3) The market for the commodities which are produced in one country and sold in another countries is known as national market. <strong>(False)<\/strong><\/p>\n\n\n\n<p>4) In wholesale market sellers are known as retailers and buyers are known as wholesaler. <strong>(False)<\/strong><\/p>\n\n\n\n<p>5) Regulated Market operates according to forces of demand and supply. <strong>(False)<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_E_Find_the_odd_one\"><\/span>Q.1 (E) Find the odd one.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) Primary Market, Secondary Market, <strong>Retail Market<\/strong>, Terminal Market<\/p>\n\n\n\n<p>2) Stock Exchange, Foreign Exchange, Bullion Market, <strong>Manufactured Goods Market<\/strong><\/p>\n\n\n\n<p>3) Price, <strong>People<\/strong>, Promotion, Product<\/p>\n\n\n\n<p>4) People, <strong>Promotion<\/strong>, Physical Evidence, Process<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_F_Complete_the_sentences\"><\/span>Q.1 (F) Complete the sentences.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) <strong><span style=\"text-decoration: underline;\">Market<\/span><\/strong> is the place where transaction of buying and selling of goods and services take place in exchange of money or money&#8217;s worth.<\/p>\n\n\n\n<p>2) <strong>Monopsony<\/strong> refers to a market situation when there is a single buyer of a commodity or service.<\/p>\n\n\n\n<p>3) <strong><span style=\"text-decoration: underline;\">Label<\/span><\/strong> is a slip which is found on the product and provides all the information regarding the product and its producer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_G_Select_the_correct_option\"><\/span>Q.1 (G) Select the correct option.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group A&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Group B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1) Commodity Market<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong><span style=\"text-decoration: underline;\">Industrial goods<\/span><\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2) <strong><span style=\"text-decoration: underline;\">Oligopoly<\/span><\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">A few sellers<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3) <strong><span style=\"text-decoration: underline;\">Mercatus<\/span><\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">To trade merchandise<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4) 4 Ps<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong><span style=\"text-decoration: underline;\">E. Jerome McCarthy<\/span><\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">5) <strong><span style=\"text-decoration: underline;\">Booms &amp; Bitner<\/span><\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">3 Ps<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_H_Answer_in_one_sentence\"><\/span>Q.1 (H) Answer in one sentence.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) What do you mean by &#8216;Local Market&#8217;?<br>Answer:<\/strong> The market for the commodities which are sold within local geographical limits of a region is known as a local market.<\/p>\n\n\n\n<p><strong>2) What do you mean by &#8216;Regulated Market&#8217;?<br>Answer:<\/strong> Regulated market refers to the markets regulated by statutory provisions of the country. For example, Commodity Exchanges, Stock Exchanges, Foreign Exchanges<\/p>\n\n\n\n<p><strong>3) Define Market.<br>Answer:<\/strong> In simple words market is a place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers. The transaction of buying and selling takes place with exchange of money.<\/p>\n\n\n\n<p><strong>4) What do you mean by standardization?<br>Answer:<\/strong> Standardisation means to determine standards related to process, size, quality, design, weight, colour etc. of the product. It helps in ensuring uniformity in the quality of the product.<\/p>\n\n\n\n<p><strong>5) What do you mean by Branding?<br>Answer:<\/strong> Branding is a process of giving special identity to a product through unique brand name to differentiate it from competitor&#8217;s products.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1I_Correct_the_underlined_word_and_rewrite_the_following_sentences\"><\/span>Q.1(I) Correct the underlined word and rewrite the following sentences.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) <strong><span style=\"text-decoration: underline;\">Commodity Market<\/span><\/strong> refers to the market for borrowing and lending long term capital required by business.<br><strong>Answer:<\/strong> Capital Market<\/p>\n\n\n\n<p>2) In <strong><span style=\"text-decoration: underline;\">duopoly<\/span><\/strong> there is a single seller.<br><strong>Answer:<\/strong> Monopoly<\/p>\n\n\n\n<p>3) <strong><span style=\"text-decoration: underline;\">Pricing<\/span><\/strong> bridges the time gap between production and sale of goods.<br><strong>Answer:<\/strong> Warehousing<\/p>\n\n\n\n<p>4) <strong><span style=\"text-decoration: underline;\">Branding<\/span><\/strong> is the process of classification of products according to similar characteristics and\/ or quality.<br><strong>Answer:<\/strong> Grading<\/p>\n\n\n\n<p>5) <strong><span style=\"text-decoration: underline;\">Grading<\/span><\/strong> helps in avoiding breakage, damage and destruction of the product.<br><strong>Answer:<\/strong> Packaging<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q1_J_Arrange_in_proper_order\"><\/span>Q.1 (J) Arrange in proper order.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1) Local market, international market, national market.<br><strong>Answer:<\/strong><br>Local market<br>National market<br>International market<\/p>\n\n\n\n<p>2) Grading, Market Planning, Distribution.<br><strong>Answer:<\/strong><br>Market Planning<br>Grading<br>Distribution<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q2_Explain_the_following_termsconcepts\"><\/span>Q.2 Explain the following terms\/concepts.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">1) Market<\/mark><\/strong><br><strong>Answer:<\/strong> The term market is derived from the Latin word &#8216;Mercatus&#8217;, which means &#8216;to trade&#8217;, &#8216;to trade merchandise&#8217; or &#8216;a place where business is transacted. In simple words market is a place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers. The transaction of buying and selling takes place with the exchange of money.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) Place Concept of Market<\/strong><\/mark><br><strong>Answer: <\/strong>The market is the place where buyers, sellers, and other intermediaries come together and exchange goods or services. In the olden days, place played an important role in defining the market. But in the age of information technology, the term &#8216;market&#8217; has a wider meaning than just a place.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">3) Commodity Concept of Market<\/mark><\/strong><br><strong>Answer:<\/strong> In the commodity concept of market, emphasis is given to &#8216;buying and selling of goods or services. In this concept, the process of buying and selling of goods or services is important and not the place of exchange. In this process, buyer and seller as well as the commodity exchanged among them play an important role.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>4) Digital Concept of Market<\/strong><\/mark><br><strong>Answer:<\/strong> Emergence of Information Technology gave birth to the new concept of the market called as Space or Digital Concept. New and sophisticated E-Commerce Portals and Mobile Applications make the buying and selling easy and convenient for buyers as well as sellers.<\/p>\n\n\n\n<p>Digital Market can be defined as &#8220;Market which uses Information Technology for buying and selling of the products or services and facilitate communication of quality, features, price and terms of exchange among them&#8221;<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>5) Product<\/strong><\/mark><br><strong>Answer:<\/strong> Product refers to the goods or services that are offered to the customers for sale and are capable of satisfying the need of the customer. The product can be intangible or tangible, as it can be in the form of services or goods. <\/p>\n\n\n\n<p>The business need to decide the right type of product through extensive market research. Success of the business depends on the impact of the product in the minds of the customer.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>6) Price<\/strong><\/mark><br><strong>Answer:<\/strong> The price of the product is basically the amount that a customer pays for the product. Price plays an important role in creating demand for the product. The business needs to take utmost care to decide the price of the product.<\/p>\n\n\n\n<p>Too high price may affect the demand for the product and pricing too low may affect the profitability of the business. While deciding the prices, the value and utility of the product to its customers are to be considered.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>7) Promotion<\/strong><\/mark><br><strong>Answer:<\/strong> Promotion is an important element of marketing as it creates brand recognition and sales. Promotion is a tool of marketing communication that helps to publicize the product to the customer.<\/p>\n\n\n\n<p>Promotion mix includes tools such as advertising, direct marketing, sales promotion, personal<br>selling, etc. Combination of promotional strategies depend on budget, the message business<br>wants to communicate and the target market.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>8) Marketing Mix<\/strong><\/mark><br><strong>Answer:<\/strong> Marketing Mix is the combination of different marketing variables that the firm blends and controls to achieve the desired result from the target market. <\/p>\n\n\n\n<p>In simple words the marketing mix is putting the right product, at the right time, at the right price in the right place. It is one of the important tools of marketing.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>9) Packaging<\/strong><\/mark><br><strong>Answer:<\/strong> Package and Label creates the first impression on the consumer about the product. An attractive package and label can help to make the product successful. Packaging means designing the package for the product. <\/p>\n\n\n\n<p>It helps to avoid breakage, damage, and destruction of the product. Packing material includes bottles, containers, plastic bags, tin, wooden boxes, jute bags, bubble bags, packing foam, etc.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>10) Labelling<\/strong><\/mark><br><strong>Answer:<\/strong> A label is a slip that is found on the product and provides all the information regarding the product and its producer. The slip-on in which all this information is provided is called a label and its process is called as labelling. Packaging and labeling not only provide protection to the product but also act as an effective tool for marketing.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Solution of other subjects<\/a><br><a href=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\">Solution of all Chapters of OCM<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\">3<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">7<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q3_Study_the_following_case_situation_and_express_your_opinion\"><\/span>Q.3 Study the following case \/ situation and express your opinion.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">1) Mr X purchases goods from nearest shop. Mr Y purchases mobiles from Tokyo. Mr Z of Nandurbar purchases electronic goods from Delhi.<\/mark><\/p>\n\n\n\n<p>i) From which type of market does Mr.X purchase?<br>ii) Name the type of market from where Mr.Y deals?<br>iii) State the type of market from where Mr.Z purchases goods?<\/p>\n\n\n\n<p><strong>Solution:<\/strong><br>i) Mr. X purchases goods from the Local Market.<br>ii) Mr. Y deals from Tokyo i.e International Market.<br>iii) Mr. Z of Nandurbar purchases electronics goods from Delhi. i.e National Market.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">2) Mr. X deals in import and export business so he needs different foreign currencies. For the expansion of his business, he borrows money from the bank. He invests his funds in equity shares.<\/mark><\/p>\n\n\n\n<p>i) Name the market from where does Mr.X borrows money.<br>ii) Name the market where does Mr. X invest his funds?<br>iii) Which type of currency is required for international market?<\/p>\n\n\n\n<p><strong>Solution:<\/strong><br>i) Mr. X borrows the money from the capital market.<br>ii) Mr. X invests his funds in a regulated market.<br>iii) The different types of foreign currency are required for international market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q4_Answer_in_brief\"><\/span>Q.4 Answer in brief.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">1) Explain in detail the significance of marketing to the society.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br><strong>Significance\/Importance of Marketing to the Society<\/strong>:<\/p>\n\n\n\n<p><strong>1) Increase in Standard of Living<\/strong><\/p>\n\n\n\n<p>The prime objective of marketing is to provide goods and services to the customers to satisfy<br>their needs. Marketing helps to identify the needs of the customers and take an initiative to provide quality goods at cheaper prices. <\/p>\n\n\n\n<p>This will help to increase and maintain the standard of living of the customers. In modern times, large-scale production of goods and services reduced their prices due to which even the poorer sections of society can attain a reasonable level of living.<\/p>\n\n\n\n<p><strong>2) Provides Employment<\/strong><\/p>\n\n\n\n<p>Modern marketing is a total system that covers almost all functions of an organization such<br>as buying, selling, financing, transport, warehousing, risk-bearing, research, development, etc. To run this system there is a need of people. Thus, marketing gives job opportunities to<br>people. <\/p>\n\n\n\n<p><strong>3) Decreases Distribution Costs<\/strong><\/p>\n\n\n\n<p>Marketing activities help to provide cheap goods and services to society. Effective<br>utilization of the channel of distribution can help in reducing the cost prices of the products and services. Reduction of cost will help to increase the potential consumers for the products or services. It also assures timely availability of the product.<\/p>\n\n\n\n<p><strong>4) Consumer Awareness<\/strong><\/p>\n\n\n\n<p>Marketing helps society by informing and educating consumers. The function of marketing<br>is to fulfill the needs of the consumers. Marketing helps consumers to know about new products and services available in the market and their usefulness to the customer.<\/p>\n\n\n\n<p><strong>5) Increase in National Income<\/strong><\/p>\n\n\n\n<p>Every economy revolves around marketing, production, and finance for the industry. The scientifically organized marketing activities help in the economic development of the country.<br>Effective marketing of products and services result in industrialization, more job, and makes<br>the economy stronger and stable. Marketing can bring about the rapid development of the country by integrating agriculture and industry.<\/p>\n\n\n\n<p><strong>6) Managing Consumer Expectations<\/strong><\/p>\n\n\n\n<p>Marketing research helps organizations to understand the needs of consumers. It helps in developing products that fulfill customers&#8217; expectations. Customers&#8217; reviews collected<br>through different sources can help the organizations to make necessary changes in the products.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">2) Explain 4Ps of product marketing mix.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><strong>1) Product<\/strong><\/p>\n\n\n\n<p>Product refers to the goods or services that are offered to the customers for sale and are capable of satisfying the need of the customer. The product can be intangible or tangible, as it can be in the form of services or goods. The business need to decide the right type of product through extensive market research. The success of the business depends on the impact of the product in the minds of the customer.<\/p>\n\n\n\n<p><strong>2) Price<\/strong><\/p>\n\n\n\n<p>The price of the product is basically the amount that a customer pays for the product. Price<br>plays an important role in creating demand for the product. The business needs to take utmost care to decide the price of the product. Cost of the product and willingness of the customer to pay for the product play an important role in pricing the product. Too high price may affect the demand for the product and pricing too low may affect the profitability of the business. While deciding the prices, the value and utility of the product to its customers are to be considered.<\/p>\n\n\n\n<p><strong>3) Place<\/strong><\/p>\n\n\n\n<p>Place is also known as a distribution channel. Placement or distribution is a very important part of marketing. Making the right product at the right price is not enough. A businessman needs to make the product available to the potential customers at the right place too. Business needs to distribute the product in a place that is accessible to potential buyers. It covers location, distribution, and ways of delivering the product to the customer. Better the chain of distribution higher the coverage of the product in the market.<\/p>\n\n\n\n<p><strong>4) Promotion<\/strong><\/p>\n\n\n\n<p>Promotion is an important element of marketing as it creates brand recognition and sales. Promotion is a tool of marketing communication that helps to publicize the product to the customer. It helps to convey product features to the potential buyer and induce them to buy it. The promotion mix includes tools such as advertising, direct marketing, sales promotion, personal selling, etc. The combination of promotional strategies depends on budget, the message business wants to communicate, and the target market.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">3) Explain 3Ps in marketing of services.<\/mark><\/strong><\/p>\n\n\n\n<p> <strong style=\"color: initial;\">Answer:<\/strong><\/p>\n\n\n\n<p><strong>1) People<\/strong><\/p>\n\n\n\n<p>People inside and outside the business directly or indirectly influence the business. People comprise all the human beings that play an active role in offering the product or service to the customer. The people include employees who help to deliver services to the customer. Right people at right place add value to the business. For the success of the business, it is necessary to recruit right people, train them, develop their skills and retain them.<\/p>\n\n\n\n<p><strong>2) Process<\/strong><\/p>\n\n\n\n<p>Process refers to the steps involved in delivering products and services to the customer. Processes are important to deliver a quality service. A good process helps to ensure the same standard of service to the customer as well as save time and money by increasing efficiency. The advancement of technology helps businesses in effective monitoring of the process of the business and take corrective action wherever necessary.<\/p>\n\n\n\n<p><strong>3) Physical Environment<\/strong><\/p>\n\n\n\n<p>Physical Environment refers to the marketing environment wherein the interaction between<br>customer and firm takes place. Since services are intangible in nature service providers try to<br>incorporate certain tangible elements into their offering to enhance customer experience. In<br>the service market, physical evidence is important to ensure that the service is successfully delivered. Through physical evidence, customers know the brand leaders in the market. Physical evidence affects the customer&#8217;s satisfaction. It includes location, layout, interior design, packaging, branding, dress of the staff and how they act, waiting area etc.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">4) Explain types of market on the basis of area covered.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br>The term market is derived from the Latin word &#8216;mercatus&#8217;, which means &#8216;to trade&#8217;, &#8216;to trade merchandise&#8217; or &#8216;a place where business is transacted. In simple words market is a place where two or more parties are involved in buying and selling.<\/p>\n\n\n\n<p><strong><strong>Types of the market on the Basis of Area Covered<\/strong><\/strong><\/p>\n\n\n\n<p><strong>a) Local Market <\/strong><\/p>\n\n\n\n<p>The market for the commodities which are sold within the local geographical limits of a region is known as a local market. eg. purchase of vegetables from the market located near their house.<\/p>\n\n\n\n<p><strong>b) National Market<\/strong><\/p>\n\n\n\n<p>The market for the commodities which are sold within the country is known as the national market. eg. purchase of Mangoes from Gujrat by a customer who stays in Nashik.<\/p>\n\n\n\n<p><strong>c) International Market <\/strong><\/p>\n\n\n\n<p>The market for the commodities which are produced in one country and sold in other countries is known as the international market. eg. purchase of machinery from China.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">5) Explain types of market on the basis of time.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br>The term market is derived from the Latin word &#8216;mercatus&#8217;, which means &#8216;to trade&#8217;, &#8216;to trade merchandise&#8217; or &#8216;a place where business is transacted. In simple words market is a place where two or more parties are involved in buying and selling.<\/p>\n\n\n\n<p><strong><strong>Types of the market on the Basis of <\/strong>Time<\/strong><\/p>\n\n\n\n<p><strong>a) Very Short Period Market<\/strong><\/p>\n\n\n\n<p>This type of market has a very short time existence viz., for a few hours or for a day at a particular time and place. In this type of market perishable goods such as vegetables, fruits, milk products, etc. are sold.<\/p>\n\n\n\n<p><strong>b) Short Period Market <\/strong><\/p>\n\n\n\n<p>This type of market has existed for a short period viz. weekly markets, festival markets, markets during fairs, etc. Perishable or semi-durable goods are sold in this market.<\/p>\n\n\n\n<p><strong>c) Long Period Market<\/strong><\/p>\n\n\n\n<p>This type of market has existed for long period. In this type of market durable commodities which are generally non-perishable in nature are sold.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Solution of other subjects<\/a><br><a href=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\">Solution of all Chapters of OCM<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\">3<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">7<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q5_Justify_the_following_statements\"><\/span>Q.5 Justify the following statements.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>1) Marketing is significant to the consumers.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br>a) Marketing creates awareness among the consumers. It helps the consumer in making a buying decision.<br>b) Marketing creates moral pressure on businesses to provide quality goods to the consumers.<br>c) Marketing ensures businessmen provide a variety of goods to cater to the needs of the different market segments of the consumers.<br>d) Marketing helps the consumer to choose the best products and services from the different options available.<br>e) Marketing leads to consumer satisfaction through honest advertising, assurance of quality products, and availability of innovative products.<br>f) It helps to maintain the balance between demand and supply. It results into stable prices.<br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-contrast-color\">Thus, marketing is significant to the consumers.<\/mark><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">2) Promotion plays an important role in marketing.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer: <\/strong><br>a) Promotion is the process of informing the consumers about the products, their features, uses, prices, etc, and encouraging them to buy these products.<br>b) Advertising, Personal selling, Publicity, and Sales Promotion are some of the important tools of promotion.<br>c) Business uses a combination of all or some of these four methods for promotion as per the need of the business.<br>d) Promotional activities help to increase brand awareness in the market. <br>e) Promotion is an important element of marketing as it creates brand recognition and sales.<br>Thus, promotion plays an important role in marketing.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>3) Market can be classified on the basis of competition.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-contrast-color\">The market can be classified on the basis of competition as follows<\/mark><\/strong><\/p>\n\n\n\n<p><strong>a) Perfect Market<\/strong><\/p>\n\n\n\n<p>A perfect market is a market where a large number of buyers and sellers buy and sell their homogeneous products. These buyers and sellers have perfect knowledge about market conditions and therefore, one single price prevails in the market.<\/p>\n\n\n\n<p><strong>b) Imperfect Market<\/strong><\/p>\n\n\n\n<p>An imperfect market refers to a market situation that is characterized by market imperfection such as a single seller, adjustment in demand and supply, imperfect knowledge on the part of buyers or sellers, etc. Imperfect markets are further divided into the following markets :<\/p>\n\n\n\n<p><strong>1) Monopoly<\/strong>: In a monopoly, there is a single producer or seller who controls the market. There are no close substitutes for the product. Monopoly controls the supply and can fix the price.<br><strong>2) Duopoly:<\/strong> In a duopoly, there are two sellers, selling either a homogeneous product or a differentiated product. These two sellers enjoy a monopoly in the sale of the product produced by them.<br><strong>3) Oligopoly: <\/strong>In an oligopoly, there are only a few sellers. They may be producing and selling<br>either a homogeneous or a differentiated product.<br><strong>4) Monopsony:<\/strong> Monopsony refers to a market situation when there is a single buyer of a<br>commodity or service.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>4) Marketing helps in increasing consumer awareness.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br>a) Through different marketing activities companies promote their products and services.<br>b) This helps consumers to know about different products and services available in the market.<br>c) Marketing helps the consumer in making a buying decision.<br>d) It also creates awareness among the consumers about different brands and features of the product available in the market.<br>e) Consumer can compare product features, price, availability, and other essentials because of marketing. Marketing helps to improve the quality of life of the consumer.<br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-contrast-color\">Thus, marketing helps in increasing consumer awareness.<\/mark><\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>5) There is a need of branding to get recognition among the consumers.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br>a) Every businessman wants to have a special identity in the market for his product.<br>b) Branding is a process of giving a special identity to a product through a unique brand name to differentiate it from competitors&#8217; products.<br>c) In simple words giving of a distinct name to one&#8217;s product is called as branding. Registered brands are known as Trademarks.<br>d) Trademarks can not be copied.<br>e) Branding helps to get recognition among the consumers. It can help to get new business and increase brand awareness in the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q6_Attempt_the_following\"><\/span>Q.6 Attempt the following.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">1) Give classification of market in detail on the basis of &#8216;Volume of Transaction&#8217;<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br>The term market is derived from the Latin word &#8216;mercatus&#8217;, which means &#8216;to trade&#8217;, &#8216;to trade merchandise&#8217; or &#8216;a place where business is transacted. In simple words market is a place where two or more parties are involved in buying and selling.<\/p>\n\n\n\n<p><strong><strong>Types of the market on the Basis of Volume of Transaction<\/strong><\/strong><\/p>\n\n\n\n<p><strong>a) Wholesale Market<\/strong><\/p>\n\n\n\n<p>In the wholesale market, the activity of buying and selling goods is undertaken in large quantities at cheaper prices. Goods are sold to retailers who then sell them to the consumers. It refers to the market for bulk purchase and sale of goods. In such a market sellers are known as wholesalers and buyers are known as retailers.<\/p>\n\n\n\n<p><strong>b) Retail Market<\/strong><\/p>\n\n\n\n<p>Retail market is the market where the retailer sells goods directly to the consumer in small quantities.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">2) Give classification of market on the basis of &#8216;Time&#8217;<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><strong>Refer to question number 4 (5).<\/strong><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">3) Explain packaging and labelling.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-contrast-color\">Packaging<\/mark><\/strong><\/p>\n\n\n\n<p>Package and Label create the first impression on the consumer about the product. An attractive package and label can help to make the product successful. Packaging means designing the package for the product. It helps to avoid breakage, damage, and destruction of the product. Packing material includes bottles, containers, plastic bags, tin, wooden boxes, jute bags, bubble bags, packing foam, etc.<\/p>\n\n\n\n<p><strong>Labelling<\/strong><\/p>\n\n\n\n<p>The label is a slip that is found on the product and provides all the information regarding the product and its producer. The slip on which all this information is provided is called a label and its process is called as labeling. Packaging and labelling not only provide protection to the product but also act as an effective tool of marketing.<\/p>\n\n\n\n<p class=\"has-contrast-color has-text-color\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">4) Explain standardisation and grading.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><strong>Standardisation<\/strong><\/p>\n\n\n\n<p>Standardisation means determining standards related to the process, size, quality, design, weight, colour, etc. of the product. It helps in ensuring uniformity in the quality of the product. It helps in achieving customers&#8217; loyalty towards the product.<\/p>\n\n\n\n<p><strong>Grading<\/strong><\/p>\n\n\n\n<p>Grading is the process of classification of products according to similar characteristics and\/or quality. Grading is done on the basis of their features like size, shape quality, etc. Generally grading is done in the case of agricultural products like wheat, rice, potatoes, etc.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">5) Explain importance of marketing to the firm.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <br><strong>1) Increases Awareness<\/strong><\/p>\n\n\n\n<p>Marketing helps in creating awareness about the existing products, new arrivals as well as the company which sells a particular product in the market. This raises awareness among  potential consumers. It creates a brand image among the consumers.<\/p>\n\n\n\n<p><strong>2) Increases Sales<\/strong><\/p>\n\n\n\n<p>Once marketing creates awareness about the products or services among the consumers, it attracts them to purchase the same. A successful marketing campaign helps to increase the sales of the organization. An increase in sales generates profit for the organization. This income and profit are reinvested in the business to earn more profits in the future. In modern business, the survival of the organization depends on the effectiveness of the marketing function.<\/p>\n\n\n\n<p><strong>3) Creates Trust<\/strong><\/p>\n\n\n\n<p>People want to buy from a business that has a trustworthy reputation. Creating trust among the customers is a time consuming process. Creating trust among the consumers helps the business to earn loyal customers. Once your business can establish this trust with your clients, it creates customer loyalty. Happy customers enhance the brand image in the market. Effective marketing plays an important role in building a relationship between the customers and the organization.<\/p>\n\n\n\n<p><strong>4) Basis for Making Decisions<\/strong><\/p>\n\n\n\n<p>From the inception of an idea to delivering the final product to the customer, a businessman has to make several decisions. The businessman has to look after many problems such as what, how, when, how much, and for whom to produce? As the scale of operation increases, these decisions become more complex. Marketing helps to take the right decision at right time.<\/p>\n\n\n\n<p><strong>5) Source of New Ideas<\/strong><\/p>\n\n\n\n<p>Marketing helps businesses to understand the needs of the consumers. Feedbacks from the consumers help in the improvement of the existing products. There is a rapid change in the tastes and preferences of people. Marketing helps in understanding these changes. It helps to understand new demand patterns that emerged in the market. The research and development department develops products accordingly. Inventions and innovations are taking place as per the need of the Research and Development team of the business.<\/p>\n\n\n\n<p><strong>6) Tackling the Competition<\/strong><\/p>\n\n\n\n<p>There is increasing competition in almost all sectors of the economy. It is difficult for any<br>business to create a monopoly for its products and services. The role of marketing is crucial in creating a brand image in the minds of potential customers. Marketing not only helps to communicate the products and services to the consumers but also motivates them to buy the same. Sound marketing strategies can portray better image of the business than the competitors.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">Solution of other subjects<\/a><br><a href=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ocm-12th-commerce-solutions\/\">Solution of all Chapters of OCM<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\">3<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">7<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q7_Answer_the_following\"><\/span>Q.7 Answer the following.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">1) Define Marketing and explain in detail the concepts of marketing.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br>To understand &#8216;marketing&#8217; it is necessary to understand the concept of &#8216;market&#8217;.<\/p>\n\n\n\n<p>The term market is derived from the Latin word &#8216;mercatus&#8217;, which means &#8216;to trade&#8217;, &#8216;to trade merchandise&#8217;, or &#8216;a place where business is transacted. In simple words market is a place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers. The transaction of buying and selling takes place with the exchange of money.<\/p>\n\n\n\n<p><strong>Marketing is defined in many ways as stated below:<\/strong><\/p>\n\n\n\n<p><strong>1) American Marketing Association,<\/strong> &#8220;Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.<\/p>\n\n\n\n<p><strong>2) &#8221; Philip Kotler, <\/strong>&#8220;Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others&#8221;.<\/p>\n\n\n\n<p>There are many concepts associated with the word &#8216;market&#8217; and according to the concept, different definitions of the term market are given below:<\/p>\n\n\n\n<p><strong>1) Place concept of Market<\/strong><\/p>\n\n\n\n<p>The term market is commonly understood as the place where the transaction of buying and selling of goods and services takes place in exchange of money or money&#8217;s worth. It is the place where buyers, sellers, and other intermediaries come together and exchange goods or services.<\/p>\n\n\n\n<p>In the olden days, place played an important role in defining the market. But in the age of information technology, the term &#8216;market&#8217; has a wider meaning than just a place.<\/p>\n\n\n\n<p><strong>2) Commodity Concept of Market<\/strong><\/p>\n\n\n\n<p>In the commodity concept of market, emphasis is given on &#8216;buying and selling of goods or services&#8217;. In this concept the process of buying and selling of goods or services is important and not the place of exchange. In this process, buyer and seller as well as the commodity exchanged among them play an important role.<\/p>\n\n\n\n<p><strong>3) Exchange concept of Market<\/strong><\/p>\n\n\n\n<p>The exchange concept of market has given emphasis on exchange of goods or services between buyer and seller with free consent as well as mutual trust. There should not be any Fraud or Misrepresentation or Coercion or undue influence during the exchange. The exchange should be voluntary between buyer and seller.<\/p>\n\n\n\n<p><strong>4) Area concept of Market<\/strong><\/p>\n\n\n\n<p>The area concept of the market is related to exchange concept. This concept gives emphasis on free association between buyers and sellers to fix the price of goods for buying and selling. The price fixed between buyer and seller implies in the certain area only. In this concept it is not necessary for buyer and seller to meet in person. For fixing the price buyers and sellers can regularly take the help of different modern communication media and exchange goods or services.<\/p>\n\n\n\n<p><strong>5) Demand or Customer concept of Market<\/strong><\/p>\n\n\n\n<p>The customer is the king of the market. One of the important perspectives of the market is to assess the need or demand of the customer. The market can be studied from the perspective of demand or customer. According to this concept, the aggregate demand by potential buyers for any product is market.<\/p>\n\n\n\n<p><strong>6) Space or Digital concept of Market<\/strong><\/p>\n\n\n\n<p>The emergence of Information Technology gave birth to the new concept of the market called as Space or Digital Concept. New and sophisticated E-Commerce Portals and Mobile Applications make buying and selling easy and convenient for buyers as well as sellers. The communication media like telephone, mobile, computer, Internet, etc. have made direct contact between customer and seller. It is easy for the customers to know about the quality, features, price, terms, and conditions, etc. of any products of any company.<\/p>\n\n\n\n<p>Digital Market can be defined as a &#8220;Market which uses Information Technology for buying and selling of the products or services and facilitate communication of quality, features, price and terms of exchange among them&#8221;<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\"><strong>2) Explain different types of market in detail.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer:<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><br><\/mark><\/strong>Markets can be broadly classified into the following categories.<\/strong><\/p>\n\n\n\n<p><strong>1) On the Basis of Area Covered<\/strong><\/p>\n\n\n\n<p><strong>a) Local Market: <\/strong>The market for the commodities which are sold within the local geographical limits of a region is known as a local market.<\/p>\n\n\n\n<p><strong>b) National Market:<\/strong> The market for the commodities which are sold within the country is known as the national market.<\/p>\n\n\n\n<p><strong>c) International Market:<\/strong> The market for the commodities which are produced in one country and sold in other countries is known as the international market.<\/p>\n\n\n\n<p><strong>2) On the Basis of Time<\/strong><\/p>\n\n\n\n<p><strong>a) Very Short Period Market:<\/strong> This type of market has very short time existence viz., for few hours or for a day at a particular time and place. In this type of market perishable goods such as vegetables, fruits, milk products etc. are sold.<\/p>\n\n\n\n<p><strong>b) Short Period Market<\/strong>: This type of market has existed for a short period viz. weekly markets, festival markets, markets during fairs, etc. Perishable or semi-durable goods are sold in this market.<\/p>\n\n\n\n<p><strong>c) Long Period Market: <\/strong>This type of market has existed for long period. In this type of market durable commodities which are generally non-perishable in nature are sold.<\/p>\n\n\n\n<p><strong>3) On the Basis of Volume of Transaction<\/strong><\/p>\n\n\n\n<p><strong>a) Wholesale Market<\/strong>: In the wholesale market, the activity of buying and selling goods is undertaken in large quantities at cheaper prices. Goods are sold to retailers who then sell them to the consumers. It refers to the market for bulk purchase and sale of goods. In such a market sellers are known as wholesalers and buyers are known as retailers.<\/p>\n\n\n\n<p><strong>b) Retail Market: <\/strong>Retail market is the market where retailer sells goods directly to the consumer in small quantities.<\/p>\n\n\n\n<p><strong>4) On the Basis of Importance<\/strong><\/p>\n\n\n\n<p><strong>a) Primary Market: <\/strong>Primary Market refers to the market for primary products such as agricultural and forest products, for example, fruits, vegetables, food grains etc.<\/p>\n\n\n\n<p><strong>b) Secondary Market:<\/strong> Secondary Market refers to the market for semi-processed and semi-manufactured goods. For example yarn market, iron ore market etc.<\/p>\n\n\n\n<p><strong>c) Terminal Market:<\/strong> Terminal Market refers to the market where goods are sold to the ultimate consumers or the users of the product.<\/p>\n\n\n\n<p><strong>5) On the Basis of Nature of Goods<\/strong><\/p>\n\n\n\n<p><strong>a) Commodity Market:<\/strong> The commodity market refers to the market for goods, materials, or produce viz., consumer goods and industrial goods.<\/p>\n\n\n\n<p><strong>b) Capital Markets<\/strong>: It is a market for borrowing and lending long-term capital required by business enterprises. The financial asset dealt within capital market have a long or indefinite maturity period.<\/p>\n\n\n\n<p><strong>6) On the Basis of Regulation<\/strong><\/p>\n\n\n\n<p><strong>a) Regulated Market: <\/strong>Regulated market refers to the markets regulated by statutory provisions of the country. Examples, Commodity Exchanges, Stock Exchanges, and Foreign Exchanges.<\/p>\n\n\n\n<p><strong>b) Unregulated or Free Market:<\/strong> It refers to the markets which are not controlled by any specific regulations. It generally operates according to forces of demand and supply.<\/p>\n\n\n\n<p><strong>7) On the Basis of Competition<\/strong><\/p>\n\n\n\n<p><strong>a) Perfect Market:<\/strong> Perfect market is a market where a large number of buyers and sellers buy and sell their homogeneous products. These buyers and sellers have perfect knowledge about market conditions and therefore, one single price prevails in the market.<\/p>\n\n\n\n<p><strong>b) Imperfect Market:<\/strong> Imperfect Market refers to a market situation that is characterized by market imperfection such as single seller, an adjustment in demand and supply, imperfect knowledge on the part of buyers or sellers, etc.<\/p>\n\n\n\n<p><strong>Imperfect markets are further divided into the following markets :<\/strong><\/p>\n\n\n\n<p><strong>1) Monopoly:<\/strong> In a monopoly, there is a single producer or seller who controls the market. There are no close substitutes for the product. Monopoly controls the supply and can fix the price.<\/p>\n\n\n\n<p><strong>2) Duopoly:<\/strong> In a duopoly, there are two sellers, selling either a homogeneous product or a differentiated product. These two sellers enjoy a monopoly in the sale of the product produced by them.<\/p>\n\n\n\n<p><strong>3) Oligopoly<\/strong>: In an oligopoly, there are only a few sellers. They may be producing and selling either a homogeneous or a differentiated product.<\/p>\n\n\n\n<p><strong>4) Monopsony<\/strong>: Monopsony refers to a market situation when there is a single buyer of a commodity or service.<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">3) Explain in detail 7Ps of Marketing.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br><strong>Refer to question number 4 (2) and (3).<\/strong><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">4) Explain the functions of marketing in detail.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br>The success of a business is difficult without effective marketing. Marketing deals with exchange of goods and services to satisfy the needs of consumers. Marketing functions help to study the needs of the consumers and facilitate to satisfy them. <br><strong>Following are some of the important functions of marketing :<\/strong><\/p>\n\n\n\n<p><strong>1) Marketing Research<\/strong><\/p>\n\n\n\n<p>Effective marketing is possible when a business takes initiative to identify the needs and wants of the consumers in the market. To identify the needs of the consumers, there is a need to collect information from the consumers and analyze the same is known as Market Research. It helps to find out what do consumers want to buy, when do consumers buy, in what quantity they want to buy and at what price. Marketing Research helps to make various decisions regarding successful marketing of products.<\/p>\n\n\n\n<p><strong>2) Buying and Assembling<\/strong><\/p>\n\n\n\n<p>It involves collecting raw materials from different sources at one place for production. This function is important as the quality and price of raw materials determine the cost and quality of the final product.<\/p>\n\n\n\n<p><strong>3) Market Planning<\/strong><\/p>\n\n\n\n<p>After assessing the need for marketing, the business needs to chalk out the marketing plan and strategies to achieve the desired objective. Market planning is the process of organizing and defining the marketing objectives of the business and creating strategies to achieve them. It is the comprehensive blueprint that will help to draw an outline of a business&#8217;s overall marketing efforts.<\/p>\n\n\n\n<p><strong>4) Product Development<\/strong><\/p>\n\n\n\n<p>Product development and design play an important role in the selling of the product. There is a need to develop a product that suits the needs of the consumer. Product design includes decisions related to quality, standards, shape, design, packing, colour, etc. of the product. Consumer always prefers better and more attractively designed product. Good design of the product gives a competitive advantage to the business.<\/p>\n\n\n\n<p><strong>5) Standardisation and Grading<\/strong><\/p>\n\n\n\n<p>Standardization means determining standards related to the process, size, quality, design, weight, colour, etc. of the product. It helps in ensuring uniformity in the quality of the product. It helps in achieving customers&#8217; loyalty towards the product. <\/p>\n\n\n\n<p>Grading is the process of classification of products according to similar characteristics and\/or quality. Grading is done on the basis of their features like size, shape quality etc. Generally grading is done in case of agricultural products like wheat, rice, potatoes etc.<br><br><strong>6) Packaging and Labelling<\/strong><\/p>\n\n\n\n<p>Package and Label create the first impression on the consumer about the product. An attractive package and label can help to make the product successful. Packaging means designing the package for the product. It helps to avoid breakage, damage and destruction of the product. Packing material includes bottles, containers, plastic bags, tin, wooden boxes, jute bags, bubble bags, packing foam, etc.<\/p>\n\n\n\n<p>A label is a slip that is found on the product and provides all the information regarding the<br>product and its producer. The slip on which all this information is provided is called a label<br>and its process is called as labeling. Packaging and labelling not only provide protection to the product but also act as an effective tool of marketing.<br><br><strong>7) Branding<\/strong><\/p>\n\n\n\n<p>Branding is the process of giving a special identity to a product through a unique brand name to differentiate it from a competitor&#8217;s products. In simple words giving of distinct name to one&#8217;s product is called as branding. <\/p>\n\n\n\n<p>Registered brands are known as Trademarks. Trademarks can not be copied. Branding helps to get recognition among the consumers. It can help to get new business and increase brand awareness in the market.<\/p>\n\n\n\n<p><strong>8) Customer Support Service<\/strong><\/p>\n\n\n\n<p>The customer is the king of the market hence business needs to take necessary steps for the satisfaction of the customer. Business needs to take every possible effort to provide support services to the customer. Timely support services help to gain customer loyalty.<\/p>\n\n\n\n<p>The business can provide the support services like Pre-sales service, consumer helpline, after-sales service, technical assistance, product demo, etc. to the customers. These services help in getting, retaining, and growing the customers.<\/p>\n\n\n\n<p><strong>9) Pricing of Product<\/strong><\/p>\n\n\n\n<p>Pricing is one of the most important as well as challenging functions of marketing. Pricing plays an important role in the market where there is cutthroat competition. While determining the price of the product businessman needs to consider factors like cost, desired profit, price of the competitor&#8217;s product, demand for the product, market condition, etc. If prices are too high, it might lose customers but if prices are too low, it might suffer losses. So deciding the right price needs extensive market research.<\/p>\n\n\n\n<p><strong>10) Promotional Channels<\/strong><\/p>\n\n\n\n<p>Promotion is the process of informing the consumers about the products, their features, uses,<br>prices, etc, and encouraging them to buy these products. Advertising, Personal selling, Publicity, and Sales Promotion are some of the important tools of promotion. Business uses a combination of all or some of these four methods for promotion as per the need of the business. Promotional activities help to increase brand awareness in the market.<\/p>\n\n\n\n<p><strong>11) Distribution<\/strong><\/p>\n\n\n\n<p>Distribution is the set of activities that are concerned with the efficient movement of finished<br>goods from the place of production to the consumer. It includes transportation, warehousing,<br>material handling, inventory control, order processing, market forecasting, packaging, plant<br>and warehouse location, and customer service. Distribution accounts for a major part of the marketing budget of the business.<\/p>\n\n\n\n<p><strong>12) Transportation<\/strong><\/p>\n\n\n\n<p>Transportation means the physical movement of goods from the place of production to the place of consumption. Transportation includes transportation of finished goods as well as of raw materials. Production, sale, and consumption-all the three activities need not be at one place hence there is a need of transportation. Place utility is created by transportation activity.<\/p>\n\n\n\n<p><strong>13) Warehousing<\/strong><\/p>\n\n\n\n<p>There is a time lag between the purchase or production of goods and their sale. It is important to store the goods in a safe place during this time lag. Any negligence during this period may damage the stock. The warehouse helps to maintain a smooth flow of goods. It also helps in stabilizing prices in the market. The function of warehousing is performed by retailers, wholesalers, and manufacturers. Warehousing creates time utility.<\/p>\n\n\n\n<p><strong>Note: Write any 10 to 12 points for 8 marks.<\/strong><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">5) Explain importance of marketing to the society and consumers.<\/mark><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong><br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-contrast-color\">For the Importance of marketing to the society<\/mark><\/strong><br><strong>Refer to question number 4 (1)<\/strong><\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-contrast-color\">Importance of marketing to the <\/mark>consumers<\/strong><\/p>\n\n\n\n<p><strong>1) Promotes Product Awareness<\/strong><\/p>\n\n\n\n<p>Through different marketing activities, companies promote their products and services. This<br>helps consumers to know about different products and services available in the market. It<br>helps the consumer in making buying decisions. A consumer can compare product features, price, availability, and other essentials because of marketing. Marketing helps to improve the quality of life of the consumer.<\/p>\n\n\n\n<p><strong>2) Provides Quality Products<\/strong><\/p>\n\n\n\n<p>There is increasing competition in the market. Consumers are getting easy access to information about the products and services available in the market. It creates moral pressure on businesses to provide quality goods to consumers. Supplying defective products may create a negative image of the business which affects the consumer&#8217;s loyalty.<\/p>\n\n\n\n<p><strong>3) Provides Variety of Products<\/strong><\/p>\n\n\n\n<p>Business launch products keeping the market segmentation in mind. A businessman needs to provide a variety of goods to cater to the needs of the different market segments of the consumers. Variety may change according to the price, size, and quality of the product.<\/p>\n\n\n\n<p><strong>4) Helps in Selection<\/strong><\/p>\n\n\n\n<p>Variety of products with different brands are available in the competitive markets. Marketing helps the consumer to choose the best products and services from the different options<br>available.<\/p>\n\n\n\n<p><strong>5) Consumer Satisfaction<\/strong><\/p>\n\n\n\n<p>The first and foremost objective of any sound marketing policy is to satisfy the consumers with an assurance of good quality products. When an offering meets the customer&#8217;s expectations, the customer is satisfied. Marketing leads to consumer satisfaction through honest advertising, assurance of quality products, and availability of innovative products. Thus, marketing takes every effort to satisfy the consumer.<\/p>\n\n\n\n<p><strong>6) Regular supply of goods<\/strong><\/p>\n\n\n\n<p>Through efficient distribution channel of marketing regular supply of goods is possible. It helps to maintain the balance between demand and supply. It results in stable prices.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"12th_Commerce_OCM_Textbook_Solutions\"><\/span>12th Commerce OCM Textbook Solutions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Chapter Name<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-1st-chapter-notes\/\">1) Principles of Management<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-2nd-chapter-exercise\/\">2) Functions of Management<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-3-exercise-solutions\/\">3) Entrepreneurship Development<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-4-exercise\/\">4) Business Services<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-5-exercise-2-2\/\">5) Emerging Modes of Business<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-6-exercise\/\">6) Social Responsibilities of Business<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-ocm-chapter-7-exercise-2-2\/\">7) Consumer Protection<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"Check_out_other_posts_related_to_the_12th_Commerce\"><\/span>Check out other posts related to the 12th Commerce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/www.youtube.com\/@Scholarszilla\" data-type=\"link\" data-id=\"https:\/\/www.youtube.com\/@Scholarszilla\" target=\"_blank\" rel=\"noopener\">12th Commerce Video Lectures<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/ebalbharti-12th-books-pdf\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/ebalbharti-12th-books-pdf\/\"> Free PDF of 12th Commerce Textbooks <\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-it-online-exam\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-it-online-exam\/\">12th Commerce IT MCQ Preparation (Online Test)<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/new-paper-pattern-of-12th-commerce\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/new-paper-pattern-of-12th-commerce\/\"> Free PDF of 12th Commerce Textbooks <\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/sample-question-paper-for-12th-commerce\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/sample-question-paper-for-12th-commerce\/\">Sample Paper of 12th Commerce for Practice PDF<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-navneet-practice-papers-pdf\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/12th-commerce-navneet-practice-papers-pdf\/\">PDF of Solved Sample papers of 12th Commerce to improve Paper Presentation<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-previous-year-question-paper\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-previous-year-question-paper\/\">Old Question Papers of 12th Commerce with solution (All Subjects)<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-contrast-color has-text-color\"><span class=\"ez-toc-section\" id=\"Online_lectures_of_Class_12_Commerce\"><\/span>Online lectures of Class 12 Commerce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\ud83d\udd17 Share our videos and channel with your friends, and help us grow this channel.<br>Learn the Chapters of Accounts from our playlist.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/rb.gy\/c9pmbq\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/c9pmbq\" target=\"_blank\" rel=\"noopener\">Issue of Shares<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/3f7zhl\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/3f7zhl\" target=\"_blank\" rel=\"noopener\">Bills of Exchange<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/v5flhj\" target=\"_blank\" rel=\"noopener\">Dissolution of Partnership Firm<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/jpjgd8\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/jpjgd8\" target=\"_blank\" rel=\"noopener\">NPO<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/nhy2xy\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/nhy2xy\" target=\"_blank\" rel=\"noopener\">Analysis of Financial Statement<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/nhy2xy\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/nhy2xy\" target=\"_blank\" rel=\"noopener\">Admission of Partner<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.youtube.com\/playlist?list=PLGiOLU46prNe6tQIJakepd3uGvatQyBUe\" data-type=\"link\" data-id=\"https:\/\/www.youtube.com\/playlist?list=PLGiOLU46prNe6tQIJakepd3uGvatQyBUe\" target=\"_blank\" rel=\"noopener\">Information Technology Lectures.<\/a><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2021\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2021\/\">12th Commerce March 2021 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2022\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2022\/\">12th Commerce July 2022 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2022\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2022\/\">12th Commerce March 2022 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2023\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-2023\/\">12th Commerce March 2023 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2023\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-question-paper-july-2023\/\">12th Commerce July 2023 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2024\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2024\/\">12th Commerce Feb 2024 Question Papers<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2025\/\" data-type=\"link\" data-id=\"https:\/\/scholarsclasses.com\/blog\/hsc-commerce-question-paper-2025\/\">12th Commerce Feb 2025 Question Papers<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[5319],"class_list":["post-21592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hsc-maharashtra-board","tag-12th-ocm-chapter-8-exercise"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/21592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=21592"}],"version-history":[{"count":19,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/21592\/revisions"}],"predecessor-version":[{"id":41688,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/21592\/revisions\/41688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/21597"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=21592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=21592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=21592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}