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Published by Khan Mahek

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Published by: Khan Mahek on Jun 30, 2010
Copyright:Attribution Non-commercial


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Q.1,a:- Explain the meaning of market with its features.Ans:-
Amarket is any structure that allows buyers and sellers to exchange any type
of goods, services and information. The exchange of goods or services for money is a transaction.Market participants consist of all the buyers and sellers of a good who influence its price. This influenceis a major study of economics and has given rise to several theories and models concerning the basicmarket forces of supply and demand. There are two roles in markets, buyers and sellers. The marketfacilitates trade and enables the distribution and allocation of resources in a society. Markets allow anytradable item to be evaluated and priced. A market emerges more or less spontaneously or isconstructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership)of services and goods.Features of a market economy are: where people get to make there own decisions, they have the right tochoose their own job, things don·t stay the same for a long period of time (economy changes from timeto time), and where the ruler does not make all the decisions
.1,b:- Marketing is more than just an exchange process. How canyou prove the validity of this statement?
Ans:-The marketer¶s task lies in satisfying human needs and wants through the
exchange process. It is alleged that ´marketing creates needsµ and makes people buy things they do notactually need. In reality, marketing or marketers do not create ´needsµ, but they create ´wantsµ. Needsare the basic human requirements of food, clothing shelter water and air. When we desire certain specificobjects or items to fulfill these needs, they are called wants.Marketing is important not only to the company but to the consumers and society and to the economy.Consumer stands to benefit from marketing activities. He has more alternatives to choose from,improved and better quality products are available and he is able to buy goods at convenient locations.Thanks to much improved customer service, a consumer is able to complain and expects his complaintto be attended in reasonable time. He can now buy with credit or debit card or cash or on installments.For the society as a whole, marketing is important because it acts as a change agent m aking people uselatest products and improves the standard of living of the people. As we know, the main objective of 

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