Answer in details:-
Q1. How have markets, and the methods of exchange, changed
over time?
Ans.- Initially when people had surplus production, they
were exchanging with others to get the combination of things. The behavior of
exchange lead to the increase in demand of various goods produced through
agriculture and craft. Instead of searching for person to exchange people
started gathering at a particular place once in a week which helped in
development of weekly markets.
By the
time people adopted trading as a profession and developed permanent shops. when
many traders started living at one place then the market developed and for the
ease of exchange precious things were used, later the concept of money
simplified the exchange process and lead to the development of market to larger
extent.
Q2. Discuss in detail the various stage involved in the
making of a product and its movement to the consumer.
Ans.- The various stage involved in the making a product and
its movement to the customer are as follows-
Marketing- it helps in the development of the product
through feedback of customers.
Production- Process of conversion of raw material in to
finished goods
Transportation- carrying finished goods to the market
Storage- Maintenance of inventory by wholesalers or retailer
Selling - process of
transfer of goods in exchange of money
After-sales service- to maintain the better satisfaction
level and feedback of the consumer.
Q3. What are the different types of markets? Discuss in
detail.
Ans.- Different types of market are as follows-
i. Wholesale
market
ii.
Retail market
a.
Weekly markets
b.
Neighborhood shops
c.
Super markets
d.
Malls
e.
Online stores
Q4. What are the differences between wholesalers and
retailers?
Ans.- Wholesaler- Wholesaler buy goods in bulk from producer.
They sell it in smaller lots to the
retailer
They sell goods at low price than
retailers
Retailer- They buy goods from wholesaler
The sell to customer/consumer in small quantities
They sell on cost-plus pricing method or on
print rate
Q5. Discuss the role of a retailer in marketplace.
Ans.- Retailer is at
the end of the distribution chain and are directly in contact with the consumer
or customer, Their role at marketplace are as follows-
- Act
as a link between producer and customer
- Promote
or attract customers towards any particular brand
- Maintain
stock of highly demanded items
- Maintain
display of available products to attract customers
-
Provide feedback about the product
Q6. What are the factors determining people's choice of
markets?
Ans.- Availability, convenience, quality, prices and credit availability
are some major factors which determines the people's choice of market, as
people use to take stress of buying according to the type of product and
convenient in terms of distance.