English

The term market is derived from the ______ word ‘Mercatus’.

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Question

The term market is derived from the ______ word ‘Mercatus’.

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  • French

  • Latin

  • Italian

  • Greek

MCQ
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Solution

The term market is derived from the Latin word ‘Mercatus’.

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Chapter 8: Marketing - Exercise [Page 165]

RELATED QUESTIONS

Nishtha, Vasvi and Radhika were friends from college time and now they are engaged in different types of businesses. They regularly meet and discuss their business ideas, exchange notes on customer satisfaction, marketing efforts, product designing, selling techniques and social concerns, etc.
Nishtha drew the attention of her friends towards the exploitation of consumers in the market. She said that the sellers were exploiting the consumes in many ways and were not paying attention towards the social, ethical and ecological aspects of marketing. Vasvi said that they were under pressure of consumer satisfaction but observed that the consumers would not buy or not buy enough unless they are adequately convinced and motivated to do the same

Radhika stressed that it was the duty of the businessmen to keep consumer satisfaction in mind because business was run by the resources made available by the society. Thus, a company cannot achieve its objectives without understanding the needs of the customers. The thinking of the three friends was different. These thinkings were guiding the marketing efforts of their business and were known by the different name. Identify these names. Also, state one more feature of each of these thinkings.


Hayaram' is a famous chain selling a large variety of products in the Indian market. Their products include chips, biscuits, sweets and squashes. It charges a comparatively higher price than its competitors as it sells quality products. Besides, it offers regular discounts to its customers and easy credit terms to its retailers. It has five of its own retail shops. It also sells its products through various grocery stores so that the products are made available to customers at the right place, in the right quantity and at the right time. It regularly uses different communication tools to increase its sales.

The above para describes the combination of variables used by Hayaram to prepare its market offering. Identify and explain the variables


Maruti Vega Ltd.' entered into the market with coloured television and have now introduced products like audio systems, air-conditioners washing machines, etc. The company is not only offering the products but also handling complaints and offering aftersales services.

Identify the element of marketing-mix discussed here.


What is the societal concept of marketing?


Explain any four facilitating functions of marketing.


Differentiate between the traditional concept of marketing and the modern concept of marketing.


State two features of the modern concept of marketing? 


State whether the following statement is true or false:

The term market is derived from the Latin word ‘Mercatus’.


The market may be defined as aggregate demand by potential buyers for a product or service.


Answer in one sentence.

Define Market.


The area concept of market is related to exchange concept.


With which element is the exchange mechanism related?


Which of the following statements is true regarding marketing?


Explain the following function of marketing:

Grading


Which group includes stakeholders on whom a company depends?


Which activities take place before production?


How is marketing described in the modern or social view?


What is required regarding the number of parties for an exchange?


How must both parties enter into a transaction?


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