12th Standard Commerce — Concept of Market and Marketer Online Test
Chapter 13 of 12th Commerce explains the meaning and definitions of market, why markets are needed, and how markets are classified on eight bases, from area and goods to time and importance. It then defines the marketer, lists ten things that can be marketed, and describes the marketer's four roles and twelve functions.
Study this chapter
About Concept of Market and Marketer
Easy ~40 min study
Concept of Market and Marketer is the first chapter of Unit 5, Elements of Marketing, in the Tamil Nadu State Board Class 12 Commerce book. It starts from the Latin root of the word market and the definitions given by Pyle and by Clark and Clark, and then explains why every society needs markets.
The heart of the lesson is the classification chart, which sorts markets by area, goods, economics, transaction, regulation, time, volume of business and importance. The second half turns to the marketer: the Business Dictionary definition, the ten things that can be marketed, and the roles of instigator, innovator, integrator and implementer.
This page gathers the five book-back one mark questions with answers checked against the book's key and the lesson, plus additional questions on every section, each with a short explanation.
What you'll learn
- Explain the meaning of market and state the definitions of Pyle and Clark and Clark.
- List the needs served by a market.
- Classify markets on the eight bases shown in the lesson chart.
- Distinguish perfect from imperfect, spot from future and wholesale from retail markets.
- Define a marketer and list the ten things that can be marketed.
- Describe the four roles and the main functions of a marketer.
Before you start
- Basic ideas of buying, selling and exchange from earlier Commerce lessons.
- The meaning of shares, debentures and the stock exchange from the financial markets lessons.
- Simple ideas of demand, supply and price.
Topics covered in this chapter
Concept of Market and Marketer explained
What this lesson covers
Meaning, definition and need
Market comes from the Latin word Marcatus. Pyle sees a market as a place and region where buyers and sellers compete freely; Clark and Clark see it as a centre where the forces leading to exchange of title operate. Markets help exchange goods, adjust demand and supply through price, improve the quality of life and introduce new modes of life.
Classification of markets
- Area: family, local, national and world markets.
- Goods: commodity markets (produce exchange, manufactured goods, bullion) and capital markets (money, foreign exchange, stock).
- Economics: perfect and imperfect markets.
- Transaction: spot and future markets.
- Regulation: regulated and unregulated markets.
- Time: very short, short and long period markets.
- Volume of business: wholesale and retail markets.
- Importance: primary, secondary and terminal markets.
The marketer
A marketer identifies the goods and services consumers want and markets them for a company. Goods, services, experiences, events, persons, places, properties, organisations, information and ideas can all be marketed. The marketer acts as instigator, innovator, integrator and implementer, and performs twelve functions from gathering market information to storage and warehousing.
Common mistakes to avoid
- Placing the spot market under time. Spot and future markets are classified on the basis of transaction.
- Treating the bullion market as a capital market. It is a commodity market dealing in gold and silver.
- Confusing the money market with the stock market. The money market deals in short-term securities; the stock market deals in shares and debentures.
- Saying wholesalers sell directly to consumers. Wholesale markets supply dealers and retailers in bulk.
- Mixing up innovator and integrator. The innovator adds features and changes pricing; the integrator collects feedback and coordinates functions.
Test yourself on these with the practice test, then check the worked reasoning in the solved MCQs.
Frequently asked questions
What is a market?
The word market comes from the Latin Marcatus, meaning trade or a place where business is transacted. In common use a market is a place where goods are bought and sold, and in simple words it is the meeting place of buyers and sellers in an area.
How did Pyle define market?
According to Pyle, a market includes both place and region in which buyers and sellers are in free competition with one another. Clark and Clark define it as a centre or area where the forces leading to exchange of title to a product operate.
What is a regulated market?
A regulated market is organised, controlled and regulated by statutory measures. The stock exchanges of Mumbai, Chennai and Kolkata are examples. An unregulated market has no such control, and demand and supply decide the price.
What is a spot market?
A spot market is classified on the basis of transaction. Goods are exchanged and their physical delivery takes place immediately. In a future market, by contrast, contracts are made now for delivery at a future date.
What is a commodity market?
A commodity market is a place where produced goods or consumption goods are bought and sold. It is subdivided into the produce exchange market, the manufactured goods market and the bullion market, which deals in gold and silver.
What are the four roles of a marketer?
The marketer acts as instigator, spotting opportunities and leading the business in new directions; innovator, adding features and changing pricing or delivery; integrator, collecting feedback and coordinating functions; and implementer, turning opportunities into marketable products with the help of functional teams.
Last updated 16 October 2026