NCERT 7th Class (CBSE) Social Science: Markets Around Us

Question: Discuss in detail the various stages involved in the making of a product and its movement to the consumer.

Answer:  The various stages involved in the making of a product and its movement to the consumer:

Marketing: Marketing is a vital procedure that most producers these days undertake before starting to manufacture products. Marketing makes a study of what a customers would prefer by way of quality, price, type of packaging, etc. Marketing also keeps in mind competing products and their features. This information is passed on to the manufacturer who produces goods as per the study. Marketing has become an essential activity in these days of high competition. Marketing also includes advertising. Advertisements create awareness in the market about the product and thereby, create a demand for it.

Transportation and storage: Once the products are made as per the feedback from the marketing, they have to be moved to the market. If they are to be consumed locally, there would be no problem. But if the goods have to be moved to distant markets, transport has to be arranged. Depending upon the nature of the produce, they are moved by road, rail, air or sea. Perishable goods, like vegetables, milk and meat, need to be refrigerated to prevent spoilage. They also need to be transported to the market rapidly. Proper storage is another vital necessity of modern markets, where goods are produced in bulk and often in anticipation of a demand.

Selling and After-sale services: This is the stage where goods that were produced as a result of marketing studies are sold to the customer in the actual marketplace. The success of marketing is seen in the amount of sales and the profit made.

Even after the product has been sold, the manufacturer continues to be responsible to the consumer for the performance of the product. If the product develops defects or malfunctions, the producer is liable to replace the product or repair it. This is called after-sale service.

Question: What are different types of markets? Discuss in detail.

Answer: There are different types of markets. They are weekly markets, neighborhood shops and supermarkets and malls, as well as online stores.

Weekly markets:

1. They are held once a week, on a specified day, in a particular area.
2. They are more often seen in rural areas, small towns and in the outskirts of big cities.
3. Weekly markets do not have permanent shops.
4. They sell all kinds of things, ranging from vegetables to clothes and utensils, at much lower rates than are usually available in bigger shops.
5. The usually shifts to another location the next day.
6. The farmers are able to sell their produce directly to the consumers through the weekly markets. This gets them a higher price for their produce than they would get from selling to middlemen.

Neighbourhood markets:

1. These markets consists of all those shops that cater to the immediate needs of the people of that locality or neighborhood, such as grocery shops that sells milk, egg, bread, toilet articles and other grocery items.
2. Shops that sell ready-made garments, hardware, stationery and vegetables are also the part of the market.
3. These markets also have tailors, cobblers, roadside eateries and restaurants.
4. Though such shops may not offer too much choice, they are convenient for the people of the neighbourhood.

Supermarkets and malls:

1. These days, the smaller markets and shops in towns and cities are being replaced by supermarkets and malls.
2. Supermarkets and malls are very big, usually air-conditioned, shopping complexes that have shops selling a variety of goods and services.
3. One of the main advantages of supermarkets is the availability of most things under one roof. So consumers can buy their monthly provisions and the weekly vegetables and fruits from one place.
4. They can also get other things like clothes and books from the same complex.
5. Supermarket also allow the consumer the satisfaction of choosing things on their own.