Q.State any five functions of marketing.

The term is 'Branding'.

Branding is a function of marketing in which a product is given a distinctive name, term, sign, symbol or design — a brand — so that customers can easily identify it and distinguish it from the products of competitors. A good brand name helps build recognition, loyalty and goodwill for the product.

Therefore the one word/term for 'giving of distinct name to one's product' is Branding.

The correct answer is Consumer. In a retail market the retailer buys in bulk and sells in small quantities directly to the ultimate consumer.

Marketing involves moving goods from the producer to the person who finally uses them, and this happens through channels of distribution. The retail market is the stage where goods reach the end user.

• A retailer purchases goods in relatively large quantities from wholesalers or producers and then sells them in small quantities to individual buyers.
• The buyer at this stage is the consumer, who purchases goods for personal use and not for resale.
• A producer makes the goods and a wholesaler buys in bulk to sell to retailers, so neither of them is the direct buyer in a retail market.

Thus the defining feature of a retail market is the direct sale in small quantities to the consumer.

Marketing activities follow a natural sequence: you plan the market effort, then grade/standardise the product, and finally distribute it to consumers. Correct order = Market planning, Grading, Distribution.

Marketing is a chain of connected functions. Each step prepares the ground for the next, so the order in which they are carried out matters:

• Market planning (first): Before anything reaches the customer, the marketer studies the market, sets objectives, decides the product, price, target buyers and how much is to be produced and sold. Planning gives direction to every activity that follows.

• Grading (second): Once planning decides what is to be offered, goods are sorted into grades or classes on the basis of quality, size or standard. Grading gives products a recognised standard and makes pricing and selling easier.

• Distribution (last): After the graded goods are ready, they are physically moved through channels (wholesalers, retailers, transport) so that they reach the final consumer at the right place and time.