Question

Write a word phrase or a term which can substitute each one of the following statements.
1. A place where buyers and sellers come together for buying and selling.
2. A commodity is anything that can be offered to market to satisfy a want or need.
3. When middlemen acts as a link between producer and seller, a chain formed is called
4. A combination of product, price, place and promotion in order to promote sales and satisfy needs of customers.
5. Business functions which directs flow of goods from producer to consumer.

Answer 1

1. A place where buyers and sellers come together for buying and selling- Market

Explanation:
Market refers to a place where buyers and sellers interact with each other in order to exchange goods and services. It may not necessarily be a physical place but refers to a situation where buyers and sellers meet. For example, one could also sell goods on the Internet. Thus, it is regarded as an online market.

2. A commodity is anything that can be offered to market to satisfy a want or need- Product
Explanation:

Any good or service that offers value to the customer and satisfies his needs is regarded as a product. On one hand, it can be tangible in nature including items such as durable or manufacturing goods and on the other hand, it can be intangible in nature including items such as ideas, price, literature and other services.

3. When middlemen acts as a link between producer and seller, a chain formed is called- Indirect channel of distribution

Explanation:
When middlemen act as a link between the producer and the seller, the chain so formed is called an indirect channel of distribution. Indirect channels can be further divided into three categories, namely, one-level, two-level and three-level channels.

4. A combination of product, price, place and promotion in order to promote sales and satisfy needs of customers- Marketing Mix

Explanation:
A marketing mix combines four elements, namely, product, price, place and promotion in a manner designed to meet the organisational objectives. Thus, a marketer uses these elements to promote sales and satisfy the needs of the customers.

5. Business functions which directs flow of goods from producer to consumer- Channels of distribution

Explanation:
A business function that directs the flow of transactions from the producer to the consumer is known as a channel of distribution. It refers to the medium through which goods from the producer are made available to the consumer.