Answer in one sentence.

1. What do you mean by ‘Local Market’?
Ans: The market for the commodities which are sold within local  geographical limits of a region is known as a local market.

2. What do you mean by ‘Regulated Market’?
Ans: The regulated market refers to the markets regulated by statutory provisions of the country. For example, Commodity Exchanges, Stock Exchanges, Foreign Exchanges.

3. Define Market.
Ans: Market : In simple words market is the place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers.

4. What do you mean by standardization?
Ans: Standardization means to determine standards related to process, size, quality, design, weight, color, etc. of the product. It helps in ensuring uniformity in the quality of the product. It helps in achieving customers’ loyalty towards the product.

5. What do you mean by Branding?
Ans: Branding is a process of giving special identity to a product through a unique brand name to differentiate it from competitor’s products..