A Shirt in a
Market
MARKET
By:Rehana Aziz
K.V. No.1
Bikaner
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Definition
A market is any geographical area where exchange of goods and
services takes
place via money between buyers and sellers.
It is a place where the
sellers of a particular good or service can meet with the buyers of
that
goods and service where there is a potential for a transaction to take
place.
The buyers must have something they can offer in exchange for there
to be a potential transaction.
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It can be defined as a place where any type of trade takes
place. Markets are dependent on two major participants –
buyers and sellers. Buyers and sellers typically trade goods,
services and/ or information. Historically, markets were
physical meeting places where buyers and sellers gathered
together to trade. Although physical markets are still vital,
virtual marketplaces supported by IT networks such as the
internet have become the largest and most liquid.
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Weekly Market
A weekly market is a market which is held on a specific
day of the week. It does not have permanent shops. As
comparison with other markets it is a very cheap and in-
budget market.
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Shopping Complexes and Malls
A shopping mall, shopping centre, shopping precinct or simply
mall is one or more buildings forming a complex of shops, with
interconnecting walkways enabling visitors to easily walk from
unit to unit, along with a parking area — a modern, indoor version
of the traditional marketplace
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Chain of Markets
The supply chain consists of mostly for-profit companies engaged in
activities involving product creation and delivery.
Essentially the
chain represents major steps needed to manufacture a product that
will eventually be sold as a final product. Each member of the supply
chain purchases products and services enabling them to carry out its
business objectives. When making purchase decisions supply chain
members may be motivated by such factors as: product cost, return
on investment (i.e., benefits obtained exceed price paid), assurance
of consistent supply (i.e., product is available and delivery is on-time),
reciprocity with supplying firm (i.e., we buy from you and you buy
from us), and much more.
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Examples of purchasing occurring in the supply chain include:
manufacturing and plant equipment, information technology, office
supplies, professional business services, etc.
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Markets and Equality
The exchange of goods and services in a free market will often
produce
unequal
outcomes.
People
will
generally
reject
transactions that make them worse off, but a few will make
mistakes that push them into poverty.
Some mistakes will be made when naïve or innocent people are
“ripped off” by bad people (they should be forced to make
restitution), but most poverty is not the result of evil actions,
but flows from the vagaries of life. Trade in free markets can
push people into poverty without any immoral action being taken.
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•A bad decision in a free market can produce a huge loss.
•An unwise offer will sometimes be accepted.
•A desperate seller may be forced to accept a very low
price.
•Some people are foolish buyers.
•Others are foolish sellers
•Some people are not as clever as others.
•People with rare skills can achieve higher pay than others.
•People who do not use their skills and capital may find
themselves in poverty.
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A Shirt in a Market
In this part we will discuss that what are the various steps involved
in the manufacturing of the shirt in the market till the delivery of
the final product to the customers.
Cotton industry in India
It is a characteristic of many great nations that they leave their
imprint on specific industries and crafts so that thoughts of one
are immediately associated with thoughts of the other -- silks with
Japan, batik printing with Indonesia, wood carvings with the
Philippines, tea with Sri Lanka and cotton textiles with India.
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Some are the result of geography, others have been developed
because of the ready availability of materials--but all bear the
individual stamp of a country's genius and a peculiar relationship
to the people and their history.
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India's woven textiles are famous throughout the world. Delicate
colors and distinctive patterns have been hallmarks of the Indian
craftsmen for centuries past; the beautiful cotton materials shown
above are typical examples.
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History
The cotton cloth weavers of India have been known since the
earliest days of recorded history.
A fragment of madder-dyed
cloth found in the Indus Valley excavation in northern India showed
that weaving and dyeing were flourishing arts over 5,000 years
ago. They were skills that were to increase and diversify down the
centuries, attracting wider and more lasting acclaim.
Arab
travelers in 9th Century India reported that "...they make
garments of such extraordinary perfection that nowhere else is
their likeness to be seen..." Marco Polo observed that the art of
embroidery, as practiced in Gujarat in the 13th Century, was
incomparable.
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It was not only the technique of dyeing that made India's textiles
famous. The fabrics were embellished with scintillating designs
which India alone could offer. There were some of which every
thread of warp and weft was dyed before being placed on the
loom; a design appeared as the weaving progressed and was
identical on either side. It was the craft of the individual artist
who inherited his skill from his forbears and who gave his own
aesthetic conception to the products he made with his own hands.
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Case Study
Kurnool is a small place in Andhra Pradesh, there lives a farmer
named Swapna, who grows cotton on her small piece of land. The
balls of the cotton plant are ripped and then are to be picked.
These bolls take several days to burst and then they harvest.
Swapna and her husband decided to take the cotton to the local
trader instead of selling it in the Kurnool cotton market. In the
beginning she had borrowed Rs. 2500 from a trader at a very high
rate of interest; as cotton harvesting require high levels of input,
but with a promise to sell all the cotton to that trader.
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At the traders’ yard two of his men weigh the bags of cotton, at a
price of Rs.1500/quintal and it fetches Rs. 6000. The trader
deducts Rs. 3000 for repayment of loan and interests and paid
Swapna Rs.3000
Related questions to the Case Study
Why do small cotton farmers borrow money?
To whom does Swapna sell all her cotton and why?
Why did the trader pay Swapna a low price?
Did the trader pay Swapna a fair price?
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The Cloth Market in Erode
Erode is a city, an urban agglomeration, a municipal corporation and
headquarters of the Erode district in the South Indian state of Tamil
Nadu
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Erode is well known for handloom, power loom textile products and
readymade garments and hence it is called Loom City of India or
Texvalley of India. Products such as cotton sarees, bed spreads,
carpets, lungies, printed fabrics, towels, dhotis are marketed here in
bulk. It has also been nicknamed as Manjal Maanagaram (Turmeric
city) and Javuli nagaram (Textile city).
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Putting-out-system-Weavers
Producing Cloth at Home (at Erode)
Based on the order the merchant distribute the work among the
weavers as he receives the cloth. They get the yarn and then supply
the cloth to him. For the weavers there are two advantages:•The weaver does not have to spend their money on purchase of yarn.
•The problem of selling the finished clothes is also taken care of.
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Due to this they come on to the judgment that how much cloth they
have to produce and what cloth they have to make. But this means
that they have lot of power in the current market. They give orders
and pay a low price.
After this the cloth is being send to the garment factories, in this
the market works in the favor of the merchants.
The arrangement between the merchants and the weavers is an
example of putting-out system, whereby the merchant supplies the
raw material and receives the finished product.
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The garment Exporting Factory
near Delhi
The Erode merchant supplies the cotton cloth to
garment exporting factory near Delhi. It will use the
cloth to make shirts, then these are exported to foreign
buyers, they set high standard of quality of production
and timely delivery. So, the exporter tries his best to
meet the conditions set by these powerful buyers. In
turn the garment exporting factories try to cut cost.
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In this way a cotton shirt is manufactured by raw cotton and then
is delivered to the final consumers. This whole process decides the
price of the shirt, if the foreign buyers or big brands are involved
then the price will be at it heights and if it’s being send to a local
shopkeeper the cost will be according to it.
MARKET
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ASSIGNMENT
 WHAT IS MARKET ?
 DIFFERENCE BETWEEN MALL AND SUNDAY
MARKET ?
 WHAT IS CHAIN MARKET ?
 WHAT ARE THE DISADVANTAGES OF
ADVERTISEMENT ?
MARKET
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ACTIVITY
 BY SHOWING SOME OF THE GOODS (COPY, PEN,
PENCIL, BOOKS ETC.), AND INTERACT WITH
STUDENTS.
MARKET
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PROJECT
 COLLECT ADVERTISEMENT CUTTING AND PASTE
THEM IN SCRAPBOOK.
MARKET
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