(a) Marketing is important for the following reasons: 

1. Large scale production : Marketing makes selling possible and thereby facilitates large scale production. This will reduce the cost of production and helps to expand the business. 

2. Income generation : Business can generate income to meet its expenses and earn more profits with the help of marketing. The survival and growth of a company depends upon the effectiveness and efficiency of marketing. 

3. Higher standard of living : Marketing modernised the living standards of people through the supply of quality products at reasonable prices. It is very helpful in improving the standard of living of people by offering a wide variety of goods and services with freedom of choice. 

4. Customer satisfaction : Marketing helps to identify and satisfy the needs and wants of consumers. Modem marketing begins and ends with the customers. 

5. Economic development : It makes the economy strong by balancing production with consumption. It also gives a boost to banking, insurance, transportation etc. to keeps the economy moving ahead. t 

(b) 

(i) Bank Draft: Bank draft is a type of cheque which is drawn by a bank either on its own branch or on another bank. In order to remit money through a bank draft, a person first obtains the bank draft from the bank. The draft commission is paid in advance by the sender of the bank draft. The payment of an uncrossed bank draft can be collected at the counter of the bank on which it is drawn. 

(ii) Indemnity : Indemnity means a promise to compensate in case of loss. The insured is entitled to recover from the insurer only the amount of loss actually suffered. The insured will not be allowed to make any profit out of the happening of any loss covered by insurance contract. For example, Aman has insured his house for ? 20,00,000. Due to a fire Aman’s house is destroyed but Aman has been able to salvage household goods worth ₹ 1,00,000. Aman will be compensated up to ₹ 19,00,000.