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Marketing Class 12 Notes: Here, revision notes for CBSE Class 12 Business Studies Chapter 10, Marketing have been presented along with a PDF download link for free. Students can refer to these revision notes while preparing for CBSE Class 12 Board Examinations in 2024 since they have been prepared for the students of the 2023-2024 batch. We have considered the CBSE Class 12 Business Studies Syllabus 2023-2024 while preparing these revision notes for you all.
Class 12 Marketing is an important subject not only from the exam’s point of view but also from a learning and knowledge point of view. Students who have a keen interest in the marketing sector should definitely read these notes to learn about the basics of marketing. Since these notes have been carefully prepared after extracting important information only, it will save you time and help you easily understand the subject matter presented in the chapter.
Related:
CBSE Class 12 Business Studies MCQs
CBSE Class 12 Business Studies Mind Maps
NCERT Solutions for Class 12 Business Studies 2023-2024
Revision Notes for Class 12 Business Studies Chapter 10 Marketing
Features of Marketing
- Needs and Wants
- Creating a Market Offering
- Customer Value
- Exchange Mechanism
What is marketing management?
Marketing management refers to planning, organising, directing and control of activities which facilitate the exchange of goods and services between producers and consumers or users of products and services.
Marketing Management Philosophies
- The Production Concept- availability and affordability of the product were considered to be the key to the success of a firm. Therefore, greater emphasis was placed on improving the production and distribution efficiency of the firms.
- The Product Concept- emphasis of the firms shifted from quantity of production to quality of products. The focus of business activity changed to bringing continuous improvement in quality, incorporating new features, etc. Thus, product improvement became the key to profit maximisation of a firm, under the concept of product orientation.
- The Selling Concept- firms must undertake aggressive selling and promotional efforts to make customers buy their products. The use of promotional techniques such as advertising, personal selling, and sales promotion were considered essential for selling products. Thus, the focus of business firms shifted to pushing the sale of products through aggressive selling techniques with a view to persuade, lure or coax the buyers to buy the products.
- The Marketing Concept- Marketing orientation implies that focus on satisfaction of customer’s needs is the key to the success of any organisation in the market. It assumes that in the long run an organisation can achieve its objective of maximisation of profit by identifying the needs of its present and prospective buyers and satisfying them in an effective way. All the decisions in a firm are taken from the point of view of the customers.
- The Societal Marketing Concept- The societal marketing concept holds that the task of any organisation is to identify the needs and wants of the target market and deliver the desired satisfaction in an effective and efficient manner so that the long-term well-being of the consumers and the society is taken care of. Thus, the societal marketing concept is the extension of the marketing concept as supplemented by the concern for the long-term welfare of the society
Pillars of Marketing
- Identification of market or customer who are chosen as the target of marketing effort
- Understanding needs and wants of customers in the target market
- Development of products or services to satisfy needs of the target market
- Satisfying needs of target market better than the competitors
- Doing all this at a profit
Functions of Marketing
- Gathering and Analysing Market Information
- Marketing Planning
- Product designing and Development
- Standardisation and Grading
- Packaging and Labelling
- Branding
- Customer Support Services
- Pricing of Product
- Promotion
- Physical Distribution
- Transportation
- Storage or Warehousing
Marketing Mix- Consists of 4 P’s.
- Product- Product means goods or services or ‘anything of value’, which is offered to the market for sale.
- Price- Price is the amount of money customers have to pay to obtain the product.
- Place- Place or Physical Distribution include activities that make firm’s products available to the target customers.
- Promotion- Promotion of products and services include activities that communicate availability, features, merits, etc., of the products to the target customers and persuade them to buy it.
Products and its classification- Product generally provides three benefits to the customers: Functional, pyschological, and social. The products can be classified into two types, namely, consumer products and industrial products, that are further broken down into sub-branches.
Categories of Consumer products:
- Convenience Products
- Shopping Products
- Speciality Products
The consumer products can also be classified on the basis of the durability of the products.
- Non-durable Products
- Durable Products
- Services
Categories of Industrial products
- Materials and Parts
- Capital Items
- Supplies and Business Services
Brand- A brand is a name, term, sign, symbol, design or some combination of them, used to identify the products— goods or services of one seller or group of sellers and to differentiate them from those of the competitors.
Brand Name- That part of a brand, which can be spoken, is called a brand name. In other words, brand name is the verbal component of a brand.
Brand Mark- That part of a brand which can be recognised but which is not utterable is called brand mark. It appears in the form of a symbol, design, distinct colour scheme, or lettering.
Trade Mark- A brand or part of a brand that is given legal protection is called trademark.
Characteristics of Good Brand Name
- The brand name should be short, easy to pronounce, spell, recognise and remember
- A brand should suggest the product’s benefits and qualities
- A brand name should be distinctive.
- The brand name should be adaptable to packing or labelling requirements, to different advertising media and to different languages
- The brand name should be sufficiently versatile to accommodate new products, which are added to the product line
- It should be capable of being registered and protected legally
- The chosen name should have staying power i.e., it should not get out of date
Packaging- Packaging refers to the act of designing and producing the container or wrapper of a product. It plays a very important role in the marketing success or failure of many products, particularly the consumer non-durable products.
Levels of packaging
- Primary Package
- Secondary Packaging
- Transportation Packaging
Importance of packaging
- Rising Standards of Health and Sanitation
- Self Service Outlets
- Innovational Opportunity
- Product Differentiation
Functions of Packaging
- Product Identification
- Product Protection
- Facilitating Use of the Product
- Product Promotion
Labelling- The label may vary from a simple tag attached to the product (such as in case of local unbranded products like sugar, wheat, pulses, etc.) indicating some information about the quality or price, to complex graphics that are part of the package, like the ones on branded products. Labels are useful in providing detailed information about the product, its contents, method of use, etc.
Functions of Labelling
- Describe the Product and specify its contents
- Identification of the Product or brand
- Grading of Products
- Helps in Promotion of Products
- Providing Information Required by Law
Factors affecting Price Determination
- Product cost
- The Utility and Demand
- Extent of Competition in the Market
- Government and legal Regulations
- Pricing Objectives
- Marketing Methods Used
Components of physical distribution
- Order Processing
- Transportation
- Warehousing
- Inventory Control
Promotion- Promotion refers to the use of communication with the twin objective of informing potential customers about a product and persuading them to buy it. In other words, promotion is an important element of the marketing mix by which marketers make use of various tools of communication to encourage the exchange of goods and services in the market.
Promotion Mix- Promotion mix refers to combination of promotional tools used by an organisation to achieve its communication objectives. Some of the tools are Advertising, Personal Selling, Sales Promotion, and Publicity.
Features of Advertising
- Paid Form
- Impersonality
- Identified Sponsor
Merits of Advertising
- Mass Reach
- Enhancing Customer Satisfaction and Confidence
- Expressiveness
- Economy
Objections to Advertising
- Adds to Cost
- Undermines Social Values
- Confuses the Buyers
- Encourages Sale of Inferior Products
Features of personal selling
- Personal Form
- Development of Relationship
Merits of Personal selling
- Flexibility
- Direct Feedback
- Minimum Wastage
Importance of Businessmen
- Effective Promotional Tool
- Flexible Tool
- Minimises Wastage of Efforts
- Consumer Attention
- Lasting Relationship
- Personal Rapport
- Role in Introduction Stage
- Link with Customers
Importance to customers
- Help in Identifying Needs
- Latest Market Information
- Expert Advice
- Induces Customers
Importance to Society
- Converts Latest Demand
- Employment Opportunities
- Career Opportunities
- Mobility of Sales People
- Product Standardisation
Sales Promotion- Sales promotion refers to short- term incentives, which are designed to encourage the buyers to make immediate purchases of a product or service. These include all promotional efforts other than advertising, personal selling and publicity, used by a company to boost its sales.
Merits of Sales Promotion
- Attention Value
- Useful in New Product Launch
- Synergy in Total Promotional Efforts
Limitation of Sales Promotion
- Reflects Crisis
- Spoils Product Image
Commonly used sales Promotion activities
- Rebate
- Discount
- Refunds
- Product combinations
- Quantity gift
- Instant Draws and Assigned Gift
- Lucky Draw
- Usable Benefit
- Full finance @ 0%
- Sampling
- Contests
Public Relations- The main task is to disseminate information and build goodwill about the business. Concrete steps are to be taken to monitor the attitude of the general public and generate positive publicity.
Role of Public Relations
- Publicity
- Press release
- Corporate communication
- Lobbying
- Counselling
- Building awareness
- Building credibility
- Stimulates sales force
- Lowers promotion costs
To download the complete revision notes for Class 12 Chapter 10 Marketing, click on the link below
| Download Revision Notes for Class 12 Business Studies Marketing |
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