Revision Notes for CBSE Class 12 Business Studies Chapter 11 - Free PDF Download
The Class 12 Business Studies revision notes Chapter 11 includes and summarises all of the key concepts such as the definition of marketing, features of marketing, functions of marketing, marketing mix, marketing mix ingredients, and so on. The NCERT Class 12 Revision Notes Business Studies Chapter 11 assist students in understanding all of the important ideas discussed in this chapter. The revision notes PDF are written in a straightforward manner to provide students with a better learning experience prepared and curated by the subject-matter experts at Vedantu and this PDF can be downloaded for free from Vedantu app and official website.
Topics Covered in Business Studies Chapter 11 Marketing
Introduction to Marketing
Features of Marketing
Marketing Management Philosophies (The Production Concept, Product Concept, The Marketing Concept, The Selling Concept, The Societal Marketing Concept)
Differences in the Marketing Management Philosophies
Functions of Marketing
Role of Marketing
Marketing Mix Elements (Product, Price, Place, And Promotion)
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Meaning of Market
The term "market" refers to the gathering place of buyers and sellers to conduct transactions involving the exchange of goods and services. The term "market" comes from the Latin word "Marcatus," which means "to trade."
Marketing is defined as "a human activity aimed at satisfying needs and desires through an exchange process."
Marketing concept is a key to determining the needs, desires of target markets, delivering the desired satisfactions more efficiently and effectively by competitors is critical to achieving organizational goals.
Features of Marketing
1. Needs and Wants:
The marketing process assists consumers in obtaining what they require and desire.
A need is said to be known as a state of deprivation or the feeling that one is depriving oneself of something.
Needs are fundamental to human beings and are unrelated to a specific product.
2. Creating a Market Offering:
Market offering is the process of offering and introducing a product or service with specific features such as size, quality, taste, and so on for the purpose of selling.
3. Customer Value:
Marketing used to facilitate the exchange of goods as well as services between buyers and sellers.
4. Exchange Mechanism:
The exchange mechanism is used in the marketing process.
Exchange refers to the process where two or more parties used to come together in order to get the desired goods or service from someone while in exchange for something. For example, money is the medium of exchange used to purchase or sell a product or service.
The following conditions needs to be met in order for an exchange to take place:
a. There must be at least two parties.
b. providing something of value to the other party
d. freedom to accept or reject offer
e. willingness of the parties to enter into a transaction
What can be Marketed?
1. Physical product
A marketer is anyone who makes an extra effort to identify the needs of the consumers and offer the product or service as well as persuade them in order to buy in the process of exchange.
Sellers, as marketers, are the ones who provide satisfaction. They make products/services available and sell them to customers in order to meet their needs and desires.
They are classified as follows:
a. goods marketers (such as Hindustan Lever)
b. services marketers (such as Indian Airlines)
c. others marketing experiences or places (such as Walt Disney) (like tourist destinations).
Marketing activities are those undertaken by marketers in order to facilitate the exchange of goods and services between producers and consumers.
Marketing management is the administration of marketing functions.
It is considered as the process of organizing, directing as well as controlling the activities associated with marketing goods and services in order to meet the needs of customers and achieve organizational goals.
“Marketing management is defined as the art and science of selecting target markets and acquiring, retaining, and growing customers by creating, delivering, and communicating superior customer service.”
The Process of Management of Marketing Involves:
a. Identifying a target market
b. Creating demand by producing products that meet the needs and interests of customers.
c. Create, develop, and communicate superior customer values: To provide superior value products/services to prospective customers, and to communicate these values to other potential buyers in order to persuade them to purchase the product/service.
Marketing and Selling
Marketing: It refers to a broad range of activities, of which selling is only one component. Before making a sale, a marketer must plan the type, design, and price of the product, as well as select the distribution channels and the appropriate promotional mix for the target market.
Selling: refers to the sale of a product or service through advertising, promotion, and salesmanship. The product's title is transferred from seller to buyer. The primary goal of selling is to turn a product into cash.
Difference Between Marketing and Selling
It is a broad term that encompasses a variety of activities such as identifying customer needs, product development, pricing, distribution, promotion, and selling.
It is only a part of the marketing process.
Satisfying the needs and desires of the customers to the greatest extent possible.
Title transfer from seller to consumer
Profits are generated as a result of customer satisfaction.
Profits are generated by increasing sales volume.
Customer bending based on the product
Creation of products that can meet the needs of the customers.
Strat and end activities
It begins before a product is manufactured.
It begins after a product is created.
Product, promotion pricing, and physical distribution are all part of the effort.
Efforts such as promotion and persuasion are required.
Marketing Management Philosophies
Marketing Concepts/Philosophiesusually refers to determining the needs as well as wants of the target markets & then delivering the desired satisfactions more efficiently and effectively by competitors is critical to achieving organizational goals.
1. Production Concept:
Because the number of producers was limited in the early days of the industrial revolution, industrialists assumed that consumers were only interested in easily and widely available goods at an affordable price.
2. Product Concept:
As time passed, supply improved, and customers began to prefer products that were superior in performance, quality, and features.
As a result, product improvement has become the key to a company's profit maximization.
3. Selling Concept:
Increased production scale resulted in increased competition among sellers. Because there were so many companies selling similar products, product quality and availability were insufficient to ensure survival.
Consumers will not buy products unless the company engages in aggressive sales and promotional activities.
4. Marketing Concept :
Marketing begins with determining what consumers want in order to satisfy consumers and profit.
Customer satisfaction is a prerequisite for achieving the firm's goals and objectives.
5. Social Marketing Concept:
Customer satisfaction is supplemented by social welfare in this concept.
A company that adopts the societal concept must balance the company's profits, consumer satisfaction, and societal interests.
Functions of Marketing
1. Gathering and Analyzing Market Information:
Systematic fact-gathering and information-analysis
Examining a business environment's strengths, weaknesses, opportunities, and threats.
Identifying customer needs and desires, determining purchasing motivations, selecting a brand name, packaging, and promotional media, and so on.
Data is available from both primary and secondary sources.
2. Marketing Planning :
Create an appropriate marketing plan in order to meet marketing objectives.
It should specify the action plans to achieve these goals.
For example, if a marketer wants to increase his country's market share in the next three years, his marketing plan should include various important aspects such as a plan for increasing production levels, product promotion, and so on.
3. Product Designing and Development:
Involves decisions about the product to be manufactured and its attributes, such as quality considerations, packaging, new models and variations, and so on.
A good design can improve the performance of the product while also giving it a competitive advantage in the market.
Anticipate customer needs and create new products or improve existing ones to meet those needs.
4. Standardization and Grading:
Standardisation refers to the production of goods that meet predetermined specifications, which aids in the production of uniformity and consistency (e.g., ISI Mark).
Grading is said to be the process of categorizing different products into different groups based on important characteristics such as quality, size, and so on.
5. Packaging and Labeling:
Packaging is called as the process of designing as well as developing a package for a product that protects it from damage, spoilage, breakage, and leakage. It also makes purchasing easier for customers and serves as a marketing tool.
Labeling is the process of designing a label to be placed on a package. It can range from a simple tag to intricate graphics. For example, colgate, lays, and so on.
It aids in product differentiation, builds customer loyalty, and promotes sales.
An important decision area is branding strategy, which determines whether each product will have a separate brand name or the same brand name will be used for all products.
7. Customer Support Services:
Customer support services are extremely effective at increasing prospective customer sales and developing brand loyalty for a product.
It aims to provide maximum customer satisfaction while also building brand loyalty.
Examples include sales services, customer complaints and adjustments, credit services, maintenance services, technical services, and consumer information.
8. Pricing of Product:
Product price refers to the amount of money that customers must pay in order to obtain a product.
It is an important factor in a product's success or failure.
Because the price of a product/service is related to its demand, the price should be set after considering all of the factors that influence the price of the product.
Product and service promotion entails informing customers about the firm's product, its features, and so on, and persuading them to purchase the products.
Promotional methods include advertising, personal selling, public relations, and sales promotion.
10. Physical Distribution:
The two major decision areas under this function are
(a) the channels of distribution or marketing intermediaries to be used (e.g. wholesalers, retailers); and the marketing intermediaries to be used.
(b) Physical movement of the product from the point of manufacture to the point of consumption.
Transportation refers to the physical movement of goods from one location to another.
When selecting a mode of transportation, various factors such as the nature of the product, cost, location of the target market, and so on should be considered.
12. Storage or Warehousing:
Proper storage of products is required to maintain a smooth flow of products in the market.
Storage and warehousing are used to protect against unavoidable delays in delivery or to meet contingencies in demand.
A large number of factors influence marketing decisions; these are classified as ‘non-controllable factors' and ‘controllable factors.'
Controllable factors are those that can be influenced at the firm level.
Environmental variables are factors that influence a decision but are not controllable at the firm level.
In order to be successful, a company must make sound decisions after analyzing controllable factors and keeping environmental factors in mind.
Marketing Mix refers to the set of marketing tools that a company employs to achieve its marketing objectives in the target market.
The success of a market offer is determined by how well these ingredients are combined to provide superior value to customers while also meeting sales and profit goals.
Elements of Marketing Mix
The marketing mix consists of four main elements
C. Place/Physical Distribution
These elements are used to popularly known as 4 P’s of the marketing.
1. Product: A product is defined as "anything of value" that is offered for sale in the market. Colgate, Dove, and so on.
2. Price: the sum of money that a customer must pay in order to obtain a product or service.
3. Place: Physical product distribution, i.e. making the product available to customers at the point of sale.
4. Promotion: Informing customers about the products and convincing them to purchase them.
A product, in the eyes of the customer, is a collection of utilities that is purchased because of its ability to meet a specific need.
Classification of Products
Products can be classified into two categories:
(i) Consumers ‘products,
(ii) Industrial products.
A. Shopping Efforts Involved
On the basis of the buyers' time and effort.
1. Convenience Products: Convenience goods are consumer products that are frequently purchased for immediate use. Medicines, newspapers, stationery, toothpaste, and so on.
2. Shopping Products: Shopping products are those in which buyers spend a significant amount of time comparing the quality, price, style, suitability, and so on at various stores before making a final purchase. For example, electronic goods, automobiles, and so on.
3. Specialty Products: Specialty products are goods that have unique characteristics that compel customers to go out of their way to purchase them. For example, art, antiques, and so on.
B. Durability of Products
1. Non-durable Products: These are consumer goods that are consumed in a short period of time. For example, milk, soap, stationery, and so on.
2. Durable Products: Tangible items that can withstand repeated use, such as a refrigerator, radio, bicycle, and so on.
3. Services: Intangible services are those activities, benefits, or satisfactions that are sold, such as dry cleaning, watch repairs, hair cutting, postal services, doctor services, and so on.
Industrial products are those that are used as inputs in the manufacturing process.
Number of Buyers
Role of Technical Considerations
Materials and Parts: items that are completely incorporated into the manufacturer's products.
Capital Items: the manufacture of finished goods, such as installations and equipment.
Supplies and Business Services: short-term goods and services that aid in the development or management of the final product. Repairs and maintenance, for example.
Branding is the process of creating a corporate brand identity for consumers and imprinting that brand identity on their minds, which necessitates brand positioning and brand management.
Amazon's Jeff Bezos
The process of developing a product's distinct identity. It is the process of identifying a product by using a name, term, symbol, or design alone or in some combination.
Brand: A name, term, sign, design, or some combination of the above used to identify and differentiate the seller's products from those of competitors.
Advantages to the Marketers
Enables Product Differentiation Through Marking: It aids in distinguishing its product from that of its competitors.
Aids in the development of advertising and display programs
Differential Pricing: It allows a company to charge different prices for different products.
Ease of New Product Introduction
Advantages to the Customers
Aids in Product Identification: Assists customers in identifying products.
Ensures Quality: Ensures product quality
Status Symbol: Brands become status symbols due to their quality As an example, consider Benz automobiles.
Characteristics of Good Brand Name
Short, simple to say, spell, recognize, and remember
Suggest the product's advantages and characteristics.
Different from other products
Adaptable to packing or labeling requirements, as well as different advertising media and languages.
Versatile enough to accommodate new products;
Legally registered and protected
Packaging: The act of designing and developing a product's container or wrapper. Because good packaging often aids in the sale of a product, it is referred to as a silent salesman.
Levels of Packaging
1. Primary Package: This is the product's immediate container/covering, such as toffee in a wrapper, a match box, a soap wrapper, and so on.
2. Secondary Package: It's all about additional layers of protection that are kept until the product is ready for use, such as a red cardboard box for Colgate toothpaste.
3. Transportation Package: refers to additional packaging components required for storage, identification, and transportation, such as putting a package of toffees into cardboard boxes for storage at a manufacturer's warehouse and transportation.
Functions of Packaging
Product Identification: Packaging aids in product identification.
Product Protection: The primary function of the packaging is to protect the product.
Facilitating Product Usage: It makes transportation, stocking, and consumption easier.
Product Promotion: Packaging makes sales promotion easier.
Rising Health and Sanitation Standards: It is believed that there is minimal adulteration in packaged goods.
Self-Service Outlets: Good and appealing packaging can help to promote a product.
Opportunities for Innovation: Packaging innovation has increased the shelf life of products.
For example, tetra packs for milk.
Product Differentiation: The color, size, material, and other characteristics of packaging influence customers' perceptions of the product's quality.
Labeling is the process of affixing identification marks to a package. Labels are information carriers that provide information such as the name of the product, the name of the manufacturer, the contents of the product, the expiry and manufacturing date, general information for use, weight, and so on.
Labels Perform Following Functions:
1. Identify the product: It assists customers in identifying the product among the various types of products available. For example, the purple color of a Cadbury chocolate label easily distinguishes it from other chocolates.
2. Describe and specify the product's contents: The manufacturer provides all information regarding the product's contents, etc.
3. Product grading: With the help of labels, products can be classified into different categories based on quality, nature, and so on, for example: Brooke Bond Red Label, Brooke Bond Yellow Label, Brooke Bond Green Label, and so on.
4. Aids in product promotion: Attractive and colorful labels excite customers and entice them to purchase the products. For example, 40 percent extra free, as stated on detergent, buy two get one free, and so on.
5. Providing legal information: There is a legal requirement to print the batch number, maximum retail price, weight/volume on all products, and a statutory warning on the packet of cigarettes, “Smoking is harmful to one's health”: In the event of a hazard on/poisonous material, appropriate safety warnings should be posted.
Meaning of Price:
It is considered as the sum of the values that customers exchange in exchange for the benefit of owning or using the product. Price can thus be defined as the sum of money paid by a buyer (or received by a seller) in exchange for the purchase of a product or service.
Factors Determining Price Determination:
1. Pricing Objectives
The marketing firm's goal is to maximize profits. Pricing objectives can be determined in both the short and long run. If the company wants to maximize profits in the short run, it will charge the highest price for its products. However, in order to maximize its total profit in the long run, it would choose a lower per unit price in order to capture a larger share of the market and earn higher profits through increased sales.
2. Product Cost:
Price should cover all costs and aim to earn a reasonable profit above and beyond the cost.
It takes into account the costs of manufacturing, distribution, and sale of the product.
Costs establish the floor price, or the lowest price at which the product can be sold.
The price should rise. Total costs (Fixed costs/overheads + Variable costs + Semi-variable costs) in the long run, but in certain circumstances (introduction of a new product or entry into a new market), the product price may not cover all costs for a short period of time.
3. Utility and Demand:
The utility provided by the product, as well as the demand for the product, determine the maximum price that a buyer will be willing to pay for that particular product.
Buyers would be willing to pay until the utility of the demand exceeded or equaled the utility derived from it.
According to the law of demand, consumers buy more at a lower price.
Demand elasticity is the responsiveness of demand to changes in product prices. If a small change in price leads to a larger change in quantity demanded, demand is elastic. Firms can set higher prices if demand is inelastic.
4. Extent of Competition in Market:
Before setting prices, competitors' prices and anticipated actions must be considered.
5. Government Policies:
In the public interest, the government can intervene to regulate product prices.
6. Marketing Methods Used:
Other marketing elements such as distribution system, sales promotion efforts, packaging type, product differentiation, credit facility, and so on all have an impact on the price fixing process.
iii. Physical Distribution
A series of decisions must be made in order to make the product available for purchase and consumption by customers.
The marketer must ensure that the product is available in sufficient quantities, at the appropriate time, and in the appropriate location.
A channel of distribution is a group of companies and individuals who take title, or assist in the transfer of title, to specific goods or services as they move from producers to consumers.
Choosing an appropriate channel of distribution is a critical marketing decision that affects an organization's performance. It is a strategic decision whether the firm will use direct marketing channels or long channels involving a number of intermediaries.
1. Order Processing: Provide accurate and timely order processing, without which orders would arrive late or in the wrong quantity. As a result, customers will be dissatisfied, with the risk of losing business and goodwill.
2. Transportation: It transports goods from manufacturers to consumers, making the product available at the point of sale.
3. Inventory control: Choosing the level of inventory is an important inventory decision. Additional demand can be met in less time, and inventory requirements will be minimal.
4. Warehousing: The act of storing and sorting products in order to create time utility in them is referred to as warehousing. It is required to bridge the gap between the time the product is manufactured and the time it is distributed for consumption.
Components of Physical Distribution:
Functions of Distribution Channels
1. Sorting: Middlemen obtain supplies of goods from a variety of sources, which are not always of the same quality.
2. Accumulation: the accumulation of goods into larger homogeneous stocks that aid in the maintenance of a continuous flow of supply.
3. Allocation entails dividing homogeneous stock into smaller, more marketable lots.
4. Assorting: the collection of products for resale.
5. Product Promotion: Middlemen take part in activities such as demonstrations, special displays, and so on.
6. Bargaining: Manufacturers, intermediaries, and customers bargain over price, quality, and other issues.
7. Risk Taking: Merchant middlemen take title to the goods, assuming risks such as price and demand fluctuations, spoilage, destruction, and so on.
Channels of Distribution
Consists of a network of firms, individuals, merchants, and functionaries who assist in the transfer of title to a product from the producer to the end consumer.
Intermediaries help to cover a large geographical area and increase distribution efficiency, including transportation, storage, and negotiation. They also provide customers with convenience by having a variety of items available in one location, as well as serving as an authentic source of market information because they are in direct contact with the customer.
Types of Channels:
Direct Channel ( Zero Level)
The manufacturer and the customer establish a direct relationship. Manufacturer-Customer. For example, mail order, internet, and door-to-door sales.
The distribution network is referred to as indirect when a producer uses one or more intermediaries to move goods from the point of production to the point of sale.
Manufacturers use their own selling agents or brokers in this case, who connect them with wholesalers, then retailers, and finally consumers.
Factors Determining Choice of Channels of Distribution
The selection of an appropriate channel of distribution is a critical marketing decision.
1. Product Related Factors: The nature of the product, whether it is industrial or consumer goods, perishable or nonperishable, etc., determines the distribution channels used.
2. Company Characteristics: The company's financial strength and the level of control it wishes to exert over other channel members. Short channels are used to exert more control over intermediaries and vice versa.
3. Competitive Factors: Companies may copy the channels used by their competitors.
4. Market Factors: The size of the market as well as the geographical concentration of potential buyers influence channel selection.
5. Environmental Factors: Legal constraints and a country's economic situation. In a down economy, marketers use shorter distribution channels.
Promotion is the use of communication with the dual goal of informing potential customers about a product or a service as well as persuading them to purchase it.
Promotion is a critical component of the marketing mix in which marketers use various communication tools to encourage the exchange of goods and services in the market.
It is a set of promotional tools/techniques used by a company to entice and persuade customers to buy its products.
A promotion mix is considered as a combination of promotional tools used by a company to achieve its communication goals.
Promotion mix tools:
(ii) Personal Selling,
(iii) Sales Promotion,
Advertising, as defined by a specific sponsor, is a paid form of nonpersonal presentation and promotion of goods, services, or ideas.
The most widely used promotional tool. It is a cold, impersonal form of communication that is paid for by marketers (sponsors) to promote their products and services. Newspapers, magazines, television, and radio are all common mediums.
Paid Form: The sponsor must bear the cost of communicating with customers.
Lack of Personalization: There is no direct face-to-face contact between the prospect and the advertiser.
Identified Sponsor: Advertising is done by a specific person or company.
Mass Reach: a large number of people can be reached across a large geographical area.
Increasing customer satisfaction and trust.
Expressiveness: It is a powerful medium of communication.
Economy: Because of its wide reach, is a very cost-effective mode of communication.
Less Forceful: There is no pressure on the prospects to listen to the message.
Inflexibility: It is less flexible because the message is standardised and not tailored to the individual.
Low Efficacy: It is difficult to get advertising messages heard by the intended prospects.
Objections to Advertising
Some critics argue that advertising is a social waste because it raises costs, multiplies people's needs, and undermines social values.
1. Adds to Cost: Unnecessary advertising raises the cost of the product, which is then passed on to the buyer in the form of high prices.
2. Undermines Social Values: It undermines social values while encouraging materialism.
3. Confuses the Buyers: A similar product of the same nature/quality confuses the buyer.
4. Encourages Sale of Inferior Products: It makes no distinction between superior and inferior goods.
5. Some Advertisements are in Bad Taste: These depict something that some people do not agree with.
2. Personal Selling
Personal selling entails personally contacting prospective buyers of a product, i.e. engaging in a face-to-face interaction between seller as well as the buyer for the purpose of sale.
Features of the Personal Selling
1. Under personal selling, personal contact is established.
2. Establishing relationships with prospective customers, which are critical in closing sales.
3. Oral communication
4. Quick response to queries.
Merits of Personal Selling
2. Direct Feedback
3. Minimum wastage
Role of Personal Selling
Importance to Business Organisation
(i) Effective Promotional Tool
(ii) Versatile Tool
(iii) Reduces Effort Wastage
(iv) Consumer Attention
(v) Long-Term Relationship
(vi) Personal Relationship
(vii) Role in the Introduction Stage
(viii) Customer Relationship
Importance to Customers
(i)Assist in the Identification of Needs
(ii) Up-to-date market information
(iii) Expert advice
(iv) Customers are enticed
Importance to Society
(i)Converts the most recent demand
(ii) Employment Possibilities
(iii) Job Opportunities
(iv) Salesperson Mobility
(v) Standardization of Products
3. Sales Promotion
Short-term incentives or other promotional activities that aim to pique a customer's interest in purchasing a product are referred to as sales promotion.
Merits of Sales Promotion
Attention Value: Using incentives, attract people's attention.
Useful in New Product Launch: Sales promotion tools persuade people to abandon their usual purchasing habits and try new products.
Synergy in Total Promotional Efforts: Sales promotion activities contribute to the overall effectiveness of a company's promotional efforts.
Limitations of Sales Promotion
Reflects Crisis: A company that frequently relies on sales promotion activities may give the impression that it is unable to manage its sales and that its products are unpopular.
Damages Product Image: Customers may believe that the products are of poor quality or are overpriced.
Commonly Used Sales Promotion Activities
Product Combination: Including another product as a free gift with the purchase of one.
Rebate: Providing products at reduced prices.
Instant draws and assigned gifts: Scratch a card and instantly win a prize with the purchase of a TV, Tea, or Refrigerator, for example.
Lucky Draw: a lucky draw coupon for free gasoline when a certain amount is purchased, and so on.
Useful Benefit: 'Purchase goods worth Rs 3000 and get a holiday package worth Rs 3000 free,' and so on.
Full finance at 0%: Many marketers of consumer durables such as electronics, automobiles, and so on offer simple financing schemes such as "24 easy instalments" and so on.
Contests: Holding competitive events that require the use of skills or luck, etc.
Quantity Gift: Providing an extra quantity of the product, for example, "Buy three, get one free."
Refunds: Refunding a portion of the price paid by the customer upon presentation of proof of purchase.
Discount: Selling products at a lower price than the list price.
Sampling: Provide free product samples to potential customers. Typically used at the time of a product's introduction.
Publicity occurs when favorable news about a product or service is broadcast in the mass media. For example, if a manufacturer makes a breakthrough in the development of a car engine and this news is covered by television, radio, or newspapers as a news item.
Features of Publicity are:
I. Publicity is a form of communication that is not compensated.
II. There is no identified sponsor
5. Public Relations
Public relations encompasses a wide range of tactics and is typically concerned with providing information to independent media outlets in the hope of obtaining favorable coverage. It also includes a mix of promoting specific products, services, and events as well as promoting an organization's overall brand, which is an ongoing tactic.
Role of Public Relations:
1. Press Relations: A press release is an announcement of an event, performance, or other newsworthy item issued to the press by an organization's public relations professional. It is written in the form of a positive story with an appealing heading in order for the media to quickly grasp and spread the message.
2. Product promotion: The company tries to draw attention to new products by organizing sporting and cultural events such as news conferences, seminars, and exhibitions, among other things.
3. Corporate Communication: The image of the organization is promoted through newsletters, annual reports, brochures, and other means.
4. Lobbying: The organization maintains cordial relations with government officials and ministers in charge of corporate affairs, industry, and finance in regard to business and economic policies.
5. Counseling: The public relations department advises management on general issues affecting the public and the company's position.
Maintaining Good Public Relations also Helps in Achieving the Following Marketing Objectives:
(a) Building awareness
(b) Building credibility
(c) Stimulates sales force
(d) Lowers promotion costs
Difference Between Advertising and Personal Selling
An impersonal mode of communication
The transmission of standardised messages
An inflexible mode of communication
Low cost per person reached
Cover the market in a short period of time.
Makes use of mass media
Lacks direct feedback
Effective in generating and maintaining interest
Consumers are the primary target market
Personal form of communication
High cost per person
Extensive efforts to cover the entire market
Makes use of sales personnel.
Immediate and direct feedback
Plays an important role in the awareness stage
The Target market is comprised of industrial buyers
Class 12 Business Studies Chapter 11 Revision Notes
Introduction to Class 12 Business Studies Marketing Revision Notes
By following the Chapter 11 Class 12 Business Studies Revision Notes, students will get the meaning of the term ‘marketing’ and will be able to understand the distinction between ‘marketing’ and ‘selling’. The Class 12 Marketing Notes enlist the functions of marketing, its role in the development of an economy in terms of society, firms, and consumers.
The Class 12 Revision Notes Chapter 11 comprise explanations of the different elements of the marketing mix, its classification into different categories, the factors that affect price determination, the types of distribution channels, and the tools of promotion mix like sales promotion, personal selling, publicity, and advertising.
Meaning of Marketing
The market is commonly referred to as a place where sellers and buyers carry out transactions for the involvement of the exchange of services and goods. Marketing is widely defined as the performance of the business activities that direct the flow of services and goods from producers and consumers.
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Features of Marketing
There are four significant and crucial features of Marketing.
Customer Value - Customer value is the process of marketing that facilitates the exchange of the services and products between the buyers and sellers.
Needs and Wants - Needs and wants is another vital process of marketing that helps groups or individuals to obtain what they need and what they want.
Exchange Mechanism - The exchange mechanism is the process of marketing that involves the exchange of services and products for money or some other products.
Creating a Market Offering - The creation of market offerings like taste, size, or quality that are available at a given location or outlet.
Functions of Marketing
A few functions of marketing that helps in the exchange of goods and services are as follows.
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Product Development and Designing:- Product design plays a vital role in the selling of a product. A company whose product is designed better sells more products than the companies whose products are weakly designed.
Labelling and Packaging:- Packaging refers to the development and design of packages for the products, while labelling refers to the development and design of labels to be put on the package.
Customer Support Services:- This refers to the services provided to consumers such as adjustments, sales services, and handling customer complaints. All the services aim to present maximum consumer satisfaction.
Analyzing and Gathering Market Information:- This is a crucial function of marketing that quickly identifies the consumer’s needs and helps to facilitate
Warehousing or Storage:- A proper storage maintains the smooth flow of products and services in the market. The need for storage is essential to ensure the adequate stock of goods or products against unavoidable delays or to cover up the contingencies in demand. Retailers and wholesalers play a vital role.
Key Benefits of Referring to Revision Notes for CBSE Class 12 Business Studies Chapter 11 Marketing
Referring to Revision Notes for CBSE Class 12 Business Studies Chapter 11 Marketing, it will help you to:
Solve any type of questions asked from this particular chapter in the exam confidently.
Strengthen your chapter concepts
Minimise your exam stress and anxiety
To keep track of all the important topics covered in the chapter.
Enhance your conceptual clarity
The CBSE Class 12 Business Studies Chapter 11 Marketing revision Notes supplied in this article provide an overview of the chapter and assist you in preparing the chapter so that every idea is addressed in accordance with the syllabus standards. CBSE Quick Notes Business Studies Chapter 11 Marketing are excellent for last-minute rapid revision. Download the CBSE Class 12 Business Studies Chapter 11 Marketing revision Notes to successfully try all chapter questions in the test.
FAQs on Marketing Class 12 Notes CBSE Business Studies Chapter 11 (Free PDF Download)
1. Define Marketing Mix and enlist its elements.
The marketing mix is the total of policies formulated with a view of the successful completion of the multiple marketing activities. The main goal is to attract all types of consumers.
Elements of Marketing Mix:- There are four primary elements-
Product – refers to the decisions relating to the product
Price – Price mix refers to the decisions related to price fixation of product or service.
Place – refers to activities that make a firm’s products available to the target customers.
Promotion – refers to the combination of promotional tools used by the business to inform customers about the products.
2. State the difference between marketing and selling.
The difference between Marketing and Selling are as follows-
Marketing starts before the goods or services are produced while selling starts after the production has taken place.
Marketing entails a variety of marketing operations, whereas selling is accomplished through advertising, sales promotion, and personal selling strategies.
Marketing maximises profits via customer happiness, whereas selling maximises profits by number of sales.
The primary goal of marketing is to satisfy customers, whereas the primary goal of selling is to attract customers.
3. What does Chapter 11 “Marketing” teach students?
Chapter 11 "Marketing" teaches pupils about crucial components of company marketing. Students will understand the definition of marketing, the distinction between marketing and selling, marketing functions, and key aspects of the marketing mix. Students will also comprehend the classification of various product categories, distinct product distribution methods, and significant promotional tactics. Students may utilise Vedantu's Revision Notes Chapter 11 to better comprehend the material. Kids can also utilise these notes to study for exams.
4. Where can I find Revision Notes for Chapter 11 Class 12 Business Studies?
In today's society, Business Studies is a fascinating and vital topic. Students will certainly appreciate it as they learn about many areas of business. When studying for this topic, students may be expected to study a considerable quantity of knowledge. They don't need to be concerned since Vedantu is always eager to assist. Simple revision notes for Class 11 Business Studies will be available to students. These notes are very valuable for students, especially for last-minute study before exams.
5. Is Chapter 11 of Class 12 Business Studies easy?
Business studies is a fascinating topic. People with a natural aptitude for business can undoubtedly benefit from understanding the various business fundamentals. Yet, like with any topic, if you do not attempt to comprehend the fundamental principles of Chapter 11, it may look frightening to you. Chapter 11 of Class 12 Business Studies will be a breeze if you study the ideas and problem diagrams well and recall the key definitions.
6. What do you mean by “Branding”?
Branding is the process of developing a company's distinctive identity via the creation of a distinct brand for the business. This include developing a company's name, image, and logo. This is regarded as a key part of decision-making in any company's marketing. To sell their business, successful organisations employ effective branding techniques. Effective branding leads to more customers and more successful product marketing.
7. How are products classified?
Products of a company are classified into two major categories:
Consumer products: These are products directly purchased by the consumers for their personal use. Such consumer products comprise three types
Industrial products: These are products used for producing other products. These include materials and parts, capital items, and supplies, and business services.
Vedantu provides useful notes for this topic on their website. You can access these revision notes from the Vedantu app.