Business Studies Class 12 Notes Marketing Management

1 What is Marketing

Marketing refers to things to do a business enterprise undertakes to promote the shopping for or promoting of a product or service.

Marketing consists of advertising, selling, and turning in merchandise to buyers or different businesses.

Some advertising and marketing are accomplished via associates on behalf of a company.

Professionals who work in a corporation’s advertising and marketing and advertising departments are looking for to get the interest of key viable audiences thru advertising.

Promotions are centered to positive audiences and may additionally contain celeb endorsements, catchy phrases or slogans, memorable packaging or image designs and usual media publicity

2 Importance Of Marketing

A. Marketing Is an Effective Way of Engaging Customers

 It’s vital for your enterprise to interact its customers. Marketing is a device to maintain the dialog going.

Engaging clients is exclusive from pushing your offers. Engaging entails furnishing your clients with applicable statistics about your merchandise and your enterprise as well.

It’s all about growing sparkling content. Tell your clients what they don’t know.

Let it be fascinating and well worth their time. Social media is one of the exceptional structures the place you can have interaction your customers.

Some groups use quick movies and different humor-laden hints to interact their client base.

By attractive your customers, advertising offers them an experience of belonging.

B. Marketing Helps to Build and Maintain the Company’s Reputation

The boom and lifestyles span of your commercial enterprise is positively correlated to your business’s reputation.

Hence, it’s truthful to say your popularity determines your company equity.

A majority of advertising things to do are geared in the direction of constructing the company fairness of the company.

Your business’s popularity is constructed when it successfully meets the expectations of its customers.

Such an enterprise is viewed an accountable member of the community.

The clients emerge as proud to be related with your products.

 Marketers use nice communication, branding, PR and CSR techniques to make certain that a business’s recognition is maintained.

C. Marketing Helps to Build a Relationship Between a Business and Its Customers

Businesses want to construct a relationship of believe and grasp with their customers.

How does advertising and marketing set up this relationship?

Marketing lookup segments must be based totally on demographics, psychographics, and patron behavior.

Segmentation helps the commercial enterprise meet the desires of its clients as a result gaining their trust.

The product group ensures the commercial enterprise grants what’s promised at the proper time.

This makes the clients company loyal. Loyal clients will have the self-belief to purchase extra merchandise from you.

The have faith and grasp between the enterprise and its clients make your industrial things to do extra fruitful.

D. Marketing Is a Communication Channel Used to Inform Customers

Marketing informs your clients about the merchandise or offerings you’re imparting them.

Through marketing, the clients get to comprehend about the cost of the products, their utilization and extra data that would possibly be useful to the customers.

It creates company consciousness and makes the enterprise stand out.

There’s stiff opposition in the market and you want to be a steady voice to persuade the customers.

Inform your clients of reductions and different aggressive hints you intend to use.

Through communication, advertising and marketing helps your enterprise come to be a market leader.

This publish explains extra about how to achieve an aggressive advantage.

E. Marketing Helps to Boosts Sales:

 Marketing makes use of unique approaches to promote your merchandise or services.

Once a product has been advertised, it’s already on the radar and this will increase your possibilities of promoting it.

Might also desire to strive yourmerchandise or offerings and this will set off a buy decision.

When clients are completely happy about your merchandise or services, they end up your manufacturer ambassadors barring your knowledge.

They will unfold the phrase and your income will begin to increase.

Ensure you provide super merchandise and offerings to complement your advertising and marketing efforts.

F. Marketing Aids in Providing Insights About Your Business

Every marketer is aware they want for focused on the proper audience.

 However, you should have the proper content material to share with such an audience.

Your advertising and marketing techniques can assist you set up what commercial enterprise messaging will persuade the goal audience.

At this point, you have to take a look at extraordinary messages and see what works.

Once you have examined one-of-a-kind units of messaging on the goal audience, you will discover a potential baseline for your advertising and marketing efforts.

It acts as a metric and gives the perception wished to make you keep away from guesswork.

G. Marketing Helps Your Business to Maintain Relevance

Every marketer is familiar with the want for disrupting an attainable consumer’s opinion about different products.

But don’t make a mistake of taking this danger for granted.

Most corporations count on that they will continually stay the client’s favorite company due to the fact up to now the consumer has by no means complained.

This is the incorrect mindset. You want to locate approaches to continue to be at the pinnacle of the client’s mind.

Every relationship wishes to be maintained. Marketing helps your commercial enterprise to hold a precise relationship with clients by way of making you continue to be relevant.

Don’t focal point on gaining new clients earlier than addressing the want to hold the current ones.

H. Marketing Creates Revenue Options

During the startup phase, your selections are sparse in view that you’re mainly cash-strapped.

This limits your options. As your advertising techniques generate greater clients and income opportunities, you’ll commence having options.

Having picks is related to having a quality battle chest. Having alternatives will supply you the braveness you want to penetrate new markets.

You will have the freedom to begin letting go of clients who are too traumatic to your sanity and well-being.

Without marketing, you will be pressured to precede working with purchasers who you have outgrown and are paying you peanuts.

I. Marketing Helps the Management Team to Make Informed Decisions

Every enterprise is confronted with issues such as to what, when, for whom and how a lot to produce.

A complicated and tedious method decide your business’s survival. As a result, companies closely remember on advertising mechanisms to make these decisions.

Why need to you remember on advertising and marketing mechanisms?

These mechanisms serve as a dependable hyperlink between your enterprise and society.

They domesticate people’s mind, teach the public and persuade them to buy.

3 Process Of Marketing

A. Choosing a goal market

B. Getting, maintaining as nicely as developing the customer

• that is, make certain that the goal clients buy the firm ‘s product, make sure that they hold their clients comfy with the merchandise and appeal to new clients so that the company can grow.

C. Create, improve and talk most reliable values to the clients

4 Functions Of Marketing

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A Promotion

 When humans map out their advertising goals, advertising is commonly at or close to the pinnacle of that list.

Getting your title in the front of potential customers, constructing company cognizance and elevating your company’s profile are principal priorities for each and every advertising department.

Promotional techniques regularly overlap with different commercial enterprise gadgets and awareness-building activities, such as advertising and marketing and public relations.

From an advertising and marketing perspective, promoting can encompass the entirety from content material advertising and marketing and electronic mail advertising and marketing to social media and influencer marketing.

We don’t want to inform you how essential these efforts are to inbound advertising and producing certified leads.

It’s no marvel advertising has lengthy been regarded a quintessential factor of the advertising mix.

B Selling

 We’ve frequently recommended readers about the risks of coming on too sturdy and salesy with your advertising content.

Your danger alienating your goal target audience by using persistently handing over overt income pitches in your content material and making it appear like your solely intention is to get humans to purchase something from you.

The reality is phase of each and every marketer’s job is to promote their merchandise to clients — ideally, though, it’s carried out with greater nuance.

Every advertising decision, from your manufacturer messaging to your marketing campaign themes, ought to help the last intention of growing sales.

Once you’ve grabbed the interest of a conceivable customer, whether or not that’s a customer or B2B prospect, entrepreneurs want to go to work nurturing that lead and guiding them via the income funnel so they’re primed to make a buy when they subsequently make contact with your income team.

That capability consistently making the case for your company and regularly incorporating greater product-centric speak me factors in your advertising communications.

By the time they’re prepared to talk with an income associate, potentialities need to understand how your items or offerings stack up towards competing products.

C Product management

 Designing a new product that higher meets patron wants and fills a hole in the market doesn’t show up by way of twist of fate or sheer luck.

It takes a lot of thorough market lookup to determine out what human beings favor and how to supply the exceptional product possible.

Marketing groups may additionally become aware of new increase possibilities when:

  • Speaking with prospects.
  • Running competitor analysis.
  • Incorporating comments gleaned from patron guide offerings into advertising strategies.
  • In these cases, advertising and marketing lookup is the furnace that fuels product development. Who higher is familiar with your goal market than your advertising team?

D. Marketing records management

Strategic advertising is pushed by way of data. Every correct marketer is aware of that the greater statistics you can acquire about your goal customer, enterprise rivals and market trends, the greater profitable your advertising efforts will be.

All of that juicy data is as exact as gold, so there’s no motive to preserve it locked away in some silo.

One of the cores (yet once in a while overlooked) features of advertising is to gather this precious data, distill it down to motion gadgets and beneficial takeaways and share it with different departments that may discover it useful.

Sales teams, for instance, can continually use greater in-depth advertising insights to assist them refine their pitches to:

Address the cutting-edge enterprise trends.

Respond to competitor messaging.

Speak without delay to the urgent client concerns.

E Pricing

 Marketing lookup can additionally inform how manufacturers set the fee of a product.

Effective pricing is as a lot artwork as it is science, and manufacturers want to discover that candy spot that balances how clients cost your items or offerings with the fee of manufacturing and transport as nicely as accounting for the present-day rate of competing products.

The perceived cost of your manufacturer without delay affects your pricing approach — simply appear at the fee distinction between a luxurious trend manufacturer like Hermès and extra budget-conscious outlets like Old Navy.

The countless thousand greenback charge tag disparity for a single purse can’t be chalked up to manufacturing fees and satisfactory manage alone.

Hermes clients are paying as a great deal for the manufacturer as they are the product itself.

Marketing lookup sheds mild on your brand’s popularity and helps you higher apprehend how a whole lot your goal target market values your brand.

That’s on pinnacle of all the competitor evaluation and enterprise lookup essential to placing an honest asking charge for your wares.

F Financing

 Now we’re digging into some of the less-discussed features of marketing, though they’re nevertheless very essential to overarching commercial enterprise objectives.

Financing might also no longer at first appear like a pinnacle difficulty for your advertising group to fear about,

however suppose about it this way: If your branch can’t impervious area in the price range to completely aid your subsequent advertising campaign, how are you going to meet your goals?

When humans suppose about financing, they regularly center of attention on the up-front fees of getting a new enterprise off the ground.

But, in reality, financing is an ongoing subject for commercial enterprise proprietors and business enterprise leaders, who want to make tough budgeting choices yrs. after 12 months and quarter after quarter.

By supporting generate extra revenue, extend into new markets and attain extra practicable customers, advertising groups can show their cost to the corporation at large. And that makes it less difficult to impervious the financing they want on a departmental level.

Effective advertising administration is key in that regard. An advertising software that receives the most cost out of handy sources and applies the proper techniques to have interaction and nurture certified leads can exhibit simple ROI.

Successful advertising endeavor additionally helps corporations impenetrable funding from 0.33 events — say getting a mortgage from a financial institution or a funding from a challenge capital firm.

Any organization, whether or not it’s an unbiased company or an economic institution, desires to see that agencies have a complete advertising and marketing sketch that will assist construct the brand, faucet into markets and produce healthful income over the lengthy run.

G Distribution

 “Distribution?” you might also be asking yourself, “isn’t that furnish chain management’s problem?”

Yes, however the place you promote your merchandise or offerings and how you get them into your customer’s fingers is additionally an advertising problem, whether or not you’re speaking about digital or bodily distribution.

Choosing the proper distribution channels comes down to appreciation who your goal client is, how they view your manufacturer and the place they anticipate to discover you — all marketing-centric issues.

You would by no means assume to locate a Rolex watch for sale at the Dollar Store, after all. Those manufacturers signify two very one-of-a-kind market demographics.

Marketing managers and their grant chain counterparts want to be aligned on every occasion a new product, advertising or marketing campaign is launched so corporations can have all of their distribution geese in a row.

If entrepreneurs do their job well, they will generate a ton of buzz main up to that product launch or promotional event, pushing consumer demand to the limit.

That advertising win can rapidly flip into a PR nightmare if the furnish chain isn’t organized to meet demand.

5 Meaning and Concept of Marketing and Selling

Marketing is an extensive term. It refers to a massive set of things to do of which promoting is simply one part.

A marketer earlier than making the sale does a lot of different things to do such as planning the type, sketch of the product, the fee and deciding on the distribution stores at which the identical would be available.

  • Selling: refers to the sale of items or provider via publicity, promoting and salesmanship. The title of the product is transferred from vendor to buyer. The whole center of attention in promoting is to covert the product into cash.

6 Difference between Selling & Marketing

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7 Marketing Mix

The advertising combine refers to the set of actions, or tactics, that an employer makes use of to promote its company or product in the market.

The 4Ps make up a traditional advertising and marketing combine – Price, Product, Promotion and Place. However, nowadays, the advertising combine more and more consists of countless different Ps like Packaging, Positioning, People and even Politics as crucial combine factors

8 Elements of Marketing Mix

A Price

refers to the cost that is put for a product. It relies upon on charges of production, section targeted, capacity of the market to pay, grant – demand and a host of different direct and oblique factors.

There can be various kinds of pricing strategies, every tied in with a normal commercial enterprise plan.

Pricing can additionally be used a demarcation, to differentiate and beautify the photograph of a product.

B  Product

refers to the object clearly being sold. The product ought to supply a minimal degree of performance;

in any other case even the fine work on the different factors of the advertising combine might not do any good.

C Place

refers to the factor of sale. In each industry, catching the eye of the purchaser and making it handy for her to purchase it is the fundamental purpose of a suitable distribution or ‘place’ strategy.

 Retailers pay a top class for the proper location. In fact, the mantra of a profitable retail commercial enterprise is ‘location, location, location’.

D Promotion

This refers to all the things to do undertaken to make the product or provider acknowledged to the consumer and trade.

This can encompass advertising, phrase of mouth, press reports, incentives, commissions and awards to the trade.

It can additionally encompass patron schemes, direct marketing, contests and prizes.

9 Branding

Branding, via definition, is an advertising exercise in which a business enterprise creates a name, image or plan that is without problems identifiable as belonging to the company.

This helps to pick out a product and distinguish it from different merchandise and services.

Branding is essential because no longer solely is it what makes a memorable influence on shoppers however it permits your clients and consumers to comprehend what to anticipate from your company.

It is a way of distinguishing yourself from the opponents and clarifying what it is you provide that makes you the higher choice. Your manufacturer is constructed to be an actual illustration of who you are as a business, and how you want to be perceived.

There are many areas that are used to enhance a company which includes advertising, client service, promotional merchandise, reputation, and logo.

All of these factors work collectively to create one special and (hopefully) attention-grabbing expert profile

SHORT ANSWER TYPE QUESTIONS

  1. Why is advertising referred to as a social process?

Ans: Marketing is considered as a social process, whereby human beings’ alternate items and offerings for cash or something of price to them.

2 Distinguish between promoting thinking and advertising thinking of marketing

Ans: (i) Selling notion Firms trust that aggressive promoting and promotional efforts will persuade a patron to purchase a product.

(ii) Marketing thought Customers’ wants and customers’ pride is the key to success of an enterprises.

3. What is intended by using promoting idea of marketing?

Ans: Firms consider that aggressive promoting and promotional efforts will persuade a client to purchase a product.

4.Identify and give an explanation for the advertising and marketing administration philosophy which implies that merchandise and offerings are offered no longer purely due to the fact of their fantastic or manufacturer name, however due to the fact they fulfill a unique want of a customer.

Ans: The advertising administration philosophy referred right here is ‘Marketing concept’. This thought emphasis that in the long-run, income can be maximized by using figuring out and enjoyable the wishes of existing and manageable customers. Therefore, patron delight will become the focal factor of all commercial enterprise decisions.

5. Nisha, a college bag manufacturer, determined to enhance the product for earnings maximization and thus, brought a water bottle holder to the present design.

(i)Identify the advertising and marketing administration philosophy adopted by using Nisha.

(ii)Explain this philosophy on the groundwork of (a) Main focal point and (b) Means and ends

Ans: (i) Product idea or philosophy Firms which observe the product concept, advocate that the way to recognize commercial enterprise dreams is by using making excessive excellent products. These companies manufacture the merchandise of highest quality. Nisha is attempting to convey enhancement in quality, with the aid of corporation a new feature, i.e., including a water bottle holder in the bag.

(ii)

 (a) Main center of attention the essential center of attention of this thinking is to enhance the fantastic of products. The entrepreneurs now believed that practicable alternate would be realized when the merchandise is of excessive quality. Thus, the company now centered on making top of the line merchandise and enhancing them overtime.

(b) Means Product improvement.

Ends Profit thru enhancement in product quality.

6. Mansi, a shoe producer for faculty students, determined to maximize her income by way of producing and distributing at giant scale and thereby decreasing the Average Cost of production.

(i)Identify the advertising administration philosophy adopted by means of Mansi.

(ii) Explain this philosophy or notion on the groundwork of

(a) Main center of attention          

 (b) Means and ends

Ans: (i) Production thinking or philosophy.

(ii) (a) Main focal point Main center of attention of this idea is to maximize the extent of product.

(b) Means Availability and affordability of product.

Ends Earning income via giant scale manufacturing and distribution.

7. Explain market planning, product designing and improvement as features of marketing.

or

Explain any three features of marketing

or

Explain any two features of marketing.  

or

Explain the following features of marketing.

(i)Marketing planning (ii)Product designing and improvement

or

Explain the following features of marketing

(i)Gathering and analyzing market information

(ii) Customer help services. 

Ans:  The major features of advertising are as follows:

(i) Gathering and analyzing market facts A marketer has to acquire data about the market. Gathering and analyzing market facts helps in figuring out the desires of the customers. It types the foundation for product development. It additionally helps in figuring out the opportunities, threats, strengths and weaknesses of the organisation.

(ii) Market planning the marketer develops fabulous advertising plans to seize or decorate the current market share. It offers the pointers to obtain the advertising and marketing objectives, e.g., a marketer of color TVs, having 2% of modern-day market share in the country, ambitions at improving his market share *0 20% in the subsequent three years.

(iii) Product designing and improvement Product designing and improvement is worried with watching for customers’ needs, creating new merchandise and enhancing the present merchandise so as to meet the expectations of customers, e.g., when we sketch to purchase any product say a motorbike, we now not solely see its points like cost, mileage, and so on however additionally the design, shape, style, etc.

(iv) Customer guide offerings Customer is the king of modern-day market. So, purchaser pride is the fundamental motto of each and every commercial enterprise firm. Hence, a very essential feature of advertising administration relates to growing client help offerings such as after sale services, dealing with client complaints, buying credit score services, upkeep services, technical services, and client information, etc. All these offerings purpose at imparting most pleasure to the clients which is the key to success in cutting-edge days.

8. Explain the position of advertising in a firm.

Ans: By advertising orientation, the company tries to focal point on desires and desires of the customers. Every association desire to stay longer and develop. If this happens, the motive of setting up the association is fulfilled. Marketing helps in survival and increase of the firm.

9. What is intended by means of manufacturing notion of marketing?

Ans: Production notion is based totally on the faith that earnings may want to be maximized through producing at massive scale, thereby decreasing the Average Cost of production. A massive wide variety of companies accept as true with that it is effortless to change the merchandise if they have been extensively on hand at a cheap price. Thus, availability and affordability have been regarded the key to success.

10. What is intended through promoting notion of marketing?

Ans: Firms accept as true with that aggressive promoting and promotional efforts will persuade a client to purchase a product. It used to be assumed that the clients will no longer purchase enough, except they are safely satisfied and prompted to do so.

Therefore, aggressive promoting and promotional efforts are made to persuade the customers. The use of promotional strategies such as advertising, private promoting and income advertising have been viewed necessary for promoting of products.

11. What is intended by way of product idea of marketing?

Ans: Consumers pick merchandise with ideal quality, overall performance and features.

The groups who accept as true with in the philosophy of product thinking are of the opinion that if the high-quality of items or offerings is of correct standard, the clients can effortlessly be attracted toward it.

The foundation of this wondering is that the clients get attracted toward the merchandise of precise quality.

On the foundation of this philosophy, agencies direct their advertising and marketing efforts to make bigger the fantastic and points of their product.

LONG ANSWER TYPE QUESTIONS:

1.Define advertising and marketing and nation any three features of marketing.

or

What is intended by using marketing? State any three functions of marketing.

Ans:  Marketing is the sum complete of all these things to do which go items and offerings from the producers to the consumers.

According to Philip Kotler, ‘Marketing is that social system via which man or woman and companies achieve what they want and choose thru developing choices and freely changing merchandise and offerings of fee with others.

The three essential features of advertising and marketing are:

(i) Marketing planning the marketer develops gorgeous advertising plans to seize or beautify the current market share.

It gives the recommendations to obtain the advertising objectives, e.g., a marketer of coloration TVs, having 2% of modern market share in the country, objectives at bettering his market share *0 20% in the subsequent three years.

(ii) Production designing and improvement Product designing and improvement is involved with looking forward to customers’ needs, creating new merchandise and enhancing the current merchandise so as to meet the expectations of customers,

e.g., when we design to purchase any product say a motorbike, we no longer only see its elements like cost, mileage, and many others however additionally the design, shape, style, etc.

(iii) Pricing of merchandise It refers to the quantity of cash which the clients have to pay to gain a product.

Price is a necessary aspect affecting the success or failure of a product in the market.

The demand for a product or carrier is associated to its price. Generally, decrease the price, greater would be the demand for the product and vice-versa.

2. Define advertising and marketing management. State any three targets of marketingmanagement.

Ans: According to Philip Kotler, ‘Marketing administration is an artwork and science of selecting goal markets and getting, maintaining and developing clients via creating, turning in and speaking most excellent client values of management’.

It refers to planning, organizing, directing and manipulate of the things to do which facilitate alternate of items and offerings between producers and buyers of merchandise and services.

The three foremost targets of advertising and marketing administration are as follows:

(i) Creation of demand the advertising supervisor continually tries to create the demand no longer by means of unfair potential however via analyzing the wants and desires of the clients and then producing the products, which satisfies the customer’s need.

(ii) Market share Every commercial enterprise company wishes to seize a large share of the market.

Therefore, advertising methods adopted by using advertising supervisor assist to get a large share in the market.

(iii) Goodwill and popularity Marketing administration helps a company in constructing the picture for its merchandise via advertising and marketing excessive quality, caring for purchaser satisfaction, after sale service, easy supply, etc.

3. Explain the following features of marketing

(i)Gathering and analyzing market information

(ii)Product designing and development

(iii)Market planning

(iv) Customer help services

Ans: The principal features of advertising and marketing are as follows:

(i) Gathering and analyzing market statistics A marketer has to acquire statistics about the market.

Gathering and analyzing market statistics helps in figuring out the wishes of the customers.

It types the groundwork for product development. It additionally helps in figuring out the opportunities, threats, strengths and weaknesses of the organization.

(ii) Market planning the marketer develops excellent advertising and marketing plans to seize or decorate the present market share.

It presents the pointers to attain the advertising and marketing objectives,

e.g., a marketer of color TVs, having 2% of contemporary market share in the country, pursuits at bettering his market share *0 20% in the subsequent three years.

(iii) Product designing and improvement Product designing and improvement is involved with looking forward to customers’ needs, creating new merchandise and enhancing the present merchandise so as to meet the expectations of customers,

e.g., when we format to purchase any product say a motorbike, we now not solely see its points like cost, mileage, and so on but additionally the design, shape, style, etc.

(iv) Customer assist offerings Customer is the king of cutting-edge market. So, consumer delight is the foremost motto of each and every commercial enterprise firm.

Hence, a very essential feature of advertising administration relates to creating consumer guide offerings such as after sale services, managing consumer complaints, deciding to buy savings services, preservation services, technical services, and client information, etc.

All these offerings goal at supplying most delight to the clients which is the key to success in present day days.