Marketing - Business studies


What is a market?

   The term market refers to the place where  buyers and sellers gather to enter into the transaction involving the exchange of goods and services

• But in modern marketing sense it refers to a set  of actual and potential buyers of a product or service

We can also learn About Financial Market

What is marketing? 

    marketing refers business activities that direct the flow of goods and services from producer to the consumer

• but in modern times it is a social process by which individual groups obtained what they needs and want through creating offers and exchanging products and services of value with others.

features of marketing

1. Needs and wants

2. Creating a market offering

3. Customer value

4. Exchange mechanism

What can be marketed?

1. Physical products

2. Service

3. Ideas

4. Place

5. Experience

6. Information

7. Events

8. Properties

9. Any things

Who is a marketer?

    Marketer refers to any person who take more active part in the process of exchange. normally Seller who is more active

         Marketing management

It refers to the planning, organising, directing and control of the activities which facilitate exchange of goods and services between producer and consumer or uses of products and services

Three esense of marketing management

A. Choosing a target market

B. Growing customers in target market

C. Creating superior value

Difference between selling and marketing

 A. Selling 

1. Focus on product

2. At first make the product and then how it is sale

3. Profit through sale of volume

4. Let the buyer beware

5. Product first then customer

6. Short term planning

B. Marketing

1. Focus on the customer wants

2. At first knowing customer wants and  how  to make it

3. Profit through customer satisfaction

4. let the seller be aware

5. Customer first then the product

6. Long term planning

●Marketing management philosophies

1. The production concept

    In Production concept minimise the cost and maximize the profit through large-scale of production

2. Product concept

   In product concept produce high quality of products

3. The selling concept

    In selling concept aggressive selling and promotional technique(only short run success)

4. The Marketing concept

    Profit earn through customer satisfaction knowing human wants satisfaction

    eg- after sales services, customer care services, Market analysis

5. The societal Marketing concept

     Customer satisfaction with welfare future and present and eco friendly, we have to save the resources for the future, think about the resources first

● functions of marketing

1. Gathering and analysing market information

2. Marketing planning

3. Product designing and development

4. Standardization and grading (quality to product)

5. Packaging and labelling

6. Branding

7. Customer support service

8. Pricing of product

9. Promotion

10. Physical distribution

11. Transportation

12. Storage and warehousing

                  Marketing mix

It refers to the ingredients or the tools which the marketer mixes in order to to interact with a particular market

● Elements of of marketing mix

1. Product mix                2. Price mix 

3. Place mix                     4. Promotion mix

1. Product mix 

It means goods or services or anything of value which is offered to the market for sale

● Decision making the product or Product mix

A. Branding (specific identification)

     This process of giving a name or a sign or a symbol etc to a product is called branding

● Various term in branding

1. Brand  2. Brand name  3. Brand mark(logo) 

4. Trade mark (legal protection)

● Advantages to the marketers

1. Enables marketing product differentiation

2. Helps in advertising and display the program

3. Differential pricing

4. Easy in introduce  of new product

● Advantages to customers

1. Helps in product identification

2. Ensure quality

3. Status symbol

● Characteristics of good brand

1. The brand name should be short and easy to pronounce

2. A brand name suggest the products benefits and qualities

3. A brand name should be distinctive

4. The brand name should be adaptable to packaging and labelling requirements, to different advertising media

5. It should be registered and protected legally

B. Packaging (safety providing)

● Levels of packaging

1. Primary packaging

2. Secondary packaging

3. Tertiary packaging / transportation packaging

● Importance of packaging

1. Standards of Health and sanitation

2. Selfservices outlets

3. Product differentiation

4. Innovations opportunity

C. Labelling

1. Describe product information

2. Identification

3. Helps in grading

4. Helps in promotion of products

5. Provides information related to law

2. Price mix

● factors affecting the price

1. Product cost

2. Pricing objectives

    a. Profit Motive

    b. Market share

    c. Product quality

3. Extent of competition in market

4. Customer demand and utility

5. Government and legal regulation

3. Place mix 

It refers to the important decision related to physical distribution of goods and services

● Channels of distribution

It refers to the middle man or people who help in distribution of goods

1. Direct channel (zero level)

    Manufacturer to Customer

2. One Level channel

    Manufacturer to Retailer to Customer

3. Two level channel

    Manufacturer to Wholesaler to Retailer to Customer

4. Three level channel

    Manufacturer to Agent to Wholesaler to Retailer to Customer

Factors affecting choice of channel

1. Product related factors

    a. Value of product line

    b. Product complexity

2. Company characteristics

    a. Finance

    b. Degree of control

3. Competitive factors

4. Market related factors

    a. Size

    b. Quantity purchased

    c. Geographical concentration

Components of physical distribution

1. Order processing

2. Transportation

3. Warehousing

4. Inventory control

4. Promotion mix

The promotion is a communication aims at informing and pursuing the customer to buy the product and informing him about the merits of the product

Way of promotion

1. Advertising

2. Sales promotion

3. Personal selling

4. Publicity

1. Advertising

   Paid form of non personal presentation and promotion of Idea , goods or services by the identified sponsor

A. Wide/Mass reach

B. Expressiveness

C. Enhancing customer satisfaction

2. Sales promotion

    Short term incentive or activities to stimulate the customer to buy the product

● Activities

A. Rebate

B. Discount

C. Refunds

D. Premium or gifts

E. Quantity deals

F. Lucky draw

3. Personal selling

A. Face to face interaction

B. Two way communication


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