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Detailed Marketing Notes Class 12 ISC

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594 views2 pages

Detailed Marketing Notes Class 12 ISC

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sshambhavi557
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Detailed Marketing Notes - Class 12 Commerce (ISC)

1. Introduction to Marketing

- Definition of Marketing: Marketing is the process of planning, creating, delivering, and promoting goods and

services to meet the needs of customers. It is essential for fostering customer relationships, building brand

loyalty, and creating value.

- Importance of Marketing: Marketing helps businesses reach customers, understand their needs, and

develop products that add value. It involves continuous engagement, which helps in customer retention and

business growth.

- Difference between Marketing and Selling: Selling is a part of marketing that focuses on convincing

consumers to buy existing products, whereas marketing aims to identify consumer needs and offer solutions

that provide customer satisfaction. Marketing is broader and customer-centric, while selling is product-centric.

2. Marketing Concepts and Philosophies

- Production Concept: This concept emphasizes the efficiency of production and wide distribution. It assumes

that consumers prefer products that are widely available and affordable. Companies following this concept

focus on high-volume production.

- Product Concept: The product concept is based on the idea that customers favor products offering the best

quality or innovative features. Here, the focus is on product improvements and enhancements.

- Selling Concept: This concept relies on aggressive promotion to drive sales, with the belief that consumers

will not buy enough of a product without large-scale selling and promotional efforts.

- Marketing Concept: Under this philosophy, companies start by understanding customer needs and then

design products that meet these needs. The focus is on customer satisfaction and building long-term

relationships.

- Societal Marketing Concept: This approach considers the long-term welfare of consumers and society. It

balances company profits with consumer needs and societal interests, aiming to provide value responsibly.

3. Functions of Marketing

- Product Planning and Development: This involves designing new products or improving existing ones. It

includes analyzing consumer preferences, conducting feasibility studies, and planning for product features,

quality, and packaging.

- Pricing: Pricing strategies are crucial as they determine the perceived value of a product. Companies

analyze costs, consumer demand, competitor pricing, and market conditions to set prices.
- Distribution (Place): The channels chosen to distribute the product impact its accessibility and availability to

the customer. Options include direct selling, retail, online platforms, and intermediaries.

- Promotion: Promotion encompasses various activities like advertising, sales promotions, personal selling,

and public relations to inform, persuade, and remind customers about the product.

- Marketing Research: This is the systematic gathering, recording, and analyzing of data about consumers,

competition, and market trends. It helps in making informed marketing decisions.

- Customer Support Services: These services, such as after-sales support, help improve customer

satisfaction and loyalty. They provide assistance, answer queries, and handle complaints.

4. Marketing Mix (4 Ps)

- Product: Refers to both tangible goods and intangible services offered to consumers. Key aspects include

product design, brand name, quality, features, and packaging.

- Price: This element involves determining the cost consumers will pay. Pricing strategies include skimming,

penetration, and competitive pricing, depending on market conditions.

- Place: Distribution strategies ensure that the product is available to consumers at the right location and

time. This includes warehousing, logistics, and selection of intermediaries.

- Promotion: Promotional activities are designed to increase product awareness and drive demand.

Techniques include advertising (media, online, outdoor), sales promotions (discounts, coupons), and public

relations efforts.

5. Consumer Protection in Marketing

- Rights of Consumers: Consumers have certain rights that protect them, including the right to safety

(protection from harmful products), the right to be informed (accurate information), the right to choose (access

to a variety of products), and the right to be heard (consideration of consumer feedback).

- Role of Consumer Organizations and NGOs: These organizations work to protect consumers from unfair

trade practices. They assist in dispute resolution, create awareness about consumer rights, and act as

advocates for consumer welfare. Examples include Consumer Protection Councils and non-governmental

organizations (NGOs).

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