CBSE Class 12 Board Examination

Board examination for Class 12 students under CBSE, a crucial exam for higher education and career opportunities, covering stream-specific subjects.

Marketing — Class 12 Business Studies

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Business Studies · 11 chapters
Summary, key terms, important questions and a practice quiz with AI diagnosis for each.
CBSE Class 12Business Studies Business Studies Part II

Chapter 2: Marketing

Summary

Marketing is a social process by which individuals and groups obtain what they need and want by creating offerings and freely exchanging products and services of value with others. Its features are needs and wants, creating a market offering, customer value and the exchange mechanism. Marketing must be distinguished from selling: selling is only a part of marketing focused on transferring title and earning profit from sales volume, while marketing is a wider concept that begins before production by identifying customer needs and continues after sale through customer relations. Marketing management is the management of the marketing function — choosing target markets and getting, keeping and growing customers by creating, delivering and communicating superior value. Marketing philosophies have evolved through the production, product, selling, marketing and societal marketing concepts. The functions of marketing include gathering market information, marketing planning, product designing, standardisation and grading, packaging and labelling, branding, customer support, pricing, promotion, physical distribution, transportation and storage. The marketing mix is the set of controllable variables a firm uses to influence buyers, made up of four elements — Product, Price, Place and Promotion (the four Ps). Product decisions cover features, quality, branding, packaging and labelling. Pricing is affected by cost, demand, competition, marketing objectives and government regulation. Place or physical distribution covers channels of distribution (direct and indirect) and physical movement. Promotion uses a promotion mix of advertising, personal selling, sales promotion and publicity. Branding, packaging and labelling help identify products, protect them and promote them.

Meaning and features of marketingMarketing versus sellingMarketing management philosophiesFunctions of marketingThe marketing mix and four PsPromotion mix and channels of distribution

Key terms

Marketing
A social process by which people obtain what they need and want by creating and exchanging value.
Selling
A narrower part of marketing concerned with transferring title and earning profit from sales.
Marketing mix
The set of controllable variables — product, price, place and promotion — used to influence buyers.
Product mix
Decisions about features, quality, branding, packaging and labelling of a product.
Promotion mix
The blend of advertising, personal selling, sales promotion and publicity.
Channels of distribution
The set of intermediaries through which a product moves from producer to consumer.

Important questions

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Marketing
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A social process by which people obtain what they need and want by creating and exchanging value.
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Practice quiz · Marketing

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Marketing

Business Studies 10 Qs · ~10 min