Class 12 Business Studies — Chapter 2: MARKETING

What you'll learn

• ▸Meaning and Concept of Marketing
• ▸Features of Marketing: Needs and Wants
• ▸Features of Marketing: Creating a Market Offering
• ▸Features of Marketing: Customer Value
• ▸Features of Marketing: The Exchange Mechanism
• ▸Marketing vs. Selling Distinction
• ▸The Concept of a Market
• ▸Marketing and Corporate Social Responsibility

Chapter Summary

--- PAGE 1 --- CHAPTER 10 MARKETING LEARNING OBJECTIVES After studying this chapter, you should be able to: ➢ explain the meaning of 'marketing'; ➢ distinguish between 'marketing' and 'selling'; ➢ list out important functions of marketing; ➢ examine the role of marketing in the development of an economy in a firm, to the society and to consumers; ➢ explain the elements of marketing-mix; ➢ classify products into different categories; ➢ analyse the factors affecting price of a product; ➢ list out the types of channels of distribution; and ➢ explain the major tools of promotion, viz. advertising, personal selling, sales promotion and publicity. WHERE DO COMPANIES DO THEIR BUSINESS? In the Markets or in the Society? It is an undisputed fact that a company's survival does not depend upon its consumers alone, but a diverse set of stakeholders like the government, religious leaders, social activists, NGOs…

Practice Questions from this Chapter

Tap "Get Solution" on any question to ask our AI tutor.

1. Define marketing simply. Get Solution →
2. Explain consumer needs. Get Solution →
3. Describe product branding. Get Solution →
4. According to the traditional sense described in the text, what does the term 'market' refer to? Get Solution →
5. Who defined marketing as 'a social process by which individual groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others'? Get Solution →
6. Which of the following is listed in the text as an example of a 'Service' that can be marketed? Get Solution →
7. The chapter defines a 'need' as a state of what? Get Solution →
8. The entire process of marketing works through which fundamental mechanism? Get Solution →

Did you know?

• 💡 Ancient civilizations used bartering, an early form of marketing exchange, thousands of years ago.
• 💡 The word "brand" comes from the Old Norse word "brandr," meaning "to burn," for marking livestock.
• 💡 The average person sees thousands of advertisements daily, influencing many purchasing decisions.
• 💡 Psychologist Abraham Maslow proposed a pyramid of human needs, from basic survival to self-fulfillment.
• 💡 The first vending machine, invented in ancient Egypt, dispensed holy water for a coin.

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