Marketing Management Part-2 : Business Studies Class 12
Concepts & Philosophies of Marketing
- PRODUCTION CONCEPT: The amount of manufacturers was restricted in the previous days of the industrial revolution; sometimes a restricted supply of industrial products could not meet demand. Anyone who could create products could discover buyers for the same thing readily.
- PRODUCT CONCEPT: Over time, enhanced supply clients began searching for products that were superior in performance, quality, and characteristics.
- SELLING CONCEPT: Increasing the scale of manufacturing between vendors as well as competition between product quality and accessibility alone did not guarantee survival as a big proportion of companies were now selling comparable quality products.
- MARKETING CONCEPT: Implies that by identifying customer needs and satisfying them better than competitors, a company can achieve its goals. Customer satisfaction is the prerequisite for achieving the company’s goals and goals,
- SOCIAL MARKETING CONCEPT: Under this notion, social welfare complements customer satisfaction. Some products have damaging environmental effects so they should not be delivered. It pays attention to marketing social, ethical and ecological elements. There are friends name Rakesh, Jogest, Ralph, Iqbal, and Shruti. They’re running various businesses. Everyone has their own idea of running their company. Rakesh thinks in the large-scale production of products. The average cost of the products will be reduced and sold at a decent price.
Meaning and Concept of Marketing and Selling
Marketing is a broad-based word. It relates to a wide range of operations, one portion of which is selling. A marketer does many other operations before making the sale, such as planning the sort, product design, cost and choosing the distribution stores where the same thing would be accessible.
Read in detail topic on Marketing Management Features, Functions, Meaning, and Concept
Difference between Selling & Marketing
|Scope||It is just a part of process of marketing.||It is a broad word composed of a number of operations aside from notification, needs of clients, etc.|
|Focus||Transfer of the name to the customer from the vendor.||Achieving maximum customer satisfaction according to their wants and needs.|
|Pre-dominance||Product is given quantity.||Customer is treated as the god/ king.|
|Aim||Profits calculated through sales volume.||Profits measured through customer satisfaction.|
|Emphasis||Bending the customer’s needs according to the product.||To develop the products according to the customer needs.|
1. Selling: Refers to selling products or services through advertising, promotion, and sales. The product title is transmitted from the vendor to the purchaser. The whole focus in selling is on money covering the item.
2. Marketing Mix
There are many variables affecting marketing choices. You can classify them as:
Non-controllable factors and Controllable factors:
To be effective, a company must take sensible decisions that can be controlled while bearing in mind the environmental variables.
• Marketing managers use the above-mentioned controllable factors and the set of marketing tools used by a company to pursue its target marketing objectives as a marketing mix. The success of a market offer depends on how well these ingredients are mixed to create superior value for customers while at the same time achieving their goal of sales and profit. So, an ideal marketing mix would need:
• Producing satisfying products
• Offered to buyers at a reasonable price
• conveniently available
• About which communication is offered
Marketing mix refers to ingredients or the tools or the variables which the marketer mixes in order to interact with a particular market.
Elements of Marketing Mix
The four main elements of the marketing mix as classified by McCarthy are:
C. Place/Physical Distribution
These elements are more popularly known 4 P’s of the marketing.
Elements/4 Ps of Marketing Mix
Product Mix: All the product or service characteristics to be provided for sale.
Price Mix: Value (Money) instead of a seller’s product/service.
Promotion Mix: Informing and persuading clients to purchase the same goods.
- Place Mix:
- Physical distribution: Various considerations related to distribution of products
- Channels of distribution: Whether to use wholesalers, distributors or not
- Movement of goods physically from manufacturer to consumer.
- Transportation, Storage, managing inventory (stock), etc.
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Tag -Business studies, Class 12 business studies, Commerce, Marketing Management, Meaning and Concept of Marketing and Selling,
Difference between Selling & Marketing, Non-controllable factors and Controllable factors