NCERT Solutions Class 12 Business Studies Chapter 11

NCERT Solutions Class 12 Business Studies Chapter 11- Marketing

Business Studies is a crucial subject for Class 11 and Class 12 for students pursuing commerce oriented courses. Our academic experts at Extramarks have developed NCERT Solutions Class 12 Business Studies Chapter 11, which have proven to be very useful for students in their Business Studies preparation. These crucial solutions booklets form a basis for preparation for various board exams and competitive tests. 

To get a good understanding of Class 12 Business Studies Chapter 11 on Marketing, students should refer to Extramarks Class 12 BST Chapter 11 NCERT Solutions. Students can learn and revise essential points, definitions, and questions and answers from the study material offered by NCERT Solutions Class 12 Business Studies Chapter 11. 

Students can access a variety of additional study tools on the Extramarks website in addition to the NCERT Solutions. Further, explore more resources on the Extramarks website for both primary and secondary classes. All materials such as NCERT books solution, CBSE past years’ question papers, CBSE revision notes, and many more are available . Special tips and tricks have been used in our Solutions to make the formulas for a quick and  easy  understanding for the students. 

Key Topics Covered In NCERT Solutions Class 12 Business Studies Chapter 11

Following are the key topics covered in NCERT Solutions Class 12 Business Studies Chapter 11- Marketing:

Here’s the detailed information on each subtopic in NCERT Solutions Class 12 Business Studies Chapter 11 Marketing.

Market

The term ‘market’ refers to a location where buyers and sellers meet to conduct transactions involving the exchange of commodities and services in the conventional sense. However, it now refers to a group of real and potential purchasers of a product or service in modern marketing terms. The term market has taken on a new connotation in modern times. All prospective customers of goods or/and services are now included. Register with Extramarks to get full access to NCERT Solutions Class 12 Business Studies Chapter 11 and exclusive information about the upcoming examinations.  

Marketing 

Marketing is referred to as “a human activity aimed at satisfying needs and desires through an exchange process.”

                                                                                                                                -PhilipKotler

The process through which buyers and sellers engage in order to buy and sell products and services is known as marketing. Previously, numerous approaches to the concept of marketing were used. It is sometimes referred to as a post-production process, including the acquisition of completed items, as well as a pre-production process involving the marketing (designing) of the product. Marketing is thought to be a much bigger term in actuality. It encompasses all aspects of the exchange of goods and services between producers and consumers.

Features of Marketing

NCERT Solutions Class 12 Business Studies Chapter 11 on the Extramarks website provides  students with a  detailed explanation of the features of marketing.

1. Needs and Wants: 

• Individual and organisational needs and desires are the focus of marketing.
• Needs: It is a state of feeling deprived of something unrelated to a specific commodity.
• Wants: Some elements, such as culture, personality, and religion, determine human wants.
• In a nutshell, a marketer’s duty is to understand consumers’ requirements and offer goods and services that meet those demands.

2. Market Offering: Market offering means a complete offer for a product or service by specifying its features:

• Shape
• Size
• Quality
• Taste 
• Colour

3. Customer Value:

• Buyers and sellers trade products and services as a result of marketing.
• In order for customers to purchase a product, the product’s value must outweigh the cost/price of the product.
• Customers will choose your goods over rivals if the marketer adds value to them.

4. Exchange Mechanism:

• Marketing is based on an exchange system, which means that items and services are traded for money or a valuable thing.
• For an exchange to take place, the following requirements must be met:
•  There are two or more parties present, such as the buyer and the vendor.
• Each side should give the other something of worth.
• There should be effective communication between the parties.
• Each side should have the freedom to accept or reject the offer, i.e. the transaction should be at will.
• Each side has complete discretion over whether or not to accept or reject the other’s offer.

Functions of Marketing

NCERT Solutions Class 12 Business Studies Chapter 11 will prove to be valuable for students who are looking for easy and comprehensible notes. 

1. Gathering and Analysing Market Information
2. Product Designing and Development
3. Marketing Planning
4. Standardisation and Grading
5. Branding
6. Packaging and Labelling
7. Customer Support Services
8. Promotion
9. Pricing of Product
10. Physical distribution
11. Warehousing
12. Transportation

Role of Marketing

ROLE OF MARKETING IN A FIRM

• In order for a company to achieve its goals, marketing is important.
• It places a high value on customer happiness, which is seen as a critical component of the company’s survival and success.
• It aids any organisation in efficiently achieving its objectives.
• It aids the company or organisation in recognising and analysing consumer demands, allowing them to produce and create products or services that meet those needs.
• It would also assist the company/organisation make items available in the market at a reasonable cost.

ROLE OF MARKETING IN AN ECONOMY

• Marketing has a significant impact on the economy’s growth.
• It promotes economic growth by acting as a catalyst.
• It motivates people to do new things and start businesses that produce commodities that are in demand by customers.
• It aids in overcoming the challenges created by high prices due to production and consumption imbalances.
• It aids in the smooth flow of products by making adequate preparations for the physical distribution of items.

Marketing Mix

The marketing mix is a set of marketing techniques that are utilised to achieve various marketing goals. To put it another way, a corporation must decide on many features of a product, such as its size, quality, and sale location, among other things, in order to effectively advertise it. A number of things influence such decisions. Some of them are managed by the company.

Elements of a Marketing Mix:

• Product: “Anything of value” offered for sale in the market is referred to as a product. Colgate, Dove, and more brands come to mind.
• Price: The amount of money a consumer must pay to receive a product or service.
• Place/Physical distribution: Making the goods physically available to customers at the moment of sale is known as physical product distribution.
• Promotion: Customers are informed about the items and are encouraged to buy them.

Product

Any thing or service that provides value and fits a customer’s demands is referred to as a product. A product in marketing relates not only to the actual item, but also to the fulfilment of the customer’s numerous demands and utility. A product’s consumption, for example, helps a customer by meeting functional, social, and psychological demands. Such benefits are contained in the product as well. After-sales services, such as gathering feedback and addressing customer concerns, are also included in a product. The design, quality, features, labelling, branding, and packaging of a product are all crucial factors to consider.

Packaging

Packaging is the process of creating, designing, and manufacturing a product’s container or wrapping. It is one of the most crucial marketing roles. NCERT Solutions Class 12 Business Studies Chapter 11 elaborates on ‘packaging’.

Functions of Packaging: 

• Protection: The product is protected from harm by proper packing. Chips, for example, are packaged in airtight canisters.
• Identification: The packaging helps in the quick identification of the product. For example, the new white and blue packaging of a Dove product, as well as the word D, may be recognised from a distance.
• Convenience: The packaging makes handling the goods easy for the user. Milk in packages and cold drinks in bottles, for example, are easy to transport from one location to another.

Labelling 

Designing the label that will be placed on the packaging is a simple but crucial operation in the marketing of products. The label can be as basic as a tag affixed to the goods or as complicated as part of the packaging aesthetics.

The most significant roles of labelling are:

• describing the product
• assisting in the identification of the product or brand
• assisting in the classification of items into distinct categories
• assisting in product marketing

Pricing

The amount of money paid by a customer or received by a seller in exchange for the purchase of a product or service is known as pricing.

In general, as a product’s price is raised, demand decreases, and vice versa. Pricing is seen to be a powerful competitive weapon. It is also the single most critical element influencing a company’s revenue and earnings.

Factors affecting the price of products:

• Cost of the product 
• Utility and Demand 
• Competition 
• Government and Legal Regulations 
• Marketing Methods

Physical distribution

There are two major judgments to be made in this regard: one concerning the physical transportation of commodities and the other concerning the channels.

Physical Distribution refers to all of the actions involved in physically transporting commodities from suppliers to consumers.

Factors determining the choice of channels of Distribution:

• Product type
• Company’s characteristics
• Competitive factors
• Environmental factors of a business
• Market factors

The following are the key components of physical distribution:

• Order processing
• Transportation
• Warehousing
• Inventory management

Promotion

Customers are informed about the availability of a product, its features, quality, and so on through promotional efforts. Organisations participating in a variety of promotional activities, such as advertising, sales methods, personal selling, and so on, in order to encourage people to acquire the product. An organisation must carefully pick the promotional medium and then take the appropriate steps.

4 tools of Promotion mix are:

• Advertising
• Publicity
• Personal selling
• Sales promotion

Advertising

The most often utilised promotional tool is advertising. It is a sort of impersonal communication that is paid for by marketers (Sponsors) in order to promote a product or service.

Feature of Advertising:

• Impersonal mode: In the sense that there is no direct relationship between the client and the marketer, advertising is impersonal.
• The cost involved: Advertising is a kind of communication that is paid for. It entails a cost that the sponsors will provide.
• Identified sponsors: Sponsors are found and commence the advertising campaign and supply the necessary funding.

               Limitations of advertising as a promotional tool:

• Less forceful: It is ineffective because advertising is an impersonal form of communication.
• Analysis of impact: The company cannot assess the impact or efficacy of advertising.
• Rigid: It’s a uniform method of communicating with potential customers that can’t be customised to meet the demands of individual customers.
• Low effectiveness: Because there are so many advertisements for similar items on the market, their efficiency is minimal.

The majority of limitations of advertising are untrue. As a result, advertising is seen as a critical marketing role.

Personal Selling

Personal selling is delivering a message orally in the form of a conversation to one or more potential consumers with the goal of closing a deal. Personal selling has a significant impact on both business people and society.

 Merits of Personal Selling:

• Flexibility: The product’s sales presentation can be modified to meet the needs and preferences of the consumer.
• Direct feedback: Because of the direct interaction between the seller and the buyer, correct and direct feedback from the buyers can be obtained and utilised to modify the sales presentation to the demands of the potential clients.
• Low wastage: Less effort is wasted since the firm/company selects the target clients before contacting them.

NCERT Solutions Class 12 Business Studies Chapter 11 by Extramarks is extremely helpful for the students in learning the various concepts of selling. 

Role of Personal Selling:

• Effective promotional tool
• Flexible tool
• Minimal wastage of efforts
• Consumer attention
• Lasting relationship
• Personal rapport

Sales promotion

Short-term incentives meant to induce customers to make an instant purchase of a product or service are referred to as sales promotions.

These include non-advertising promotional initiatives, personal selling, and publicity, all of which are used by a corporation to increase sales.

Sales promotion activity:

These activities include giving discounts, product combinations, and free samples, among others. These events complement the company’s other promotional efforts. Various sales promotion activities aid in enticing clients and incentivising them to buy. Companies utilise them a lot when they’re launching a new product. Sales promotion activities assist in increasing the company’s sales. A few examples of sales promotion activities are as follows:

• Rebate
• Discounts
• Refund
• Product combinations
• Quantity gift
• Instant draws and assigned gifts
• Lucky draw
• Usable benefits
• Full finance at 0%
• Sampling
• Contests

Public Relations

It refers to activities carried out by a company or its products in order to promote or defend its image in the eyes of the general public. Refer to Extramarks NCERT Solutions Class 12 Business 

Studies Chapter 11 to get a detailed explanation of ‘Public Relations.

Role of Public Relations in Marketing Management:

• Maintaining Corporate communication
• Product Publicity
• Press Relations
• Counselling
• Lobbying

NCERT Solutions Class 12 Business Studies Chapter 11 

Students may refer to various study materials that help them understand the topics in the chapter. To source these materials, they may register on Extramarks. Click on the below links to view NCERT Solutions Class 12 Business Studies Chapter 11: 

Business Studies Class 12 Chapter 11: Very Short Answer Type Questions

Business Studies Class 12 Chapter 11: Short Answer Type Questions

Business Studies Class 12 Chapter 11: Long Answer Type Questions

Students may access NCERT Solutions Class 12 Business Studies Chapter 11 as well as other chapters by clicking here. In addition, students can also explore NCERT solutions for other classes from the links below.

• NCERT Solutions Class 1
• NCERT Solutions Class 2
• NCERT Solutions Class 3
• NCERT Solutions Class 4
• NCERT Solutions Class 5
• NCERT Solutions Class 6
• NCERT Solutions Class 7
• NCERT Solutions Class 8
• NCERT Solutions Class 9
• NCERT Solutions Class 10
• NCERT Solutions Class 11
• NCERT Solutions Class 12

By referring to Extramarks NCERT Solutions Class 12 Business Studies Chapter 11, students can easily understand the Nature and Significance of Marketing.

Key Features of NCERT Solutions Class 12 Business Studies Chapter 11

Students must concentrate on all topics in the chapter in order to do well in the exam. Hence, NCERT Solutions Class 12 Business Studies Chapter 11 provides detailed answer to all questions. Some of the  compelling reasons  for you  to choose Extramarks are: 

• All solutions are mentioned in a detailed and easy to understand manner.
• The NCERT solutions cover all topics under the chapter and offer coloured illustrations, graphs, and diagrams.
• These notes will prove beneficial for students during their final revision.