Some possible Revision Notes for the chapter " Marketing Management" in Class 12 Business Studies are:
Marketing management is the process of developing strategies and tactics that promote an organization's products and services to consumers. Below are the revision notes for business studies chapter marketing management class 12:
1. Marketing:
Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through various activities such as product design, pricing, promotion, and distribution.
2. Marketing Mix:
The marketing mix refers to the set of marketing tools that a company uses to achieve its marketing objectives. The marketing mix consists of four Ps:
- Product: This includes the design, features, and packaging of the product.
- Price: This refers to the cost of the product and the pricing strategy used by the company.
- Promotion: This includes advertising, sales promotions, personal selling, and public relations.
- Place: This refers to the distribution channels used to get the product to the customer.
3. Market Segmentation:
Market segmentation is the process of dividing a market into smaller groups of customers with similar needs or characteristics. The following are the main types of market segmentation:
- Geographic segmentation: Dividing the market based on geographic regions
- Demographic segmentation: Dividing the market based on characteristics such as age, gender, income, and education
- Psychographic segmentation: Dividing the market based on lifestyle, personality, and values
- Behavioral segmentation: Dividing the market based on customer behavior such as usage rate and loyalty level
4. Product Life Cycle:
The product life cycle is the sequence of stages that a product goes through from introduction to decline. The product life cycle consists of four stages:
- Introduction: This is the stage where the product is introduced to the market.
- Growth: This is the stage where the product gains acceptance, and sales and profits begin to rise.
- Maturity: This is the stage where the product reaches its peak in terms of sales and profits.
- Decline: This is the stage where sales and profits begin to decline.
5. Branding:
Branding is the process of creating a unique name, design, and image for a product or service that distinguishes it from competitors. The following are the benefits of branding:
- Helps to create customer loyalty
- Helps to differentiate the product from competitors
- Helps to create a premium image for the product
- Helps to create brand equity, which is the added value that the brand name gives to the product
In conclusion, marketing management is essential for companies to achieve their business objectives. The marketing mix, market segmentation, product life cycle, and branding are all important aspects of marketing management. Companies need to develop effective marketing strategies that meet the needs of their customers while also being competitive in the market.
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