Marketing is a chapter that deals with various concepts, such as – Market, customer, marketer or seller, marketing, features of marketing – need and want, creating a market offering, customer value, exchange mechanism, marketing management – choosing target market, growing customers in target market, creating superior value, difference between selling and marketing – scope, objective, focus, start and end, efforts, supremacy, approach, demand, marketing management philosophies – production concept, product concept, selling product concept, marketing concept, societal concept.
Frequently asked Questions on CBSE Class 12 Business Studies Notes Chapter 11: Marketing
What is ‘Marketing management’?
Marketing management is defined as the art and science of choosing target markets and building profitable relationships with them.
What is ‘Product Concept’?
A product concept is a detailed description of an idea, which you describe from the perspective of your customer.
What is ‘Superior value’?
Superior value is created when customers are willing to pay more for a product or service than competitors’, or when customers prefer this version of a product or service to all others.