willingness of the parties to enter into a transaction providing something of value to the other partyĮ. The following conditions needs to be met in order for an exchange to take place:ī. For example, money is the medium of exchange used to purchase or sell a product or service. The exchange mechanism is used in the marketing process.Įxchange refers to the process where two or more parties used to come together in order to get the desired goods or service from someone while in exchange for something. Marketing used to facilitate the exchange of goods as well as services between buyers and sellers. Market offering is the process of offering and introducing a product or service with specific features such as size, quality, taste, and so on for the purpose of selling. Needs are fundamental to human beings and are unrelated to a specific product. The marketing process assists consumers in obtaining what they require and desire.Ī need is said to be known as a state of deprivation or the feeling that one is depriving oneself of something. Marketing concept is a key to determining the needs, desires of target markets, delivering the desired satisfactions more efficiently and effectively by competitors is critical to achieving organizational goals. Marketing is defined as "a human activity aimed at satisfying needs and desires through an exchange process." The term "market" comes from the Latin word "Marcatus," which means "to trade." The term "market" refers to the gathering place of buyers and sellers to conduct transactions involving the exchange of goods and services.
Marketing Mix Elements (Product, Price, Place, And Promotion) Marketing Management Philosophies (The Production Concept, Product Concept, The Marketing Concept, The Selling Concept, The Societal Marketing Concept)ĭifferences in the Marketing Management Philosophies Topics Covered in Business Studies Chapter 11 Marketing The Class 12 Revision Notes Chapter 11 PDF is prepared and curated by the subject-matter experts at Vedantu and this PDF can be downloaded for free from Vedantu app and official website. The Class 12 Business Studies Chapter 11 Revision Notes comprise the solved exercise questions given for this chapter. The revision notes are prepared in a simple way so that students can have a better learning experience. The NCERT Class 12 Revision Notes Business Studies Chapter 11 help students comprehend all the essential concepts covered in this chapter. The Class 12 Business Studies revision notes Chapter 11 enlists and briefs on all the essential topics such as the definition of marketing, features of marketing, functions of marketing, marketing mix, elements of the marketing mix, and so on.
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