Introduction to Marketing Class 11
Most of the topics in Class 11 are based on the topics already covered in Classes 6 to 10. So, only extra material or points have been given here. Students may refer to the notes of Classes 6 to 10 as per their requirement.
There are three types of people involved from making goods ready for consumption: the manufacturer or producer, marketer and the end user or consumer.
Manufacturer makes products in a factory.
Producer makes the product but not in a factory.
Marketer performs facilitating activities to take goods from producers and manufacturers to end users.
End user/ consumer is a person who uses the product for satisfaction of his wants.
Marketing activities are the activities done by the marketers.
Marketing: Class 6
Wants: Class 6
Demand: Wants backed by willingness and purchasing power is known as demand.
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Objectives of Marketing
- Creation of Demand:
The demand is created by explaining the utility of the products and services and also by knowing the tastes and preferences of the consumers.
- Customer Satisfaction:
Marketing management can be successful only if it is able to satisfy the customers fully. So, customer satisfaction is one of its main objective.
- Market Share:
Market share is the ratio of sales made by a business to the total sales in the economy. Every business tries to increase its share for which it follows various innovative strategies in various activities like: marketing, advertising, sales promotion, packaging, etc.
- Generation of Profits:
For the ultimate goal of survival and growth, profit making is must. For this it must generate as much revenue as it can by making more and more sales.
- Public Image:
For creating and maintaining a long-term public image, the marketing management keeps a constant eye on the satisfaction of its customers. That it does making them available the quality goods at reasonable prices.
Create a Market Offering
Market offering means a complete offer for a product or service to satisfy customer wants.
Product: Done in Class 6
Services: Done in Class 6
Customer Value
Customer value is the excess of customer benefits over the cost of product to the customer.
Customer benefits also include the product quality, after-sales services, warranty, repairs costs, free home delivery, user friendliness etc.
Customer Value = Total Customer Benefits – Total Customer Costs
The marketer’s role is to add customer value over and above the competitor can.
Customer Satisfaction
Customer satisfaction is the measure of success of a company. It is closely related to the fulfilment of the customer expectation.
Customer Satisfaction=Experience – Expectation
Customer satisfaction is always a post purchase experience.
Exchange Process - Already done.
Exchange process is when a person obtains and satisfies a need or want by offering some money in exchange of products or services.
A long-term relationship with the customer is the expected and possible outcome of this exchange process if customer is fully satisfied.
Introduction to Marketing Class 11
Since most of these terms are already there in junior classes, refer to the notes given under classes 6 to 10 as per your requirement.
Scope of Marketing
The scope of marketing has extended these days as one can also market people, ideas, experience, events, places, properties, organisations and information:
Goods:
Services:
Experience:
People:
Places:
Organisations:
Property:
Events:
Information:
Ideas:
Refer Class 6 Marketing Notes, all the above terms have already been explained.
What is a market? - Class 6 and 7
Importance of Marketing - Class 6 and 7 for details.
Importance to the Marketers
- Marketing Promotes Product Awareness to the Public
- Marketing Helps In Enhancing Product Sale
- Marketing Builds Company Reputation
Importance to Customers
- Marketing creates Utilities:
- Large number of choices available:
- More platforms available:
Importance to the Society
- Source of Employment:
- Welfare of Customers and Stakeholders:
Marketing Philosophies - Class 7
Marketing vs. Selling - Class 7
You can also refer to Marketing and Sales categories of Classes 9 and 10 here, for any particular topic.