Marketing Notes Class 6
Marketing as skill subject in class 6 introduced by CBSE is a positive step for students as well as teachers as the students come to know about some topic of Commerce subjects, when they are still in junior classes.
Marketing Notes Class 6
Unit-1 Basics of Market
Successful Marketing
A successful marketing strategy is one where the wants and needs of the customer are taken in account.
Consumer needs
Consumer needs are the requirements or desires that make individuals to purchase goods or services. These are based on human psychology and behaviour.
Consumer wants
Consumer wants focus on the consumer’s preferences to have a need fulfilled. For example, a person who is hungry may either choose to eat Poori Channe or Daal Fulka or Pizza.
Manufacturer
An individual or organization that makes finished goods from raw materials with the help of tools, equipment, and processes.
They sell the goods to the wholesalers and/or other manufacturers.
Supplier
Supplier facilitates the transfer of goods between one place and another. They fall into ‘logistics’.
Wholesaler
Wholesalers are people who buy products in large quantities and then distribute them to retailers in small quantities.
A wholesaler is the middleman between a manufacturer and a retailer.
Retailers
Retailers sell goods to customers in smaller quantities.
Seller:
A person or business that sells a product or service is called a seller. Wholesalers and retailers, both are sellers.
Goods:
Goods are finished products that are sold to the customer.
Services:
Service is the work done for others as an occupation or business.
Product:
Anything that is made or grown with the intention to be sold or used, is called product.
Market:
A Market is a common meeting space where buyers and sellers come together and the forces of supply and demand affect prices of the goods and services involved.
Marketing Notes Class 6
Unit-2 Classification of Markets
Markets can be divided based on various factors like – transactions, volume of business, nature of goods, demand and supply conditions, regulations, geographical area, nature of competition. Traditionally, market was a physical location where the buyers and sellers assembled to buy and sell the goods in exchange of money or money’s worth. But, Modern concept of Marketing is broader in scope.
Classification of Markets on the basis of traditional concept:
- On the basis of geographical location.
- On the basis of volume of business.
- On the basis of consumption.
Classification on the basis of Geographical Area:
- Local Markets
- Regional Markets
- National Markets
- International Markets
    1. Local Market:
Local markets are the markets which are restricted to a small area or local region. It primarily deals in perishable and semi-perishable goods like fruits, vegetables, milk, eggs, daily consumable items and other services.
Haats and weekly bazaars are common examples of local markets
- Regional Market:
Regional Markets are spread over district or state. These markets cover much larger geographical area than local markets. This includes consumer durables, nondurables, agricultural as well as industrial goods.
- National Market
The Markets that is restricted to the geographical boundaries of a country is called National Market. For example- The products like iron, bricks are sold throughout the country and not restricted to one area.
- International Market
International markets are where the demand for the goods and services is international i.e. outside the geographical boundaries of the country. This includes import and export as no country is self sufficient. Â For example- market for silver, gold, medicines, electronic goods etc.
Marketing Notes Class 6
Classification on the basis of Business Volume:
- Wholesale markets,
- Retail markets
Wholesale Market:
When large quantities of products are purchased from producers and manufacturers and sold to small retailers, it is said to be a wholesale market.
In the wholesale market, products are not sold to the consumers directly. But if consumers want to buy in large quantities, then they can buy it from wholesalers.
Retail Market:
The markets where goods and products are purchased from manufacturers or wholesalers and then sold to ultimate customers in smaller quantities are called Retail markets.
The purpose of purchase by the customer is not ‘resale’.
Goods sold by a retailer are at a higher price as compared to wholesalers. Retailers have to recover the cost of transportation, storage charges and profit on the price of the product from the customer, in the form of Selling Price.
Selling price can never be more than the price printed on the product.
Marketing Notes Class 6
Classification on the basis of Consumption
- Consumer market and
- Industrial market
Consumer Market
Consumer market is a market from where consumers buy products for final consumption. These products can be goods like fridge, furniture etc. or services like courier, entertainment etc.
Branding, advertisements and easy availability of the products play key role in Consumer markets.
Industrial Market
Industrial Market includes sale of products to industries for further production like raw materials, machine and machine parts, equipment.
The difference between industrial products and consumer products depends upon the purpose for which the product is purchased.
For example- A Gas Stove bought by a consumer for personal consumption is a consumer product but the same purchased by hotel is an industrial product.
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Modern Markets
With advanced technology and innovation, the markets are now more consumer oriented rather than producer oriented.
The markets are now classified as Business market, Global markets, Consumer markets.
The retail shops in crowded marketplaces have now found an upscale infrastructure with modern facilities under one roof. All the stores (which were earlier termed as shops) are opened in one complex for ease of shopping branded items, especially in cities. For example, Retail Giants like Big Bazaar, Reliance Fresh.
Virtual Markets
Virtual Markets are where buyers and sellers do not meet in person but through the internet, goods are sold and payments made digitally. For example, Amazon, Flipkart, Meesho. On these platforms the buyer has a choice which product he wants to buy after comparing costs, benefits, reliability etc.
Marketing Notes Class 6
Unit-3 Market Functions & Importance
Sometimes, markets are known by the type of goods they sell to people. For example - ‘vegetables market’. ‘Toy’s Market’.
The word ‘market’ doesn’t always means a fixed location only but can be virtual also.
Features of Markets
(1) Market can be referred to as, a physical or geographic area, a region, it can be a village, city, small and big towns, a state or a complete nation or even any other country.
(2) Markets may be either physical or virtual in nature where Goods may be purchased for its immediate use or consumption or stored for a later use.
(3) There are basically two parties in the market the ‘buyers’ and the ‘sellers’. All purchases for different type of goods are conducted between these two parties. The sellers sell the commodity at a particular price and the buyers buy.
(4) A market comprises of huge number of sellers and buyers present in it.
(5) Buyers and sellers exchange goods or service for an amount of money, known as its price.
(6) Exchange may take place in a specific location or through other channels — middlemen, telephone, letter, electronic mail, teleshopping.
(7) Market offers various types of goods & services that are required by the people.
Marketing Notes Class 6
Importance of markets
(1) Informing and Educating Consumers:
Market informs about products, launch of new products from time to time, and offers consumers the full information and purpose of goods.
(2) Movement of physical goods/ products:
Markets enables the movement of finished goods/products from place to another place, helping the transfer to buyer, via exchange of money.
(3) Markets help in raising living standards in society:
Markets help people buy and enjoy the variety of goods and services for their satisfaction and raise their standard of living.
(4) Markets are big sources of employment generation
A large number of activities involved in marketing like loading, unloading, transportation, purchase, sale, packing, storage and many others provide employment to people looking for it.
(5) Market generates Income opportunities for people
As market employes large number of people performing various needful tasks, these provides opportunities to earn income as wages, salary or profits in return of work done.
(6) Markets are helpful in development of the country
It is done by creating demand for goods, earning profits from selling activities and creating job opportunities for large number of people.
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Functions of Markets
All those activities that are involved in taking goods from manufacturer to the place of consumption, are functions of Market.
The main functions of markets are:
(1) To provide opportunities for the exchange of various types of goods and services in the marketplace.
(2) To provide easy and quick access to a wide range of goods to people, at a single place which saves time, cost and energy.
(3) Promotion is the function of market creates awareness about goods while telling target audiences about its uses and benefits. It also brings new products and services to knowledge of people.
(4) Selling is a function of market that comprises of communicating with interested customers and doing sales. It helps generate profits by selling products to people.
(5) The role of a market is to offer products which are useful and meets customer needs.
(6) Market is a place that collects and stores information about customer, what he likes, his requirements, their age, gender, family, education etc. to provide better products for all.
(7) Demand and supply of a good in the market helps to set the best price for the goods/ services so that large number of people can purchase it.
(8) Distribution is the function of market which is responsible for transporting a company's products or services to marketplace where customers come to purchase it.
Marketing Notes Class 6
Unit-4 Fundamentals of Market
Marketing is a process of undertaking activities to promote a business or product by its features or some incentives to the customer.
Customer or buyer is the most important person in the market.
Anything a customer wants, other than physical product and has a value can be marketed. It can be a product, service, idea, place, event or even experience
What all can be marketed.
(a) Product- Mobile Phone, Laptop, T.V, Milk, Vegetables, Soap, Car
(b) Service- Education, Banking, Insurance, Transportation, Online Payments, Lawyer, Doctor.
(c) Idea- Swachh Bharat Abhiyan, Polio Vaccination Drive, Make in India.
(d) Event- Diwali Mela, Winter Carnival, Music Concert, Trade Fair.
(e) Place- Holiday in Taj Vivanta, Summer Holiday Package
(f) Experience- Mountain Climbing, Dinner with Celebrity
The modern concept of market has shifted from producer to consumer orientated approach.
Marketing involves all those activities that are necessary to create exchange of goods and services from producer to consumer.
Marketing Functions - planning of the product to be manufactured, designing, packaging, pricing, storing, transport, branding, advertising, selling.
Marketing starts even before the goods are produced and continues even after the goods have been sold
Marketing Notes Class 6
Features of Marketing:
1) Exchange:
There have to be two partiesthe buyer and the seller - to complete the process of exchange. Both the parties should voluntarily enter into this process.
2) Customer oriented:
Market is customer oriented because the business has to produce or manufacture the products according to the wants, needs, likes, dislikes of the customer rather than what the company wants to sell. The seller cannot force the customer to purchase a certain product.
3) Marketing begins before production:
Marketing begins before production and continues even after the sale of the product. The needs of the customer are to be analysed before undertaking any marketing activity. It ultimately ends with customer satisfaction.
4) Marketing involves interrelated activities:
Marketing involves many interrelated activities like transport, storing, packaging, advertising, after sale service etc.
Transportation and storage helps in availability of product in every location for ease of shopping by customers.
Advertising and promotions help the customers to know about the features and benefits of the product.
After sale service is required for many products, especially electronic goods.
Packaging of the product makes it more attractive, safe and provides information about the product.
5) Marketing creates employment opportunities:
People get jobs in Advertising companies, Transport companies, Customer Care centres.
6) Marketing helps create the demand for the manufacturers and service providers for their product as compared to their competitors.
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