Marketing Class XI Lecture Notes

Unit 1: Introduction to Marketing

Session 1: Concept and Definition of Marketing

• Concept of Marketing

  • Marketing involves activities to facilitate exchange of goods and services between producers and consumers.
  • It is a broader term than selling, encompassing various activities before and after production.

• Definition and Meaning of Marketing

  • Marketing is a process of ascertaining consumer needs, converting them into products, and delivering them to the consumer.
  • Philip Kotler defines it as a social and managerial process by which individuals and groups obtain needs and wants.

• Objectives of Marketing

  • Create demand
  • Ensure customer satisfaction
  • Increase market share
  • Generate profits
  • Build public image

Session 2: Scope and Importance of Marketing

• Scope of Marketing

  • Marketing now includes people, ideas, experiences, events, places, properties, organizations, and information.

• Importance of Marketing

  • To marketers: promotes product awareness, enhances sales, builds company reputation.
  • To customers: creates utilities and offers choices.
  • To society: provides employment, supports welfare.

Session 3: Journey of Marketing Through Philosophies

• Marketing Philosophies
  • Production Concept: Focus on mass production and affordability.
  • Product Concept: Emphasis on quality and innovation.
  • Selling Concept: Persuasion is key to sales success.
  • Marketing Concept: Focus on customer satisfaction and needs.
  • Societal Marketing Concept: Focus on benefits to society and customer.
  • Relationship Marketing: Building long-term relationships with customers and partners.

Session 4: Difference Between Marketing and Selling

• Marketing vs Selling
  • Marketing is broader, focusing on customer needs and satisfaction.
  • Selling is product-focused, aiming for immediate sales.

Unit 2: Marketing Environment

Session 1: Meaning and Importance of Environment

• Marketing Environment

  • Consists of internal and external factors affecting marketing decisions.
  • Includes actors like suppliers, customers, competitors, and general public.

• Environmental Scanning

  • Involves monitoring external forces for strategy development.
  • Helps identify opportunities and threats.

Session 2: Macro Environment Factors

• Demographic Forces

  • Study of human populations: size, density, location, age.

• Economic Forces

  • Factors like inflation, employment, and purchasing power.

• Technological Forces

  • Innovations that affect production and marketing.

• Socio-Cultural Forces

  • Values and beliefs impacting consumer behavior.

Session 3: Micro Environment Factors

• Micro Environment
  • Includes suppliers, marketing intermediaries, competitors, customers, and general public.

Unit 3: Segmentation, Targeting, and Positioning

Session 1: Segmentation

• Meaning of Segmentation

  • Dividing a market into distinct groups with similar needs.

• Importance of Segmentation

  • Helps in identifying target customers, tailoring marketing strategies, and improving customer satisfaction.

Session 2: Targeting

• Types of Targeting
  • Mass marketing
  • Concentrated marketing (niche)
  • Differentiated marketing

Session 3: Positioning

• Positioning Process

  • Creating a distinct image in the customer’s mind relative to competitors.

• Positioning Strategies

  • Based on attributes, price/quality, competition, application, product user, and class.

Unit 4: Fundamentals of Marketing Mix

Session 1: Concept and Importance of Marketing Mix

• Marketing Mix (4Ps)

  • Product, Price, Place, Promotion.

• Importance of Marketing Mix

  • Helps in creating a cohesive marketing strategy.

Session 2: Service Sector and Consumer Goods

• Service Marketing Mix (7Ps)
  • Includes People, Process, Physical Evidence in addition to 4Ps.

Unit 5: Consumer Behavior

Session 1: Meaning and Importance of Consumer Behavior

• Understanding Consumer Behavior
  • Study of how individuals make decisions to spend resources on consumption-related items.

Session 2: Factors Affecting Consumer Buying Behavior

• Cultural, Social, and Psychological Influences
  • Culture, family, motivation, perception, beliefs, and attitudes.

Session 3: Roles in Buying Behavior

• Roles in Consumer Decision Process
  • Initiator, Influencer, Gatekeeper, Decider, Buyer, User, Preparer, Maintainer, Disposer.

Session 4: Stages of Buying Behavior

• Consumer Decision-Making Process
  • Problem recognition, information search, evaluation of alternatives, purchase decision, post-purchase evaluation.