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Class 12 Marketing: cheat sheet
CBSE Business Studies. Marketing and its philosophies and functions, the marketing mix, classes of products, branding, packaging and labelling, pricing, channels of distribution and promotion.
Key ideas
- Marketing is a social process in which people get what they need by creating and freely exchanging things of value.
- Philosophies: production (cheap, widely available), product (best quality), selling (push the buyer), marketing (satisfy customer needs) and societal marketing (needs plus society’s long-term welfare).
- The marketing mix is the four Ps: product, price, place (channels and physical distribution) and promotion.
- Consumer products are convenience, shopping or speciality products; industrial products are materials and parts, capital items, and supplies and services.
- A brand name can be spoken; a brand mark is a symbol that cannot; a brand given legal protection is a trademark.
- Packaging has three levels (primary, secondary, transportation) and identifies, protects, eases use and promotes; a label describes, grades and gives information the law requires.
- Channels: zero level (maker to consumer), one level (through a retailer), two level (wholesaler and retailer), three level (agent, wholesaler and retailer).
- Promotion uses advertising (paid, impersonal, by an identified sponsor), personal selling, sales promotion (short-term offers) and public relations.
Remember
| Price after a discount | list price − discount% of the list price |
| Consumer’s price, two level channel | maker’s price × (1 + w ÷ 100) × (1 + r ÷ 100) |
| Cost per 100 g with a quantity gift | price ÷ (new weight ÷ 100), where new weight = weight × (1 + gift% ÷ 100) |
| Instalment under 0% finance | price ÷ number of instalments |
| Factors affecting price | cost, utility and demand, competition, government regulation, pricing objectives, marketing methods |
| Physical distribution | order processing, transportation, warehousing, inventory control |
Watch out
- Adding the wholesaler’s and retailer’s margins together instead of applying them one after the other.
- Confusing the selling concept (push the product) with the marketing concept (start from what customers need).
- Calling a toothpaste tube a secondary package: the immediate container is the primary package.
Worked example
A two level channel: the maker sells a product to the wholesaler at ₹530; the wholesaler adds 5% and the retailer adds 25%. What does the consumer pay?
Working: 530 × 1.05 × 1.25
Answer: ₹695.62
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