NCERT Solutions Entrepreneurship Class 12 Chapter 10 Notes PDF

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Entrepreneurship Class 12 Chapter 10 Notes PDF, NCERT Solutions Entrepreneurship Class 12 Chapter 10 Notes PDF

Entrepreneurship Class 12 Chapter 10 Notes PDF

Chapter NameMeaning, functions of marketing and marketing mix
Chapter number10
Medium Hindi
Study MaterialsImportant questions answers
Download PDFEntrepreneurship Class 12 Chapter 10 Notes PDF

Meaning, functions of marketing and marketing mix

Marketing is also studied under entrepreneurship. We know that all business activities can be divided into two parts: production of goods and services and their marketing. When an entrepreneur or producer produces any item, the problem of its sale comes to the fore. He sends his produced goods to the market for sale. 

Customers buy it there. Producers get profit from this work. Marketing is required to sell goods and services. By implementing marketing policy correctly, producers or traders try to make their business successful.

NCERT Solutions Entrepreneurship Class 12 Chapter 10 Notes PDF

Marketing includes commerce, advertising, sales policies, pricing, production development and market monitoring etc. Marketing work starts even before production and continues till sale. In fact, marketing is the system according to which all business activities are carried out and goods and services are distributed to consumers.

Marketing is very important for the success of business and industry, because on the basis of marketing the process of buying and selling is carried out smoothly. Marketing work provides benefits to the society such as through marketing, people of the society get the goods and services of their choice at the right price and at the right time. Besides this, people also get employment. 

On this basis, efforts are made to reduce the cost of distribution of goods. Marketing increases the national income, which leads to proper development of the economy. Besides, there are many benefits to the firm from marketing work, such as marketing is needed in planning and decisions. Apart from this, marketing also helps in increasing profits and communication. Therefore, marketing is of great importance for both society and firms.

A sales market is a market where the demand for goods and services exceeds the quantity. In this, the producer maintains his monopoly due to which he benefits, but the customer suffers loss. Buyer’s market is a market in which the supply of goods exceeds the demand. 

Selling becomes difficult in such a market. In such a situation, the goods of those companies are sold more which have more quality and which are of customer’s choice. There is a difference between marketing and sales. Because in sales goods and services are sold to customers whereas in marketing information about consumer needs and wants is obtained. The main objective of sales is to earn profit by selling more and more goods whereas marketing increases sales by providing maximum satisfaction to customers. 

Sales is a part of marketing whereas the scope of marketing is wide. Marketing etc. helps the entrepreneur to understand the consumer. In this, efforts are made to increase the sales of goods and services. It is necessary to evaluate the market for selling goods and services. The biggest task of the entrepreneur is to identify the target market. 

Market projections are determined by various elements, such as demand analysis, understanding the market competition and understanding current business patterns, etc.

The work of marketing is of many types, such as work related to goods, physical distribution and process of making work convenient, etc. Marketing management techniques are adopted to streamline the marketing work. 

Marketing is a branch of management and is concerned with achieving marketing objectives that satisfy customer needs, increase sales and volume, and earn profits. This is what is called marketing.

The field of marketing management is related to marketing work. The functions of marketing management are of two types – management activity and functional activity. Under the management activity, marketing is carried out in relation to operations and management, whereas under the functional activity, business activities, physical distribution and other supporting functions of marketing are done. 

The work of marketing management is done by the marketing manager. It is necessary for this manager to have personal qualities as well as professional qualities, only then he can perform his work successfully.

Marketing mix is ​​the integration of some well thought out elements. Through which the needs of a target market are met. This includes the goods offered by the firm, the distribution channels through which the goods are sent to customers, the price charged for production and the work done to popularize them. Marketing work is accomplished well on the basis of marketing mix. 

There are four elements under marketing mix which are known by the letter P – (i) Production (ii) Price (iii) Place (iv) Promotion. All these elements of marketing mix successfully complete the marketing task. Various qualities are found in the theory of marketing mix, such as – it provides financial structure of human resources. 

Also there is benefit from allocation of responsibilities. On the basis of marketing mix, communication is facilitated and helps in achieving the target. Consumer satisfaction increases. Only two elements affect the marketing mix: market elements and marketing. Besides, other factors also affect it.

Price mix refers to price target and price policy. The decision of price to be paid for production also comes under this. Distribution mix is ​​related to spatial distribution. In this, decisions regarding the method of distribution are taken. In this regard, a policy is adopted to make the goods available to the customers at the right time and place.

Wholesalers and retailers come in the way of distribution. Producers sell their goods to wholesalers. These traders sell the goods in bulk to retailers. Retailers are those traders who buy goods from wholesalers and sell them to customers in retail form. Through this medium the goods reach the final consumer from the producers.


1. What do you understand by marketing?

Ans. The action taken to reach the consumer is called marketing. It is the system by which business activities are coordinated and the planning, pricing, delivery and distribution of goods delivered to consumers. In fact, all the activities of buying and selling of goods are completed on the basis of marketing.

2. Write three characteristics of marketing.

Ans. The three characteristics of marketing are as follows-

(i) Distribution of goods and services: This is an old principle of marketing. It includes all those activities through which goods and services reach the consumer.

(ii) Standard of living – Here the consumer is most important. All activities before and after production come under marketing. The meaning is that the relationship of buying and selling is a standard of life, the consumer does not benefit unless the goods reach the customer easily. 

(iii) Utility Creation- Behind this idea is the fact that marketing gives rise to work (activity). This happens due to change of place, time and ownership.

3. What is a seller’s market?

Ans. A seller’s market is a market where demand exceeds the quantity of goods and services. In this the producer maintains his monopoly due to which he benefits. And the customer suffers loss. 

4. What is buyer’s market?

Ans. This is a market in which the supply is more than the demand. In this, selling becomes difficult. In such a market, the goods of those companies are sold which have high quality. And which is of the customer’s choice. 

5. Define marketing management.

Ans. Marketing management is a branch of the vast field of management. It is related to purposeful work which achieves marketing goals. Under this, things like consumer satisfaction, increase in profit and increase in selling price etc. are included. 

. What are the three functions of marketing?

Ans. Following are the three functions of marketing – goods related functions, physical distribution functions and work of making the work easier etc.

7. What do you understand by marketing mix ? 

Ans. Marketing mix is ​​the combination of production, its distribution methods and its pricing. It is a set of thoughtful tools that meet the needs of a target market.

8. What do you understand by wholesaler?

Ans. A wholesaler is a businessman who buys goods from producers and sells them in bulk to retailers.

9. What is a retailer?

Ans. A retailer is a businessman who buys goods from wholesalers, keeps them in his shop and sells them in retail form to customers.


1. Throw light on ‘Understanding the Market’.

Is. In simple language, the word ‘market’ is used to refer to a place where any item is sold. Ans. It is necessary to explain the word ‘market’, because in economics it has many meanings. Buyers and sellers meet and negotiate a deal. The object is displayed there either. Or it is kept in the warehouse. Market is also called Mandi. There is a market in every town and there are many such markets in a big city. 

The market is spread over a square piece of land and is surrounded by shops on all sides. The item is displayed in front of the shop. Or it is kept in the warehouse. The sellers of the goods bring it on handcarts to the market in the villages. Cray and his representatives, Balal and Deputy Balal reach there. Directly, between buyer and seller. Is decided in attendance. This is the meaning of the word ‘market’ in simple words.

But the word market is used in a completely different sense in economics. There is no mention of any place in it. It is not necessary for buyers and sellers to gather at any place. Even if they live in remote places, it is not necessary for them to come together. 

They can do their business with the help of telephone, telegraph, speedy postal service or ordinary post. In this sense, a market does not mean a ‘Kanak Mandi’ where businessmen gather to buy and sell wheat, but refers to the producers and buyers of wheat, no matter where they live. 

It is necessary for them to be in contact with each other. According to Cornot, “Economists do not understand the word ‘market’ to mean any marketing place where goods are bought and sold, rather it is taken from the entire area where buyers and sellers are in such mutual contact with each other. So that the price of a commodity tends to equality easily and quickly.”

This definition of the word market highlights the following essential points – (i) Market extends to any area, whether that area is a district, province, country or

There could be a whole world where buyers and sellers belong. It does not mean any marketing place where they gather.

(ii) There should be mutual business dealings between traders i.e. buyers and sellers. They should be in such contact with each other that it can be known that the prices of this commodity

Submissions by other buyers and sellers have been accepted. (iii) A similar item has the same price at that time. 

2. Describe the modern definitions of market.

Ans. Modern ideas about markets differ by definition. In the old definition, emphasis has been laid on a commodity having the same price at the same time, whereas in modern economists, Do not insist on equality of price. His belief is that a single price is found only in a perfect market and not in an imperfect market and in real life most markets are imperfect.

The most accepted definition of a market is as follows, “Market means the entire area in which buyers and sellers are in contact with each other directly or through middlemen in such a way that the price of any one part of the commodity depends on the price of its other parts.” Affect the price.”

In the modern definition of market, the following three elements are noteworthy – (i) Market in the presence of a commodity. For example, gold, cotton, wheat market. Therefore

There will be as many markets as there are commodities and if there are many varieties of a commodity then each variety will have a separate market.

(ii) Buyers and sellers can communicate with each other through post, telegram, telephone or middlemen.

(ii) Competition among buyers and similarly competition among sellers, whether the market is complete or incomplete. This competition affects the price of the commodity.

3. Describe the philosophy of marketing.

Ans. Marketing is an integral part of marketing. A market is a place where sellers and buyers come together to exchange a number of products for money (and vice versa). Production is accomplished through performance. Production also changes from time to time according to the changing business environment. Accordingly, the ideology of marketing has also changed from time to time. These ideologies can be divided into two categories-

(i) Traditional ideas

(ii) Modern thought

(1) Tradition Concept – This idea is related to the earlier production level when there was generally a shortage of manufactured goods in the market. The main function of marketing then was to make the goods available to the customers at affordable prices. The marketing idea was also accordingly. The ideology of marketing can be clarified from the following definitions-

According to Converse, Hughey and Mitchell, “Marketing includes all activities from production to consumption.”

According to the American Accounting Association, “the conduct of business activities that move goods and services from producers to consumers”

There is a direct flow of services, called marketing.” Therefore, the traditional ideology of marketing is product oriented.

(2) Modern Concept: With the passage of time, along with the excitement in industrial activity, the variety, variety and quantity of products has also increased. This made the customer more discerning and selective. Now the customer is not ready to buy whatever the producers offer him. He started ordering such products and services which would be beneficial for him in terms of quantity, price, satisfaction, longevity, beauty etc. The benefits of such a customer may be tangible or intangible. 

Therefore, producers began producing whatever customers wanted. In this way a new scientific thinking was born. Under the new thinking, it became necessary to produce and present those goods and services which are in accordance with consumer demand. This is called ‘marketing oriented’. 

This modern marketing idea can be understood from the following definitions – According to Stanton, “Marketing system includes all the business activities which involve planning, pricing, promotion and distribution of demand-fulfilling goods and services to the current effective consumers.” Go.”

According to Kotler, “Marketing is a social and managerial process by which individuals and groups get what they want and which is related to the mutual exchange of goods and services.”

Now we can clarify the difference between the two ideologies. Traditional idea of ​​marketing emphasizes the need of producers i.e. sellers. In contrast, modern thought is committed to consumer needs.

4. Describe the marketing mix.

Ans. There are many aspects regarding marketing of a producer. Some are controllable and others are uncontrollable. Controllable aspects include features of the product such as its price, selling through one’s own sales agents or relatives, advertising in various media such as television, newspapers, etc.

There are many options in all these situations. The entrepreneur always selects a combination of options from among the options, which gives him the maximum profit. It usually consists of decision areas such as Product, Promotion and Position/Place (P4-Product, Price, Promotion and Place), forming a mixture of decision areas. This is called marketing mix.

‘Marketing Mix’ is named after Professor of Harvard Business School. Given by Prof. Neil H. Borden. Both these items and ideologies have been accepted by the entire world. Definitions of ‘marketing mix’ have been given by many authorities. Some of them are as follows-

R. S. According to Dyer (RS Dawar), “The strategies used by manufacturers to achieve success in the market are called marketing mix.” According to Philip Kotler, “The function of the firm is to create the best combination of marketing decision factors. This combination is called marketing mix.

Therefore, marketing mix means the product, its price, its promotion and distribution so that it can reach the customers, it is called marketing mix. In the present times, marketing mix has become an integral part of marketing management. The four Ps i.e. the components of the mixture are as follows-

(1) Product (Variables): Product includes product policies and procedures related to the items and services of the product offered. This also includes research and development programs and moisture production policy.

(2) Price – This element of marketing mix includes price level, price measurement and price policy etc.

(3) Promotions: This item includes specific sales plans and methods related to consumer promotion and business promotion through which sales are concentrated. 

(4) Place – This element includes the amount of sensitivity between the plant and the consumer and efforts to bring cooperation in business. 

5. Define marketing and explain its meaning.

Ans. Marketing includes commerce, advertising, sales policies, pricing, production development, market monitoring etc. Marketing starts from production itself and continues till sale. Before production, it is thought about what the future consumer may need. Customer needs have to be understood even before production. To realize this, goods are made accordingly.

1. Pine- “Marketing is another name for buying and selling.” (Marketing is both buying and selling.)

2. Trusley, Clark & ​​Clark- “Buying and selling are those efforts by which the ownership of goods and services is changed and the goods are actually distributed.” Major definitions of customer-based marketing-

3. Malcolm McNair, “Murchasing has to be done at a living level and it has to be done that way.” (Marketing is the creation and delivery of standard of living.- Malcom Mc Nair)

4. Peter F. Drucker, “Buying and selling is the process that converts explicit knowledge of a resource into financial contribution to the market.” (Marketing is the process which converts a resources, distinct knowledge into a contribution of economic value in the market place.-Peter F. Drucker)

5. Philip Kotler, “Marketing refers to those activities whose aim is to facilitate exchange and to do so.” The following things emerge from the analysis of the above definitions- 

(1) Marketing is a system. It is similar to other things in business.

(2) Marketing is a plan, it is related to planning, price, production, growth and distribution.

(3) A managerial function (Marketing is a managerial function) is the most important function of a manager. 

(4) Emphasis on innovation: Keeping in mind the needs of the customer, emphasis is given on innovation at the initial stage of production (goods). 

(5) Customer satisfaction (Emphasis on consumer satisfaction): Marketing is incomplete without fulfilling the needs of the consumer. The basic objective of marketing should be consumer satisfaction.

So William J. According to Santon, “Marketing is the system by which business activities are coordinated and the planning, pricing, sales promotion and distribution of goods can be delivered to consumers.”

6. Describe the characteristics of marketing. 

Ans. Its characteristics can be considered from the point of view given below-

(i) Distribution of goods and services—This is an old principle of marketing. It includes all those activities through which goods and services reach the consumer. 

(ii) Standard of living —— Here the consumer is most important. Production includes all the activities before and after production that bring goods and services to the consumer.

(iii) Utility Creation – Behind this idea is the fact that marketing gives rise to work (activity). This happens due to change of place, time and ownership.

(iv) Institutional – This principle means that services of many middlemen are required for large quantities of goods. Those institutions which help in distribution of goods are known as distribution agencies.


1. What is the importance of marketing? (What is the importance of marketing?)

Ans. There is a lot of competition in the world today. In this, there is a system of buying and selling possibilities in the society. The main objective of the producer is to earn maximum profit, this is possible only when the goods reach the customers as soon as possible.

Philip Kotler has rightly said, “Marketing is the analysis, organization, planning and control of a company, the means and policies for stimulating demand and the activities to satisfy the needs and wants of a consumer group.” Marketing can be considered in the following manner-

(A) Importance of Marketing to Society—

(i) Supply of commodities according to taste – People get the goods and services of their choice at the right price and at the right time.

(ii) Provide employment – ​​405% of the total workers in developed countries are engaged in marketing. They do marketing research, wholesaling, retailing, transportation, packaging, promotion etc.

(iii) Decreasing distribution on cost – Marketing tries to reduce the distribution cost as much as possible so that the goods can reach the consumer as much as possible.

(iv) Increasing national income – Marketing increases the demand for goods, hence the production of goods has to be increased. This increases the national income which is beneficial for the society.

(v) Protection against slump – If the slump is maintained properly then the pace of business cannot slow down. 

(vi) Depression Period: The period of recession is harmful for the society. Demand falls, losses increase. Units close down, unemployment rises. If marketing is good then such danger can be avoided. By finding a new market, Vitas

Costs should be reduced and marketing should be made customer friendly.

(B) Benefit of marketing to the firm (Advantage of marketing to the firm) – The benefits of the organization from financial services are as follows –

Needed for Planning and Decision (Marketing) – Sales are needed in planning and decision. Nowadays, production is done keeping in mind the point of sale because in the business association, the activities are done according to the production of goods and sales. The decision of affects the business decision. 

(d) Helpful in increasing profit – Profit can be increased in business by reducing advertising and sales and purchasing costs and by increasing the demand for production.

(iii) Helpful in Communication – Marketing helps the company to get information about the production prices and policies of other companies. This helps the company in making its policy. She can avoid dangers and losses by increasing or decreasing.

(C) Importance of marketing in seller or buyer’s market – (i) Seller’s Market: This is the market in which the demand for goods and services is more than the quantity. In this the producer maintains his monopoly so that

He makes profit and the customer suffers loss. (ii) Buyer’s Market: In this the supply of goods is more than the demand. Selling becomes difficult in this. Here the goods of only those firms are sold whose quality is as per the customer’s choice. yes and

Conclusion Marketing has transformed yesterday’s luxuries into today’s needs. This makes the hidden demand a real demand.

. Discuss market determination. Or, analyze market estimates.

Ans. The biggest task of an entrepreneur is to identify the target market. An individual or group of individuals are willing to purchase his services and goods. For example, if an entrepreneur is manufacturing a product whose price is very high, he may not find customers among the low or middle income people. He needs to understand the demographics and psychographics of the consumer. He should recognize the profile of the customer. This means that the individual must understand the characteristics of a particular company that can appeal to a potential customer.

Can be a consumer of goods and services provided by. Market estimates can be divided into the following categories –

(I) Demand Analysis

(II) Under Standing of Market Competition (III) Understanding the Existing Trade Practices

1. Demand Analysis — This means estimating the customer’s desire and ability to purchase services and goods. This includes the following things-

(i) Who is the customer person and company?

(ii) What is the financial condition of the customer?

(iii) What is the spending pattern of the customer?

(iv) How many customers will there be in the target area?

(v) How much do customers need your goods and services?

(vi) Which industries suit the customers?

(vii) What is the reputation of these industries and companies – This information can be obtained by studying through the means given below.

(i) Primary Sources: Demand for goods and services can come from individuals, traders or retailers. The nature, quantity and quality of this demand will be known through personal contact. If there is any institute then it is better to contact it directly but this will be good only if the customers are limited to one area only. 

(ii) Secondary Sources – Secondary sources are related to population, production, economy, conditions, habits, population statistics and development plans. This data will prove helpful in estimating the market where the target area is large and the customers are spread over a large area. Here the information should be given in personal form by making a questionnaire.

(iii) Sample Survey – When potential customers are spread over a large area and it is difficult to estimate them completely, then estimation should be done by taking samples from some places. Statistics experts should be employed to determine the ideal sample. This information can be collected through questionnaire by personal contact.

II Understanding the Competition – It is necessary to understand the competition in the target market. Attention should be paid to the following things-

(i) Who are the important people in the market? (ii) How many entrepreneurs are offering similar goods and services?

(iii) What is their share in the market?

(iv) What are the merits and demerits of their goods?

(v) How is that product in the eyes of the consumer?

(vi) On what terms is the entrepreneur giving the loan?

(viii) Who are the main customers of each brand?

(vii) What methods of business does the enterprise adopt?

(ix) What are the characteristics of the customer needs in the target area?

The answers should be tabulated and in-depth (SWOT) analysis should be done. The entrepreneur who is entering into OM should look at that chart before taking the decision.

III. Existing Trade Practices It is important for any entrepreneur to understand the business practices to be built in his target market. Keeping in mind the nature of the market and its size, the manner in which customers are dispersed, the organization can adopt a variety of methods. In doing so, distribution may also involve commission agents, brokers, salesmen, intermediaries, retailers, wholesalers and other means. By studying these, a method can be adopted to reach customers quickly and effectively.

Market segments — Market segments are groups of customers who have some things in common. They may be in similar employment, have similar qualifications, financial status, income, likes and dislikes and opinions. Identifying such markets will be helpful in identifying and properly meeting their needs. Market department can also be classified in the following manner-

Geographical –

  • Village-Kaswa State-Country, Region Mountain Valley and Rural Urban
  • Statistics (Demographic) Age-Child Young Adult-Old
  • sexual-female-male
  • Income-High-Moderate-Low-Below Poverty Line
  • education primary secondary middle
  • Creed/Profession- Bhumihar Government Employees Professional People- Administrator (Executive)
  • Language Local-English etc.
  • Psychological
  • Attitude-Standing Generous Transformative
  • Trend Identification Fun People
  • Autonomy Independent

Studying market components helps in choosing market methods, type of production, cost, quality services. 

4. Describe the functions of marketing. (Discuss the Functions of Marketing.)

Ans. There are many types of marketing work. This is a work in which producers and customers connect with each other. The various tasks are as follows-

(i) Merchandising functions – In this the goods have to be finally delivered to the hands of the consumer. This also has two parts- 

(1) Buying and adding (b) Selling.

(a) Buying and Assembling – Buying is the first task in marketing. The manufacturer has to purchase raw materials for production. The wholesaler has to buy goods for the retailer and the retailer has to buy goods for the customer. Buying means changing the ownership. Collecting means collecting and handling goods which are purchased from different sources. 

(b) Selling: This work is very important for both the seller and the customer. The objective of earning profit is achieved only through the sale of Maat.

(ii) Physical Distribution Function: This function involves taking goods from the seller’s location to the customer’s location. It has two main functions-

(a) Carrying goods, keeping them in warehouse (Warhousing Storage) – Transportation requires less heavy and efficient goods vehicles. Transportation increases the price of goods because it increases the utility of space.

(b) Storage and Warehousing: Many times it happens that goods are produced in a particular season, but are used continuously or vice versa – then storage becomes mandatory. Warehousing means keeping and protecting the goods between their production and consumption. Storage harmonizes with Mog.

(iii) Facilitating Functions———- These factors make marketing easier and include taking investment risk, level setting, pricing, advertising, increasing sales and providing information to the market.

(a) Financing: It is difficult to carry on marketing without cheap finance and adequate money. Therefore, short term loans are available from commercial banks, co-operative banks and other government organizations. 

(b) Standardization – Standardization has become an accepted ethical basis in marketing. A standard is a measurement that is often considered ideal for comparison. The standards are fixed on the basis of colour, grain, quality, properties and other facts of production. It is also beneficial for buying or selling Maat. Goods are purchased on the basis of trade mark. Such as BPL TV, LG, TV etc. 

(c) Market Information: The importance of marketing is being understood in such a way that marketing decisions are taken only after looking at the condition of the markets and the large quantity of production.

Therefore, market exploitation has become an essential part of marketing. 

(d) Risk Bearing – There are many risks in marketing of goods such as theft, spoilage of goods, accidents etc. On top of this, traders have to measure such risks like falling prices, changing fashion, changing habits, competition in the market in advance and avoid the risk by getting insurance. Still some dangers have to be faced. 

(e) Pricing – This is very important and is related to sales. The policy is directly related to earning profit. Therefore, before determining the price, many other things should also be kept in mind, such as cost of goods, competition in the market, income of the customer, government policy and attitude/approach of the producers. 

5. Define marketing management. Describe its areas. (Define Marketing management. Discuss its scope.)

Ans. Marketing is a branch of management and is concerned with meeting marketing objectives that meet customer needs, increase sales and volume, and increase profits. All these can be called management in marketing.

Nowadays, marketing work starts even before production starts – like market, moment, market research, way of demanding customers etc. All managerial work i.e. planning, directing, adjustment and decision making are also related to marketing. . “Definitions of Marketing Management – ​​The following definitions of marketing management are as follows –

(i) According to American Marketing Organization, “Marketing refers to those business activities. Through which goods are sent from the producer to the consumer.” 

(ii) According to William J. Senton, “Marketing management is where marketing is employed. Hence emphasizes the needs of the consumer.”

(iii) According to Cundiff and Stice, “Marketing is a branch of the vast field of management. It is related to purposeful action so that marketing goals are achieved.” Therefore he mentions three things- 

(i) Consumer satisfaction, 

(ii) Increase in profits of the organization, 

(iii) Increase in selling price 

Scope of Marketing Management – ​​From the above definitions we can understand the scope of marketing without hesitation, such as-

(i) Marketing management is that marketing management which is prepared on the need, desire, interest and fashion of the customer.

(ii) Decisions regarding pricing of production are called marketing.

(iii) Marketing management is a dynamic science in which principles are developed so that the exchange can be improved.

(iv) Marketing management refers to the professional efficiency in which exchange of goods and services is carried out.

(v) Marketing management is related to analysis, planning, implementation of programs and control of selling activities.

NCERT Solutions for Class 12 Commerce Stream

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