NCERT Textbook - Marketing Management | Business Studies (BST) Class 12 - Commerce PDF Download

Ans. Marketing management refers to the process of planning, organizing, implementing, and controlling marketing activities to satisfy customer needs and achieve organizational goals. It involves analyzing market trends, identifying target customers, developing marketing strategies, and implementing marketing programs to promote products or services effectively.

Ans. The main functions of marketing management include: 1. Market Research: Gathering and analyzing data about customers, competitors, and market trends to make informed marketing decisions. 2. Product Development: Creating and improving products or services to meet customer demands and preferences. 3. Pricing: Determining the optimal price for products or services based on market demand, competition, and cost factors. 4. Promotion: Designing and executing marketing campaigns to communicate the value of products or services to target customers. 5. Distribution: Developing efficient channels and strategies for delivering products or services to the target market.

Ans. Marketing management plays a crucial role in business success by: 1. Meeting Customer Needs: By understanding customer preferences and behavior through market research, marketing management helps businesses develop products and services that address customer needs effectively. 2. Creating Brand Awareness: Through strategic promotion and branding activities, marketing management helps businesses build brand awareness and recognition, which leads to increased customer trust and loyalty. 3. Driving Sales and Revenue: Effective marketing strategies and campaigns attract potential customers, generate leads, and convert them into sales, leading to increased revenue and profitability. 4. Gaining Competitive Advantage: Marketing management helps businesses differentiate themselves from competitors by identifying unique selling propositions and positioning their products or services in the market. 5. Adapting to Market Changes: Marketing management continuously monitors market trends and customer preferences, allowing businesses to adapt their strategies and offerings to stay competitive and relevant.

Ans. A marketing management plan typically includes the following key elements: 1. Executive Summary: A brief overview of the marketing plan, highlighting key objectives and strategies. 2. Situation Analysis: Assessing the internal and external factors that impact marketing decisions, including a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). 3. Target Market: Identifying the specific customer segments or target audience for the product or service. 4. Marketing Objectives: Setting measurable goals that align with the overall business objectives, such as increasing market share or launching new products. 5. Marketing Strategies: Outlining the broad approach and tactics to achieve the marketing objectives, including product, pricing, promotion, and distribution strategies. 6. Budget and Implementation: Allocating resources and determining the timeline for executing the marketing strategies. 7. Evaluation and Control: Establishing metrics and monitoring mechanisms to assess the effectiveness of the marketing plan and make necessary adjustments.

Ans. Digital marketing has transformed the field of marketing management in several ways: 1. Targeted Advertising: Digital marketing allows businesses to target specific demographics, interests, and behaviors, enabling more precise advertising and higher conversion rates. 2. Increased Reach: With digital platforms, businesses can reach a global audience, breaking geographical barriers and expanding their market reach. 3. Real-Time Analytics: Digital marketing provides instant access to data and analytics, allowing marketers to track campaign performance, customer behavior, and make data-driven decisions. 4. Cost-Effectiveness: Compared to traditional marketing methods, digital marketing often offers lower costs, making it more accessible for businesses with limited budgets. 5. Enhanced Customer Engagement: Digital marketing channels enable interactive communication and engagement with customers, allowing businesses to build stronger relationships and gather valuable feedback.