CBSE Class 12 Entrepreneurship Revision Notes Chapter 3 Enterprise Marketing

Class 12 Entrepreneurship Quick Revision notes Chapter 3 Enterprise Marketing

1. Fundamental goal of business is to make profit.
2. Goal setting is just the first step to achievement.
3. SMART goals are specific, measurable, achievable, relevant, and time-based goals.
4. Marketing strategy is a process that can allow an organisation to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage.
5. Marketing Mix includes Product, Price, Place and Promotion.
6. Product refers to the item actually being sold.
7. The components of product mix are branding, labelling and packaging.
8. “BRANDER”, Norwegian word meaning “to burn” led to the origin of the word “Brand”.
9. Trade mark is a word, phrase, symbol or design, or a combination of them.
10. A good brand name should basically possess qualities of distinctiveness.
11. Price refers to the value that is put for a product.
12. Pricing strategies:
— Cost Plus Pricing — Penetration Pricing — Creaming or Skimming — Variable Price Method
13. A channel of distribution or trade channel is the path or route along which goods move from producers or manufacturers to ultimate consumers or industrial users.
14. A sales strategy consists of a plan that positions a company’s brand or product to gain a competitive advantage.
15. Types of sales strategy are Direct and Indirect.
16. Branding is a process, a tool, a strategy, an orientation whereby a name, a sign, or a symbol etc. is given to a product by the entrepreneur so as to differentiate his/her product from the rival products.
17. Trade mark is a brand or part of a brand that is given legal protection against its use by other firms is called trade mark.
18. Promotion is the method via which we spread the word about the product or services to customers, stakeholders and the broader public.
— Components of promotion mix: Advertising; personal selling; sales promotion; public relations.
— Commonly used media in advertising are Stationery, Window display or office front, Press advertising, Radio, Television, Direct mail, Outdoor, Ambient, Cinema, Point of sale, Online Directory listings.
19. Personal selling means selling products personally.
20. Sales promotion relates to short term incentives or activities that encourage the purchase or sale of a product or service.
21. Negotiation is a process where two or more parties with different needs and goals discuss an issue to find a mutually acceptable solution.
22. Vendor management is a term used to describe the process of finding, qualifying and doing business with vendors.
23. Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses.
Words That Matter
1. Marketing Strategy: Marketing strategy is a process that can allow an organisation to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage.
2. Product: Product refers to the item actually being sold.
3. Trade Mark: Trade mark is a word, phrase, symbol or design, or a combination of them.
4. Price: Price refers to the value that is put for a product.
5. Trade Channel: A channel of distribution or trade channel is the path or route along which goods move from producers or manufacturers to ultimate consumers or industrial users.
6. Branding: Branding is a process, a tool, a strategy, an orientation whereby a name, a sign, or a symbol etc. is given to a product by the entrepreneur so as to differentiate his/ her product from the rival products.
7. Trade Mark: Trade mark is a brand or part of a brand that is given legal protection against its use by other firms is called trade mark.
8. Promotion: Promotion is the method via which we spread the word about the product or services to customers, stakeholders and the broader public.
9. Sales Promotion: Sales promotion relates to short term incentives or activities that encourage the purchase or sale of a product or service.
10. Negotiation: Negotiation is a process where two or more parties with different needs and
goals discuss an issue to find a mutually acceptable solution. .
11. Vendor Management: Vendor management refers to describe the process of finding, qualifying and doing business with vendors.
12. Business Failure: Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses.
13. Advertising: Advertising is a paid form of communication designed to attract or persuade potential customers to choose the product or service over that of a competitor.
14. ATL: ATL refers to above the line which targets mass audience and aims at establishing brand identity.
15. BTL: BTL refers to below the line which targets identified small groups and aimed at leading to an actual sale.
16. TTL: “Through the line” or TTL refers to an advertising strategy which involves both above- and below-the-line communications in which one form of advertising points the target to another form of advertising thereby crossing the “line”.