CBSE Class 12 Marketing Pricing Notes

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Download CBSE Class 12 Marketing Pricing Notes in PDF format. All Revision notes for Class 12 Marketing have been designed as per the latest syllabus and updated chapters given in your textbook for Marketing in Class 12. Our teachers have designed these concept notes for the benefit of Class 12 students. You should use these chapter wise notes for revision on daily basis. These study notes can also be used for learning each chapter and its important and difficult topics or revision just before your exams to help you get better scores in upcoming examinations, You can also use Printable notes for Class 12 Marketing for faster revision of difficult topics and get higher rank. After reading these notes also refer to MCQ questions for Class 12 Marketing given on studiestoday

Revision Notes for Class 12 Marketing Pricing

Class 12 Marketing students should refer to the following concepts and notes for Pricing in Class 12. These exam notes for Class 12 Marketing will be very useful for upcoming class tests and examinations and help you to score good marks

Pricing Notes Class 12 Marketing

CBSE Class 12 Marketing Pricing Notes 1

CBSE Class 12 Marketing Pricing Notes 2

SESSION 1: MEANING AND IMPORTANCE OF PRICE
 
Price is one of the most important elements of the marketing mix. This is the only element which generates revenue for an organization and determines its growth. The other three main elements of the marketing mix are Product, Place and Promotion. A firm incurs a certain cost to produce a Product or service. The Place element is concerned with the sale and distribution of the product through various channels, therefore a firm incurs some expense there, like in choosing the sales-methods, payment to salesmen, expense incurred on transporting products to place of selling, etc. The Promotion element, concerned with the advertising and promotion of the firm‟s product leads to expenditure on different promotion and advertising media like TV& Radio advertising, sample-promotion, etc. All of these are the variable costs for an organization, that is, these costs change with the changes in level of production and sales activity; therefore influence the process of setting the right price for the product. „Right price‟ denotes the level of price which can cover all these expenditures on the final product and brings some profit to the firm.
 
Meaning of Price-
The term price denotes money value of a product. It represents the amount of money that customers pay to the sellers to gain benefits of having or using a good or service. In fact it is marketers' assessment of the value customers see in the product. So price indicates the money value which a buyer is ready to exchange for purchase of certain good or service.

Definition of Price-
The definition of Price according to Philip Kotler is- “Price is the amount of money charged for a product or service.” Similarly according to Stanton “Price is the amount of money needed to acquire some combination of goods and its companying services.” Pricing is defined as „the process whereby a business sets the price at which it intends to sell its products and services’.
 
It is the key variable in a firm‟s marketing plan. While setting prices for its products, i.e. goods or services, the business takes into account various aspects of production, listed below.
• Price of raw material- The firm considers price at which it could acquire the goods and raw material to prepare final product to be sold in the market. A higher cost of acquiring these implies a higher product-price and vice versa.
 
•  Cost of manufacturing- If manufacturing cost is higher, the price of product will also be higher, whereas lower manufacturing cost leads to lower price. This cost includes the wages of labour, expenses on power and other overheads during manufacturing.
 
• Market condition- When market has positive sentiment i.e. high demand for goods and services because of high income and purchasing power of consumers, companies set higher prices for their products. On the contrary when there is depression or negative sentiment due to lack of demand in market, price is also kept low by firms. For example, automobile companies increase prices of cars when there is high demand and offer heavy discounts when demand is low.
 
• Competition in the market- If there is no other firm in the market offering similar product, the firm may set a higher price for its product or service, but if there are many market players for the same product, the price will be kept competitive. For example, Airtel initially kept high prices for its mobile services, but with entry of Vodafone, Idea and Reliance Jio the prices for various mobile services have been slashed.
 
• Brand and quality of product- A higher brand-value and better quality corresponds to a higher product price in the market. For example, a simple jewellery store in the Chandni Chowk market of Delhi will set price of its ornaments based on cost of gold/silver and making charges (cost of labour for making a particular piece of jewellery). But a high-end jewellery store such as Kalyan Jewellers or Tanishq will
price similar ornaments at a much higher price owing to its brand-value and reputation in the market.
 
Price must be supporting other elements of the marketing mix. Too high or too low pricing of a product could mean lost sales for the organisation.
 

Please click on below link to download CBSE Class 12 Marketing Pricing Notes

Class 12 Marketing Notes
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CBSE Class 12 Marketing Meaning and Importance of Price Notes
CBSE Class 12 Marketing Meaning and Importance of Product Notes
CBSE Class 12 Marketing Packaging and Labelling Notes
CBSE Class 12 Marketing Place and Distribution Notes
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CBSE Class 12 Marketing Product Life Cycle Notes
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CBSE Class 12 Marketing Promotion Notes
CBSE Class 12 Marketing Types of Pricing Notes

CBSE Class 12 Marketing Pricing Notes

We hope you liked the above notes for topic Pricing which has been designed as per the latest syllabus for Class 12 Marketing released by CBSE. Students of Class 12 should download and practice the above notes for Class 12 Marketing regularly. All revision notes have been designed for Marketing by referring to the most important topics which the students should learn to get better marks in examinations. Studiestoday is the best website for Class 12 students to download all latest study material.

Notes for Marketing CBSE Class 12 Pricing

Our team of expert teachers have referred to the NCERT book for Class 12 Marketing to design the Marketing Class 12 notes. If you read the concepts and revision notes for one chapter daily, students will get higher marks in Class 12 exams this year. Daily revision of Marketing course notes and related study material will help you to have a better understanding of all concepts and also clear all your doubts. You can download all Revision notes for Class 12 Marketing also from www.studiestoday.com absolutely free of cost in Pdf format. After reading the notes which have been developed as per the latest books also refer to the NCERT solutions for Class 12 Marketing provided by our teachers

Pricing Notes for Marketing CBSE Class 12

All revision class notes given above for Class 12 Marketing have been developed as per the latest curriculum and books issued for the current academic year. The students of Class 12 can rest assured that the best teachers have designed the notes of Marketing so that you are able to revise the entire syllabus if you download and read them carefully. We have also provided a lot of MCQ questions for Class 12 Marketing in the notes so that you can learn the concepts and also solve questions relating to the topics. All study material for Class 12 Marketing students have been given on studiestoday.

Pricing CBSE Class 12 Marketing Notes

Regular notes reading helps to build a more comprehensive understanding of Pricing concepts. notes play a crucial role in understanding Pricing in CBSE Class 12. Students can download all the notes, worksheets, assignments, and practice papers of the same chapter in Class 12 Marketing in Pdf format. You can print them or read them online on your computer or mobile.

Notes for CBSE Marketing Class 12 Pricing

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