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Entrepreneurship

                                                           Class-XI

                                                            Ch-5

                                                            LN-5


                                                     Code-241505010115



               Market (Business and marketing mix)

               NOTES:

                       KNOW THY BUSINESS:
                       1. Business is an economic activity which involves production or processing and sale or
                       exchange of goods and services at regular basis with an aim of earning profit.
                       2. Industry refers to all economic activities involved in converting raw materials into finished
                       products which are ultimately consumed by consumers.
                       3. Types of industry are Primary industry, Secondary industry and Tertiary industry.
                       4. Producer’s Goods: The goods produced by one enterprise and used by other enterprises as
                       raw material for further production.
                       5. Consumer Goods: The goods used by final consumers for deriving personal satisfaction.
                       6. Secondary industries are the industries which are concerned with the changing forms or
                       transformation of the materials provided by primary industries.
                       7. Commerce refers to all those activities which facilitates exchange of goods/services or relates
                       to the transfer of goods from place of production to ultimate consumers.
                       8. Components of commerce are trade and auxiliaries.
                       9. Trade can be home or foreign trade.
                       10. Auxiliaries to trade are Transportation, Banking, Insurance, Warehousing, Advertisement
                       and Salesmanship.

                       MARKETING MIX:
                       1. Marketing mix is the combination of Product, Price, Promotion and Place activities.
                       2. A product is anything that can be offered to a market for attention, acquisition, use or
                       consumption.
                       3. Products are classified as Consumer Products and Industrial Products.
                       4. Attributes of a product are size, ingredients, range, colour, weight, quality, shape, packing,
                       packaging, branding, labeling, grading, etc.
                       5. Place or physical distribution includes all those activities that are needed to make the
                       product available to the target consumers.
                       6. Two important decisions relating to place are required to be made are decisions regarding
                       channels of distribution and decisions regarding physical movement of gqods.
                       7. The process of physical movement of goods involves four managerial decisions or
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