PROJECT WORK IN

BUSINESS STUDIES

MARKETING
MANAGEMENT

Under the Guidance of Ms Shweta Nagpal

Submitted by Utkarsh Gupta
 CERTIFICATE OF COMPLETION

This is to certify that Utkarsh Gupta of Class XII-C of THE SRIJAN SCHOOL, MODEL
TOWN, has completed his Business Studies Project file under my guidance. He has taken
proper care and shown utmost sincerity in completing this project.
I certify that this project is up to my expectations and per the latest CBSE guidelines.

Signature
 ACKNOWLEDGEMENT

Primarily, I would thank God for successfully completing this project. Then, I would like to express
my gratitude to my Business Studies teacher Ms Shweta Nagpal who gave me the golden
opportunity to do this project and supported me in completing my project work.

I would also like to extend my gratitude to our Principal, Mr Vincent Ashish Moses, for providing me
with all the required facilities.

Then I would like to thank my parents and friends who have helped me with their valuable
suggestions. Their guidance has been helpful in various phases of the completion of the project.

I will never forget the books and the internet, which provided me with substantive matters.
 INDEX
S.no Topic
 CONCEPT OF MARKETING

“Marketing takes a day to learn. Unfortunately, it takes time to master.” — Philip Kotler.
It is a social process by which individual groups obtain what they need and want through
creating offerings and freely exchanging products and services of value with others.
Marketing is not merely a business phenomenon or confined only to business organisations.
Marketing activities are equally relevant to non-profit organisations such as hospitals,
schools, sports clubs and social and religious organisations. It helps these organisations
achieve their goals, such as spreading the message of family planning, improving the literacy
standards of people and providing medication to the sick.
PRODUCTION CONCEPT: The production concept is used when the demand for a product
exceeds its supply. The philosophy here is that "supply creates its demand." Therefore, the
focus is on manufacturing more products to ensure they are widely available. PRODUCT
CONCEPT Contrary to the production concept, this concept creates consumers to value
products of a higher quality as opposed to price and availability. Therefore, the focus is more
on quality and less on quantity. The idea of the product concept is that if you sell a product of
more outstanding quality, minimal marketing is required.
SELLING CONCEPT: Where the production and product concept focuses on manufacturing,
the selling concept focuses on making an actual sale. The number one focus of the manager is
to make money, no matter the quality, needs of consumers, supply, or demand.
MARKETING CONCEPT: The marketing concept works on the philosophy that consumers
buy products to fulfil their needs. A manager that takes the marketing approach will conduct
extensive market research to determine the needs of consumers and how to satisfy them better
than its competitors.
SOCIETAL CONCEPT: Marketing managers with this approach are also concerned about
the well-being of society and feel a responsibility to tend to the world around them. The
societal concept balances social and environmental welfare, customer relationships, and sales.
 MARKETING MANAGEMENT

Marketing management means management of the marketing function. In other words,

marketing management refers to planning, organising, directing and control of the activities
which facilitate the exchange of goods and services between producers and consumers or
users of products and services.
The process of management of marketing involves:
(i) Choosing a target market, say a manufacturer may choose to make readymade garments
for children up to the age of 5 years.
(ii) In respect of the target market chosen, the focus of the process of management is on
getting, keeping as well as growing the customers.
(iii) The mechanism for achieving the objective is creating, developing and communicating
superior customer values.
 MARKETING V/S SELLING

Many people confuse 'selling' for 'marketing'. They consider these two terms as the same.
Marketing refers to a large set of activities of which selling is just one part. For example,
before making the sale, a marketer of televisions does a lot of other activities such as
planning the type and model of televisions to be produced, the price at which they would be
sold and selecting the distribution outlets at which the same would be available, etc.
In short, marketing involves a range of activities relating to planning, pricing, promoting and
distributing the products that satisfy customers' needs.
The function of selling, on the other hand, is restricted to the promotion of goods and services
through salesmanship, advertising, publicity and short-term incentives so that title of the
product is transferred from seller to buyer or, in other words, the product is converted into
cash.
FUNCTIONS OF MARKETING

1. Gathering and Analysing Market Information: One of the crucial functions of a

marketer is to gather and analyse market information. This is necessary to identify the
customers' needs and take various decisions for the successful marketing of the
products and services. This is important for making an analysis of the available
opportunities and threats as well as strengths and weaknesses of the organisation and
help in deciding what opportunities can best be pursued by it.
2. Marketing Planning: Another important activity or area of work of a marketer is to
develop appropriate marketing plans so that the marketing objectives of the
organisation can be achieved. A complete marketing plan covers various important
aspects, including the plan for increasing the level of production, promotion of the
products, etc., and specifying the action programmes to achieve these objectives.
3. Product Designing and Development: Another important marketing activity or
decision area relates to product designing and development. The design of the product
contributes to making the product attractive to the target customers. A good design
can improve the performance of a product and also give it a competitive advantage in
the market.
4. Standardisation and Grading: Standardisation refers to producing goods of
predetermined specifications, which helps in achieving uniformity and consistency in
the output. Grading is the process of classification of products into different groups on
the basis of some of its important characteristics such as quality, size, etc.
5. Packaging and Labelling: Packaging refers to designing and developing the package
for the products. Labelling refers to designing and developing the label to be put on
the package. The label may vary from a simple tag to complex graphics.
6. Branding: A very important decision area for marketing most consumer products is
whether to sell the product in its generic name (name of the category of the product,
said Fan, Pen, etc.) or to sell them in a brand name (such as Polar Fan or Rottomac
Pen). A brand name helps in creating product differentiation, i.e., providing the basis
for distinguishing the product of a firm from that of the competitor, which in turn,
helps in building customer loyalty and in promoting its sale.
7. Customer Support Services: A very important function of marketing management
relates to developing customer support services such as after-sales services, handling
customer complaints and adjustments, procuring credit services, maintenance
services, technical services and consumer information.
8. Pricing of Product: Price is an important factor affecting the success or failure of a
product in the market. The demand for a product or service is related to its price.
Generally, the lower the price, the higher would be the demand for the product and
vice-versa.
9. Promotion: Promotion of products and services involves informing the customers
about the firm’s product, its features, etc., and persuading them to purchase these
 products. The four important methods of promotion include advertising, Personal
Selling, Publicity and Sales Promotion.
10. Physical Distribution: The two major decision areas under this function include (a)
decision regarding channels of distribution or the marketing intermediaries (like
wholesalers, retailers) to be used and (b) physical movement of the product from
where it is produced to a place where it is required by the customers for their
consumption or use.
11. Transportation: Transportation involves the physical movement of goods from one
place to the other. The users of products, particularly consumer products, are
widespread and geographically separated from the place these are produced; it is
necessary to move them to the place where it is needed for consumption or use. A
marketing firm has to analyse its transportation needs after taking into consideration
various factors such as the nature of the product, cost and location of the target
market.
12. Storage or Warehousing: Usually, there is a time gap between the production or
procurement of goods and their sale or use. In order to maintain a smooth flow of
products in the market, there is a need for proper storage of the products. Further,
there is a need for storage of adequate stock of goods to protect against unavoidable
delays in delivery or to meet contingencies in the demand.
 MARKETING MIX

The marketing mix consists of various elements, which have broadly been classified into four
categories, popularly known as four Ps of marketing. These are:
(i) Product
(ii) Price
(iii) Place
(iv) Promotion
“The success of a market offer will depend on how well these ingredients are mixed
to create superior value for the customers and simultaneously achieve their sale and
profit objectives.”
1. Product: Product means goods or services or 'anything of value' which is offered to
the market for sale. The concept of product also includes the extended product or
what is offered to the customers by way of after-sales services, handling complaints,
availability of spare parts etc. The important product decisions include deciding about
the features, quality, packaging, labelling and branding of the products.
2. Price: Price is the amount of money customers have to pay to obtain the product. In
the case of most of the products, the level of price affects the level of their demand.
Marketers have not only to decide about the objectives of price setting but to analyse
the factors determining the price and fix a price for the firm's products.
3. Place: Place or Physical Distribution include activities that make the firm's products
available to the target customers. Important decision areas in this respect include
selection of dealers or intermediaries to reach the customers, providing support to the
intermediaries. The other decision areas relate to managing inventory, storage and
warehousing and transportation of goods from the place it is produced to the place it
is required by the buyers.
4. Promotion: Promotion of products and services includes activities that communicate
the availability, features, merits, etc., of the products to the target customers and
persuade them to buy them. It comprises advertising, personal selling and sales
promotion techniques.
 PRODUCT MEANING

Fashion is an ever-evolving industry that has seen many trends come and go over the years.
One of the latest fads that has taken the fashion world by storm is 'Fast Fashion'. Fast fashion
refers to the rapidly producing and consuming affordable clothing that closely mirrors the
latest fashion sensations. This strategy has proven to be very successful for many fashion
brands, as it allows them to quickly respond to changes in consumer demand and stay ahead
of the competition. Social media has fueled fast fashion's popularity through rapid trend
dissemination, increased brand visibility, user-generated content, seamless commerce
integration, and influencer marketing. It enables quick trend replication, reaches a vast
audience, encourages consumer engagement, facilitates instant gratification, and leverages
influencer endorsements.
 FEATURES OF FAST FASHION

1. Rapid Production and Turnaround:

Fast fashion's most prominent feature is its ability to bring new clothing designs from
conception to market swiftly. Traditional fashion brands typically work on seasonal
collections, taking several months to release new styles. In contrast, fast fashion retailers can
introduce new designs every week or multiple times a month. This rapid production and
turnaround are made possible by optimising their supply chains, streamlining production
processes, and maintaining close relationships with manufacturers.

2. Affordability:
One of the key appeals of fast fashion is its affordability. Fast fashion brands can offer trendy
clothing at budget-friendly prices by focusing on cost-effective production methods, such as
sourcing materials from low-cost regions and mass-producing garments. This makes
fashionable styles accessible to a wide range of consumers who may be unable to afford high-
end designer clothing.

3. Imitation and Trend Replication:

Fast fashion companies draw inspiration from the latest high-end designer collections,
fashion runways, celebrity outfits, and social media influencers. They quickly replicate and
adapt these trends into their designs. By doing so, they can provide consumers with
affordable versions of popular and trendy styles, ensuring that they stay up-to-date with the
latest fashion without breaking the bank.

4. Limited Inventory and Scarcity Marketing:

Fast fashion retailers often produce clothing in limited quantities, creating a sense of scarcity
and exclusivity around their products. This scarcity marketing strategy entices consumers to
make immediate purchases, fearing the item might sell out quickly. Limited editions and
frequent turnover of styles encourage customers to buy on the spot, fostering a sense of
urgency and impulsive buying behaviour.

5. Global Supply Chain:

Fast fashion brands have established global supply chains that span multiple countries. They
source raw materials from regions with cost advantages and specialised expertise in certain
types of production. These global supply chains enable them to take advantage of varying
labour and manufacturing costs while meeting the demand for fashion in different markets
worldwide.

6. Agile and Data-Driven Operations:

Agility is a cornerstone of fast fashion. Brands utilise data analytics, market research, and
consumer feedback to monitor real-time trends and customer preferences. They use this data
to decide what products to produce and what styles to prioritise. This agile approach allows
them to quickly adjust production plans and respond to rapidly changing fashion trends.

7. E-commerce and Social Media Marketing:

Fast fashion companies have embraced the digital age and extensively use e-commerce
platforms and social media to reach their target audience. They invest heavily in online
advertising, influencer marketing, and engaging social media content to create brand
visibility, generate excitement around new collections, and drive traffic to their online and
physical stores.
 PRODUCT SELECTION REASONS

1. Increasing Market Size

The fast fashion industry has been proliferating over the years. According to a report, the
value of the fast fashion market worldwide was estimated to be worth over 106 billion U.S.
dollars in 2022 and is forecast to rise considerably in the following years, reaching a value of
approximately 185 billion U.S. dollars in 2027. These statistics show that the fast fashion
industry has been experiencing year-by-year improvement and has much potential for growth
in the future. The increasing adoption of trendy clothes by the growing youth population,
increasing penetration of social media, growing demand for sportswear and performance
wear, and low-cost production are some of the factors driving the growth of this industry.
With such promising statistics and opportunities, the fast fashion industry is definitely one of
the most feasible for a new brand to enter.

2. Niche Opportunity

The fast fashion industry has various niche opportunities like gender-neutral, size-inclusive
and personalised fast fashion, but the fastest-growing niche is sustainable fast fashion. As
people are becoming more aware of the environmental and social impacts of the fast fashion
industry, they need a brand which emphasises eco-friendly materials, ethical sourcing, and
responsible manufacturing processes while catering to their trendy demands.
3. Environmental and Social Concerns
The clothing trends do spread fast on social media, but so does the dark reality of trendy
wear. There is a significant increase in demand for a brand which caters to the following
concerns related to fast fashion-

i.
These two statistics are the embodiment of fast fashion. Clothing sales doubled from 100
to 200 billion units a year, while the average number of times an item was worn
decreased by 36% overall. This means that more clothes are produced each year, leading
to an increased carbon footprint and wastage of raw materials as most clothes are utilised
much below their potential. Garments given up early and thrown out instead of recycled
combine to produce massive wastage, estimated at around $500 billion yearly. A large
portion occurs on the consumer's side, but retail stores are just as guilty, often spotted
tossing or burning unsold stock.
ii. Greenhouse Gas Emissions
The fashion industry is responsible for approximately 10% of global carbon emissions,
more than the aviation and maritime sectors combined. Fast fashion production involves
energy-intensive processes, especially in manufacturing synthetic fabrics like polyester.
These processes contribute to greenhouse gas emissions, primarily carbon dioxide (CO2)
and methane (CH4), contributing to global warming and climate change.
iii. Water Usage and Pollution
The fashion industry consumes a monstrous amount of water, around 93 billion cubic
metres, leaving much of it contaminated by toxic chemicals. According to the UN
Environment Programme, 20% of global wastewater comes from textile dyeing. Because
the bulk of the production is in countries with less regulation, the wastewater often finds
its way to rivers and seas, where it can wreak havoc. Approximately 10,000 litres of water
is required to make a pair of H&M jeans, and it is used only a few times to have superb
'chic' before it is disposed of.
iv. Microplastics Shedding
A single polyester garment can shed over a million microfibers every time it is washed.
These microplastics are less than five millimetres in length, meaning they are small
enough to pass through water filtration processes. In a study of over 150 tap water
samples from around the globe, 83% contained plastic particles. It is estimated that half a
million tons of these contaminants reach the ocean each year.
v. Labour Conditions
93% of the brands surveyed by Fashion Checker need to pay their garment workers a
living wage. And only 5 of the 250 large brands surveyed in the 2020 Fashion
Transparency Index "publish a time-bound, measurable roadmap or strategy for how they
will achieve a living wage for all workers across their supply chains." Workers in
factories which supply H&M in Cambodia earned less than half the estimated living
wage, a figure which dropped to around a third for those living in India and Turkey.
Another example is from one of India’s garment-industry heartlands, Karnataka
producing clothing for international brands including Puma, Nike, Zara, Tesco, C&A,
Gap, Marks & Spencer, and H&M. More than 400,000 garment workers in Karnataka
have not been paid the state’s legal minimum wage, and the workers could only feed rice
and chutney. The poor working conditions made it difficult to work, and wages were low,
which failed to meet the basic living standards of workers; the management told workers
to leave if they had any objections to salaries.
 OUR BRAND

REFAB ECOCHIC
The first word of the brand, i.e., 'REFAB', can be interpreted in two ways to describe the ideology of
the brand.

It can be seen as an abbreviation of 'refabrication', which means constructing something new from
existing things or reassembly. This very well tells what our brand aims to do by recycling used clothes
to make new clothes.

'Refab' can be broken into two parts, 're' and 'fab'. Fab is an informal word for fabulous, meaning
wonderful. Using 're' with 'fab' signifies we make old clothes fashionable and striking again.

Both of these interpretations consist of abbreviations that have become essential to communicating
with Gen Z(the target audience) and are used a lot on social media, which is the lifeline of fast
fashion. This will help the young generation relate to the brand, thus encouraging them to buy from
us.

'ECOCHIC' is made 'eco' and 'chic'. Eco means something that is eco-friendly or does not harm the
environment. This emphasises that our brand is sustainable and eco-friendly. Chic means stylish and
elegant, especially in dress or manner. This word defines the love of our brand for trendy and
sophisticated clothes. When both these words are used together, it illustrates that our brand focuses
on environment-friendly fashionable clothing, which matches and sets you over the trends and
ensures that good fashion doesn't cost us the environment.

The brand's name is enough to tell what it does and how.

LOGO

The logo of our brand has 'RE' written in a bigger font as we want it to be the face of our brand.

The letters 'RE' spell the first letters of both the words of our brand's name.
The font used to write 'RE' looks like pieces of cloth which state that our brand sells designer clothes
with extraordinary craftsmanship. Also, this implies that we cut down clothes to make new voguish
clothes.

The font used to write 'REFAB' is an elegant and sophisticated font indicating that the refabricated
clothes made by our brand are equally fashionable.

The font used to write 'ECOCHIC' is stylish and emphasises the quality of responsibility, saying that
our brand is responsible towards the environment and uses eco-friendly ways to produce clothes.

The colour scheme used in the logo has also been chosen wisely to get the best customer response.

'REFAB' has been written with orange because the colour represents warmth, friendliness and fun in
fashionable recycled clothing.

'ECOCHIC' has been written in green because the colour indicates the brand is eco-friendly and
organic. This describes how our brand is responsible towards the environment while making chic
dresses.

The letter 'R' has been written in green, representing refab, signifying that even cool clothes can be
eco-friendly.

The letter 'E' representing ecochic has been written in orange, telling that even organic fashion can
be full of fun.

The colours used in the logo are the colours of our national flag, so the colours also tell the brand's
origin and showcase our pride.