Dear readers, since the Marketing portion on the first two days of SBI Clerk Exam was quite tricky, so here we are presenting you some quick notes on Marketing. Hope they prove to be useful in the upcoming sets.
Market: It is a physical place or an environment where sellers and buyers meet together to exchange goods and services.
Marketing: It is the sum total of all activities that are related to the free flow of goods from the producer to the customer. Getting the right goods & services, to the right people, at the right place, at the right time and at the right price.
Marketing Management: It is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.
Market Research: It is a process of collection and analyzing information regarding customer needs and buying habits, the nature of competition in the market, prevailing prices, distribution network, effectiveness of advertising media etc for arriving at a decision.
Relationship Marketing: It is basically building mutually satisfying long term relationships with key parties like customers, suppliers, distributors and other marketing partners in order to earn and retain their business.
Direct Marketing: It consists of a manufacturer selling directly to the final customer. It is also called zero level channel. The major examples are door-to-door sales, telemarketing, Internet selling etc.
Packaging: It involves putting the goods in attractive packets according to the convenience of consumers. Well designed packages can build brand equity and drive sales. The package is the buyer's first encounter with the product and is capable of turning the buyer on or off.
Personal Selling: It is a part of promotional activity. It involves communicating directly with the target audience through paid personnel of the company or its agents for making sales.
SWOT Analysis:
PEST Analysis:
Marketing Mix (4P's):
Product, Price, Place, Promotion
Viral Marketing: Marketing by the word of mouth having a high pass route from person to person is called viral marketing. It can create a splash in the market place to showcase a brand and its noteworthy features.
Product Policy: It is concerned with defining the type, volume and timing of the products a company offer for sale.
Rights of consumers: Right to safety, Right to be informed, Right to choose, Right to be heard Right to seek redressal, Right to consumer education.
Cross Selling: An exposure to various other unutilized services of the bank to a customer is called cross selling. It also includes identifying customer needs, matching the products to customer needs, convincing the customers of product benefits & responding to questions and objections of customers.
SME's: It stands for Small & Medium Enterprises.
Market Expansion: It is growth in sales through existing and new products by adopting competitive strategies. It includes expanding the total market, defending market share, expanding market share etc.
Product Diversification: It refers to manufacturing or distributing more than one product by the producer or dealer.
Marketing Plan: It is a written document that summarizes what the marketer has learned about the market place and indicates how the firm plans to reach its marketing objectives. It is the one of the most important outputs of the marketing process.
Green Marketing: It is a new environment friendly marketing technique.
Product Elimination: It is a process of removing product from the product line (it is a group of products that are closely related to each other).
Drip Marketing: The method of sending promotional items to clients is called drip marketing.
Selling: It is confined to persuasion of consumers to buy firm's goods and services. It involves the transfer of ownership of goods to create possession utility.
Bench Marketing: A comparison of the business processes with competitors and improving prevailing ones is called bench marketing.
Qualities of a good seller: Devotion to the work, Submissive, Sympathy, Active mind set, Communication skill, Creativity, Motivation.
Prospect: A 'likely' interested customer of the bank is termed as a prospect.
Customer Relationship Management (CRM): It allows the company to discover whom its customers are, how they behave and what they need or want. It also enables the company to respond appropriately, coherently and quickly to different customer opportunities.
Call: In marketing, calling the prospective customer is known as a call.
Sales Forecasting: It is the expected level of company's sales based on a chosen marketing plan an assumed marketing environment. It involves sales planning, sales pricing, distribution channels, consumer tastes etc.
Motivation: It refers to inspiring one self and others to perform better.
Branding: The essence of a product, its quality and competitiveness displayed in the form of letters, symbols and colours is known as branding.
Sales Forecasting: The method of estimating volume of sales that a company can expect to attain within a planned period is called sales forecasting.
Marketing for Growth:
Advertising: Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor.
Segmentation: The process of dividing a market into a number of sub markets is known as market segmentation.
Positioning: The development of marketing mix to influence a customer's perception of a brand is called positioning.
Consumer Behaviour: A consumer's buying behaviour is influenced by cultural, social, personal and psychological factors.
Promotion: When a marketer persuades a person or group of prospective buyers, the communication is termed as promotion.
Product Life Cycle (PLC): It is the life period of product in the market. The different stages includes Introduction, Growth, Maturity, Decline.
Bancassurance: Bancassurance simply means selling of insurance products by banks. In this arrangement, insurance companies and banks undergo a tie-up, thereby allowing banks to sell the insurance products to its customers.
Consumer Goods: Goods meant for personal consumption by the households or ultimate consumers are called consumer goods. It includes items like groceries, cloths etc.
Industrial Goods: Goods meant for consumption as use as inputs in production of other products orprovision of some service are termed as industrial goods.
Demarketing: Marketing aimed at limiting market growth; for example, some governments practice demarketing to conserve natural resources, and organizations use a demarketing approach when there is so much demand that that are unable to serve the needs of all potential customers adequately.
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