Hi
Dear readers as all we know about Marketing importance in SBI & SBI
Associates Clerk examinations. In SBI Clerk Level Examinations Marketing
consists of 20 questions out of 200 or we can say that 10% of Exam and
according to our point of view any bank aspirant can score more than 15
questions in this section if he reads our marketing notes as it covers
100% topics with genuine material.
Marketing is a practical knowledge, everybody have some knowledge about market and he can easily understand our notes with a little knowledge about Market. Marketing has 10-12 Chapters and we will provide all those chapters day by day. Marketing tells as how a seller sells his products, how a customer buys a product, Marketing Strategies, demand & Supply, when to sell our product and whom, customer satisfaction and etc. Hope You will enjoy while reading our Marketing Notes.
Marketing is a practical knowledge, everybody have some knowledge about market and he can easily understand our notes with a little knowledge about Market. Marketing has 10-12 Chapters and we will provide all those chapters day by day. Marketing tells as how a seller sells his products, how a customer buys a product, Marketing Strategies, demand & Supply, when to sell our product and whom, customer satisfaction and etc. Hope You will enjoy while reading our Marketing Notes.
Marketing :-
Marketing
is a social process by which individuals and groups obtain what they need and
want through creating, offering and freely exchanging products and services of
value with others.
Marketing
is that phase of business activity through which the human wants are satisfied
by exchange of goods and services with money.
Features of Marketing :-
1. Need
& Want - The main focus of marketing is to satisfied the needs and
wants of their customers
2. Create
Market offering - Market offering means offering a product and service by
specifying its features, shape, size, colour, price etc. For example offer a
car to customer and then specify its features colour model, price, brand etc.
3. Customer
Value - Customer is ready to give a price for the product only when he
gets satisfaction or only when product
is offering utilities matching to the price. Customer values the
product on the basis of satisfaction and service offered by the
product. Marketer must add to the value of product do that customers prefer
your product over competitor.
4. Exchange
Mechanism - Marketing involves exchange of goods or services for money. In
exchange Customer pay money and in return they take product or services which
satisfy their needs and wants. Exchange can take place between manufacturer and
customer or through middleman (Dealers, Whole sellers, Retailers).
Market and Customer :-
1. Market -
Market is a place where buyers and sellers meet each other to buy & sell
different products.
2. Customer -
People or group that seeks satisfaction of their needs. They buy goods and
services to satisfy their needs and wants. For example if a customer's need is
car then he may buy a car to satisfy his/her need.
Need & Want :-
1. Need -
Basic necessities of life for example food, Cloth, Shelter, Water etc
2. Want -
Other than basic needs for ex drink cold drink instead of water, Eat pizza
instead of food and etc
Marketing Management :-
It means
management of all the marketing related activities or you can say planning organising, directing and controlling the activities which result in exchange
of goods and services.
5 Concepts under Marketing Management
1. Production Concept - Some
companies follow this concept as they believe that it is easy to sell the
products when products are inexpensive and are easily available. Under this
concept companies produce in mass quantity which lowers their cost of
production.
2. Product Concept - Some companies
follow this concept, Under this concepts Companies make High or Superior
quality products for their customers to satisfy their needs. Those companies
who believe in this concepts are of opinion that if the quality of goods or
services is of good standard, the customers can be easily
attracted.
3. Selling Concept - Under this
concept companies make a customer to buy a product, customer needs to be
convinced and customers can be convinced by undertaking
some aggressive selling & promotional efforts. with the help of
this concept the firm can make a customer to buy something even when the
customer has no intention of purchasing it. Or you can say
sell company products with the help of advertising and promotional methods.
In such a case company’s' main thinking is 'Selling What You Have'.
4. Marketing Concept - This concepts
concentrates on the need of the customers. In this concepts product is designed
and produced keeping in mind the need of the customer and try to satisfy the
need better than the competitor's product. The main goal of this concept is
to satisfy the need of customer by produce the product according to the
customers need.
5. Societal concept - Satisfy the
needs of customers in the best possible manner but then also it has attracted
from people who are concerned about society and environment. it means provide
those products which benefit the customers and do not harmful for
them. This concepts stress not only on the customers satisfaction but also
gives importance to Customer Welfare/Societal Welfare. This concept is
almost a step further than the Marketing concept. For example if a company
produces a vehicle which consume less petrol but spreads pollution, it
will result in only customer satisfaction and not the social
welfare.
Difference between Selling and Marketing
Types of Marketing -
1. Bench Marketing - A
comparison of the business processes with competitors and improving prevailing
ones is called bench marketing or you can compare our business process with
our competitor.
2. Drip Marketing - The
method of sending promotional items to clients is called Drip marketing.
3. Viral Marketing - Marketing
by the word of the mouth, having a high pass-rate from person to person is
called viral marketing. Creating a 'buzz' in the industry is an example of
viral marketing.
4. Guerilla Marketing -
Unconventional and inexpensive techniques with imagination, big crowds and a
surprise element are used for marketing something, a popular example being
flash mobs or it means easy and Inexpensive Strategies for Making Big Profits from
Your Small Business
5. Social Media Marketing - Social
media marketing is marketing using online communities, social networks, blog
marketing and more or it means marketing through social media
resources for example Facebook, twitter, blogs, and etc
6. Digital Marketing - This strategy
uses various digital devices like smart phones, computers, tablets or digital
billboards to inform customers and business partners about its products.
Internet Marketing is a key element in Digital Marketing.
Internet Marketing - Internet
marketing is the marketing of products or services over the Internet.
Internet
Marketing is also known as i-marketing, web-marketing, online-marketing, Search
Engine Marketing (SEM) or e-Marketing.
7. Direct Marketing - This is a wide
term which refers to the technique where organizations communicate directly
with the consumer through mail, email, texts, fliers and various promotional materials.
Direct Marketing is a form of advertising that directly reaches to the
customers on a personal basis (like phone calls, private mailings, etc) rather
than traditional channel of advertising (like TV, Newspapers, etc).
Types of Direct marketing :-
There
are many types of direct marketing, only some important types are listed below
and these are the most form of direct marketing.
a) Direct Mail Marketing -
Advertising material sent directly to home and business addresses. This is the
most common form of direct marketing. There are several different types of
direct mail (e.g. catalogues, postcards, envelope mailers). Direct mail
campaigns are usually sent to all postal customers in an area or to all
customers on a marketing list.
b) Telemarketing - Telemarketing
involves contacting potential customers over the phone to sell products or
services. It is capable of generating new customer prospects in large volumes
and is also a useful tool for following up on direct marketing campaigns
c) Text/SMS Marketing - Text messaging
allows businesses to reach individual customers and send messages to large
groups of people at a low cost. for example SMS: (short message
service) & MMS: (multi-media message service)
d) Email Marketing - Email
marketing is a simple, cost-effective and measurable way of reaching your
customers. This type of marketing targets customers through their email
accounts.
e) Magazines and Newspapers - Magazine
and newspaper ads often include a direct response call-to-action, such as
a toll-free number, a coupon redeemable at a brick-and mortar store, or a
QR code that can be scanned by a mobile device — these methods are all
forms of direct marketing, because they elicit a direct and measurable
action from the customer
f) Direct Selling - Selling by
face-to-face contact with the customer for example salespersons
8. Indirect Marketing - Indirect
Marketing is the distribution of a particular product through a channel that
includes one or more resellers.
9. Cross-media Marketing - As the
name suggests, multiple channels like emails, letters, web pages etc are used
to give information about products and services to customers in the form of
cross promotion.