Marketing

Marketing

• 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.
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• 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:

               

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• 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.