Banking

  Introduction   Marketing is about identifying and meeting human and social needs. It is the process of communicating the value of a product or service to customers, for selling that product or service. Marketing is a societal 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.   Nature of Marketing

• Marketing is a human activity.
• Marketing is a social-economic activity.
• Marketing is consumer-oriented process.
• The core of marketing is product or service.
• Marketing is based on exchange.
• Marketing is both art and science.
• Marketing is an universal activity.

  Characteristics of Marketing

• Marketing is a socially pervasive process
• Organisation-wide function
• Marketing is both a science and art
• Voluntary exchange of values
• Achievement of organizational objectives and customer needs
• Selection of target markets
• Beneficial to more...

  Introduction   Marketing environment refers to the factors and forces that affect a firm's ability to build and maintain successful relationship with customers. Some of the factors are controllable, while some others are uncontrollable. It is the responsibility of the marketing manager to change the company's Policies along with the changing environment.  

• Nature of Marketing Environment
• Changes as per environment
• Communication
• Challenges
• Wide market

  Characteristics of Marketing Environment  

• Marketing environment plays a vital role while taking decisions related to marketing.
• Its limit is decided on the basis of geographical factors.
• There are some non-controllable variables included in marketing environment which effect the potentiality of a company and provide new direction to the market.
• New opportunities and risks always rise in the marketing environment which reinforces marketing experiments and research.
• Consumers are divided in homogeneous sections for marketing of a more...

  Introduction   Marketing mix is an important concept in modern marketing. It is the crux of marketing process. It refers to the set of actions or tactics, that a company uses to promote its brand or product in the market. It includes almost everything that a firm uses to affect consumers perceptions favourably towards its products or services, so that the consumer and organisational objectives can be achieved. However, the 4Ps remain the most popular classification in terms of marketing mix. In 1990, Robert F Lauterborn   proposed a 4Cs classification, which is a more consumer-oriented version of the 4Ps.

• Elements of Marketing Mix

            The elements or components of marketing mix may be grouped broadly under the following four heads

Product

Price         

Place

Promotion

  Product   Product refers to the goods and services offered by the organisation for sale to the more...

  Consumer   A consumer is an individual, who buys products or services for personal use and not for manufacture or resale. A consumer may be a person or group of people such as a household who are the final users of products or services.

• Classification of Consumer

Consumers are mainly classified into two groups

Individual consumer

Commercial Consumer

Individual consumer buys the products and services for his own and his family or friends whereas commercial consumer buys products or services for manufacturing or reselling.               

• Nature of India Consumer
• Tendency of bargaining.
• More focus on price than its quality.
• Lack of awareness in the consumer for brand or trademark.
• Attraction for changed consumption structures like car, scooter, coloured television, refrigerator, washing machine etc.

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  Introduction   The market for any product is normally made up of several segments. A market segment consists of a group of customers who share a similar set of needs and wants. Market segmentation is a marketing strategy when the marketer divided a broad target market into subsets of consumers who have common needs and priorities and then designing and implementing strategies to target them.   Objectives of Market Segmentation  

• To identify the needs, tastes, priorities, buying motives of the target consumers.
• To make grouping of customers on the basis of their homogeneous characteristics such as nature, habit, behaviour, income, age, education, profession, religion, etc.
• To make the activities of the firm consumer oriented.
• To determine marketing strategies, targets and goals of the firm.
• To identify the areas where the customers may be created and market area can be expanded.

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  Introduction   Marketing management is a business discipline which focuses on the practical application of marketing techniques and the management of a firms marketing resources and activities. Marketing management employs various tools from economies and competitive strategy to analyse the industry, context in which the firm operates.  

• Characteristics of Marketing Management
• Marketing management is consumer oriented.
• Marketing management is a specialised branch of general management.
• It considers consumer satisfaction as a marketing activity.
• It is based on the principle of socio-economic satisfaction.
• It lays emphasis on beneficial results of sale instead of quantity of sale.
• It lays emphasis on integrated marketing.

 

• Objectives of Marketing Management
• To determine the marketing objectives for which all the functions will be performed.
• Forecasting sales for future, preparation of marketing programmes, formulation of marketing policies and strategies regarding production, more...

  Product   A product may be defined as a bundle of utilities consisting of various features and accompanying services. The bundle of utilities or the physical and psychological satisfactions that the buyer receives is provided by the seller when he sells a particular combination of product features and associated services.

• Importance of Product
• Product is the central point of all kinds of marketing activities.
• Any marketing activity is not possible without any product.
• Sales, advertisement, sales promotion, etc depend only on product.
• Price of a product, its distribution and policies related to it, are based on it.
• Product planning and its development affects the life of a product.
• Many persons get employment due to the product.
• Decisions related to any product are the main causes of the prosperity or failure of any business.
• Classification of Product

Products or goods can be classified into more...

  Introduction   Most producers do not sell their goods directly to the final users, between them stands a set of intermediaries performing a variety of functions. These intermediaries constitute a marketing channel. So, marketing channels are a set of interdependent organizations (intermediaries) involved in the process of making a product or service available for use or consumption by the consumer or business user. A channel of distribution is the path a product takes from the producer or manufacturer to the final user.  

• Importance of Distribution Channels
• Distribution channel reduces the cost of any transaction by routinisation of purchasing decisions.
• They act as communication agent which often guide the consumers in right direction to fulfill their wants.
• A distribution channel is important for understanding the logistics of the business.
• It helps in managing, planning, producement, transporting and storage of products.
• They help to reduce more...

  Introduction   Pricing is the most crucial aspect of marketing management since it has significant economic and social implications. Price is the amount of money and/or other item with utility needed to acquire a product. The businessmen want to get the highest possible price for the products, he sells whereas the consumer wishes to pay the least possible price for his purchases.  

• Importance of Pricing in Business
• Price determines the demand of a product.
• Prices also help the business system in allocating its scarce resources economically.
• In a free market system, price mechanisms consider able impact upon the competitive strength of different firms.
• Price is very important element in determining both the revenue and profit of the enterprise.
• Pricing can regulate the competition in the market.
• Price affects the total sales, more...