All our friends are asking about the previous papers of Marketing for SBI Clerks Online Exam 2014. But we came to know that many of them don't have the basics of Marketing. So we felt it will be helpful for them if we post some basic information about marketing. So friends, before spending your time on old or practice papers just read the below articles first. These are the basics of Marketing. It wont take much time to complete this. But trust us, it will really helpful for you while solving the marketing section of upcoming SBI Clerks Online Exam. Ok, why to waste time? have a look at the following details........
Marketing
Marketing is nothing but to Tell about your product and to Sell it. The technical definition is “ Marketing is the process of planning and executing the concepts, pricing, promotion and distribution of ideas/goods/services to satisfy individual's/organizational “.
TYPES OF MARKET
Consumer Market : Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel and equipment spend a great deal of time trying to establish a superior brand image. But brand strength depends on developing a product and packaging , availability, communication and reliable service.
Business Market : Companies selling business goods and services often face well trained and well informed professional buyers who are in evaluating competitive offerings. Business buyers buy goods in order to make or resell a product to others at a profit. Business marketers must demonstrate how their products will help these buyers achieve higher revenue or low costs.
Global Markets : Companies selling goods and services in the global market place additional decisions and challenges. They must decide with in countries how to enter each country, how to adopt their products and service features to each country. How to price their products in different countries and ow to adopt their communications to fit different cultures. These decisions must be made in the face of different requirements for buying, negotiating, owing and disposing of property, different culture, language, legal and political systems and currency value.
Non Profit and Government markets : Companies selling their goods to nonprofit organizations such as Churches, Universities, Charitable organizations or government agencies need to price carefully because these organizations have limited purchasing power. Lower prices affect on the features and qualities of products.
There are ceveral types of marketing are there, some of them are
Bench Marketing
Drip Marketing
Viral Marketing
Guerilla Marketing?
Social Media Marketing
Direct Marketing
If the company directly reaches to the customers on a personal basis (ex : phone calls, private mailings, etc) rather than traditional channel of advertising (like TV, Newspapers, etc) then that type of marketing is called the Direct Marketing.
Indirect Marketing
Difference between Direct and Indirect Marketings :
In Direct marketing you advertise your own products or services. But in Indirect marketing you advertise somebody else’s Product.
Ex : Example of direct marketing is Shivani Sharma… As she markets her blog on her own. Example of Indirect marketing is Katrina Kaif, as she markets LUX but she doesn’t own that company ;)
Internet Marketing
Digital Marketing
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Marketing Mix (4 Ps) :
The Marketing Mix model (also known as the 4 P's) is a tool used by marketers while defining the marketing strategy. Iif you could identify the right combination of these elements, your marketing would succeed. E. Jerome McCarthy introduced the 4 P's of Marketing as a way to describe the mix of factors required to successfully market a product.
The 4 P’s are :
5 P’s of Marketing :
7 P’s of marketing
Important Note : Here the first 4 P's are considered as the basis of any marketing process. The last 3 P's are a recently added.
SWOT Analysis
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) is a tool for auditing an organization and its environment. The SWOT Analysis is the first stage of planning and helps marketers to focus on key issues. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.
Customer Relationship Management (CRM)
In order to sell my product, I should maintain good Customer Relations. I mean I should interact with customers and know their needs and according to that I have to design my product. This is called Customer Relationship Management (CRM in short). The CRM concerns the relationship between the organization and its customers (to learn more about customers' needs and behaviors in order to develop stronger relationships with them).
Three Levels of a Product
Market Research
Researching (or gathering information) about Customers or Market. I mean, to discover what customers want, need, or believe (and ofcourse, how the Act). Once you came to know all the details then you can easilea get an idea on how to market your product.
Market Information
The Information about Market. I mean the information like the prices of the different commodities in the market, and getting the Demand and Supply information.
Market Segmentation
Market Segmentation is nothing but dividing the market into Parts. Into different homogeneous groups of consumers. The purpose of this is to allow your marketing program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing expenditures.
Branding
Displaying the importance of the product and other things in the form of Logo is called Branding (this logo may consists some symbols, colours and letters)
Marketing
Marketing is nothing but to Tell about your product and to Sell it. The technical definition is “ Marketing is the process of planning and executing the concepts, pricing, promotion and distribution of ideas/goods/services to satisfy individual's/organizational “.
TYPES OF MARKET
Consumer Market : Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel and equipment spend a great deal of time trying to establish a superior brand image. But brand strength depends on developing a product and packaging , availability, communication and reliable service.
Business Market : Companies selling business goods and services often face well trained and well informed professional buyers who are in evaluating competitive offerings. Business buyers buy goods in order to make or resell a product to others at a profit. Business marketers must demonstrate how their products will help these buyers achieve higher revenue or low costs.
Global Markets : Companies selling goods and services in the global market place additional decisions and challenges. They must decide with in countries how to enter each country, how to adopt their products and service features to each country. How to price their products in different countries and ow to adopt their communications to fit different cultures. These decisions must be made in the face of different requirements for buying, negotiating, owing and disposing of property, different culture, language, legal and political systems and currency value.
Non Profit and Government markets : Companies selling their goods to nonprofit organizations such as Churches, Universities, Charitable organizations or government agencies need to price carefully because these organizations have limited purchasing power. Lower prices affect on the features and qualities of products.
There are ceveral types of marketing are there, some of them are
Bench Marketing
- The Bench Marketing is nothing but the comparison of the business processes with competitors and improving prevailing ones.
Drip Marketing
- Drip Marketing is nothing but sending promotional items to Clients.
Viral Marketing
- Viral Marketing is nothing but, Marketing by the word of the mouth, having a high pass-rate from person to. The best example for this is Creating a 'buzz' in the industry.
Guerilla Marketing?
- Guerilla Marketing is an Unconventional marketing intended to get maximum results from minimal resources. (just remember Maximum results from Minimum resources)
Social Media Marketing
- Marketing using online communities, social networks, blog marketing etc is called the social media marketing.
Direct Marketing
If the company directly reaches to the customers on a personal basis (ex : phone calls, private mailings, etc) rather than traditional channel of advertising (like TV, Newspapers, etc) then that type of marketing is called the Direct Marketing.
Types : There are number of types in direct marketing, Some of them are……
- Direct Mail Marketing : Advertising material sent directly to home and business addresses (This is the most common form of direct marketing)
- Telemarketing : It is the second most common form of direct marketing, in which marketers contact consumers by phone.
- Email Marketing: This type of marketing targets customers through their email accounts (you might have observed them in your e mails too)
Indirect Marketing
- Distributing a particular product through a channel that includes one or more resellers is called Indirect Markeging (simply we can say that telling about our product indirectly)
Difference between Direct and Indirect Marketings :
In Direct marketing you advertise your own products or services. But in Indirect marketing you advertise somebody else’s Product.
Ex : Example of direct marketing is Shivani Sharma… As she markets her blog on her own. Example of Indirect marketing is Katrina Kaif, as she markets LUX but she doesn’t own that company ;)
Internet Marketing
- M marketing of products or services over the Internet is called Internet Marketing. It is also know as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM) and e-Marketing.
Digital Marketing
- The marketing which uses digital advertising is called digital marketing. Television, Radio, Internet, mobile etc.
Marketing Mix (4 Ps) :
The Marketing Mix model (also known as the 4 P's) is a tool used by marketers while defining the marketing strategy. Iif you could identify the right combination of these elements, your marketing would succeed. E. Jerome McCarthy introduced the 4 P's of Marketing as a way to describe the mix of factors required to successfully market a product.
The 4 P’s are :
- Product
- Price
- Promotion
- Place (distribution)
5 P’s of Marketing :
4 P’s
- Product
- Price
- Promotion
- Place (distribution) and
- People
- Packaging
- Process
7 P’s of marketing
- Product
- Price
- Place
- Promotion
- People
- Process
- Physical evidence
Important Note : Here the first 4 P's are considered as the basis of any marketing process. The last 3 P's are a recently added.
SWOT Analysis
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) is a tool for auditing an organization and its environment. The SWOT Analysis is the first stage of planning and helps marketers to focus on key issues. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.
Customer Relationship Management (CRM)
In order to sell my product, I should maintain good Customer Relations. I mean I should interact with customers and know their needs and according to that I have to design my product. This is called Customer Relationship Management (CRM in short). The CRM concerns the relationship between the organization and its customers (to learn more about customers' needs and behaviors in order to develop stronger relationships with them).
Three Levels of a Product
- Core Product
- Actual Product
- Augmented Product
Market Research
Researching (or gathering information) about Customers or Market. I mean, to discover what customers want, need, or believe (and ofcourse, how the Act). Once you came to know all the details then you can easilea get an idea on how to market your product.
Market Information
The Information about Market. I mean the information like the prices of the different commodities in the market, and getting the Demand and Supply information.
Market Segmentation
Market Segmentation is nothing but dividing the market into Parts. Into different homogeneous groups of consumers. The purpose of this is to allow your marketing program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing expenditures.
Branding
Displaying the importance of the product and other things in the form of Logo is called Branding (this logo may consists some symbols, colours and letters)
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