Dear Readers ,
In this post, we are providing you the basic Theory of Marketing .Exams like SBI PO , SBI Clerk ,SBI PO ASSOCIATE and SBI CLERK ASSOCIATE has the questions from marketing. We have also compiled some practice sets which covers almost all the topics of marketing. Here are some Marketing Sets.
Marketing can defined as the process by which an organization communicates to, connects with, and engages its target audience to convey the value of and ultimately sell its products and services. However, since the emergence of digital media, in particular social media and technology innovations, it has increasingly become more about companies building deeper, more meaningful and lasting relationships with the people that they want to buy their products and services. The ever-increasingly fragmented world of media complicates marketers’ ability connect and, at the same, time presents incredible opportunity to forge new territory.
Objectives of Marketing :
a. Increase the demand
b. Provide better quality Product to the customers
c. Create goodwill for the organization
d. Generate profitable sales volumes
e. Provide satisfaction to customers
7P’s of Marketing
7P’s of marketing are sometimes refereed as marketing mix.
7. Physical Evidence
Some of the most popular and effective types of marketing are:
Point of sale marketing: Point of sale marketing refers to all efforts that increase sales at the point the purchase are actually made.
Direct Marketing: Direct marketing occurs when businesses address customers through a multitude of channels, including mail, e-mail, phone, and in person. Direct marketing messages involve a specific “call to action,” such as “Call this toll-free-number” or “Click this link to subscribe.”
Drip Marketing: Drip marketing means sending a steady stream of marketing messages, including emails, social media posts, postcards, phone calls, brochures, and printed newsletters.
Internet Marketing: Internet marketing involve everything like email, SEO, web design and much more to reach an ever-evolving, ever-growing audience.
Few frequently used Selling terms:
Prospect: A prospect means a likely buyer or customer for a particular products or services.
Lead: A lead can be a buyer, a likely customers, a prospective buyer, a target customer.
Call: A call means visiting prospective customers which can be effective by personally calling on prospective customers.
Cold Call: Cold calls are the calls made without prior appointment with the customers which are considered a last resort for the customers.
Conversion: Conversion is the process of converting a prospective client into the buyer
Cross selling: Cross selling means selling the products to the existing customers
Market research in simple terms means to gather the information about the target markets or customers like what are needs and buying habits of the customers etc.
Market targeting refers to choose a group of customers which company wants to adopt as its market.
• Selling of insurance products across bank counters is called Bancassurance.
• Banks are paid fees by the insurance companies for selling their policies.
Some important Marketing abbreviations for SBI Clerk
ATM : Automatic Teller Machine
SWOT : Strengths ,Weakness, Opportunities and Threats
PEST Factors : Political ,Economic ,Socio-Cultural ,Technological
DSA : Direct Selling Agent
NPA : Non-performing Assets
CRM : Customer Relationship Management
HNI: High Networth Individuals
SME : Small and Medium Enterprise
VAT: Value Added Tax
R & D: Research and Development
PLC : Product Life Cycle
FMCG: Frequent Moving Consumer Goods
EOQ : Economic Order Quality