Lesson-1 on Marketing

Question: What is Marketing?

Answer:

Marketing is the performance of business activity that directs the flow of goods & services from producer to consumer.

Marketing Activities

01. Selling

02. Distribution

03. Promotion

04. Pricing.

Marketing Mix

01. Product

02. Price

03. Place

04. Promotion

05. Packaging

Question: What do you mean by tailored Marketing?

Answer:

 Design your product based on consumer’s desire.

Question: What do you mean by Marketing Myopia?

Answer:

Sellers who concentrate their thinking on the physical products instead of the customer’s need are said to suffer from marketing myopia.

Question: What are the differences between Marketing concept & Selling Concept?

Answer:

Marketing Concept

Ø Based on consumer needs.

Ø Profit through customer satisfaction

Ø Pull the products

Selling Concept

Ø Focuses only on the products

Ø Profit through sales volume

Ø Push the products.

Question: What do you mean by Market Segmentation?

Answer:

Market Segmentation

Dividing the market into various group of consumers having different needs.

1.     Geographic Segmentation (Segmentation by Nation, City, States)

2.     Demographic (Segmentation by Age, Sex, Income, Education etc.)

3.     Psychographic (Life style, Personality)

4.     Behavioral

 Question: What do you mean by Market Positioning?

Answer:

Arranging for a product to occupy a clear, distinctive & desirable place relative to competing products in the minds of target customers.

Question: What do you mean by Cash Cow?

Answer:

Ø These are established & successful business unit need less involvement /improvement.

Ø High business share in the market.

Ø Generates a lot of cash from the business

Question: What do you mean by Marketing Strategy?

Answer:

Marketing Strategy

A systematic course of action and allocation of resources to achieve company objectives.

Question: What are different types of marketing strategy for Banks?

Answer:

01. Defensive strategy

02. Offensive Strategy

03. Rationalization strategy

Question:  What are Major characteristics of Bank Services?

Answer:

01. Intangibility

02. Inseparability

03. Geographical Dispersion

04. Highly individualized marketing System

05. Lack of Special identity (Products are very much similar among Banks)

06. Wide range of products & Services

Related post