Notes - IHello Readers,As we all know, SBI Associates PO exam will held in the month of November 2014 and Marketing is asked in the exam. Starting today, we will try to provide Notes on Marketing everyday, which will help you in the exam. Hope it helps!!

What is the market?Any structure which may be a place or may not be can be defined as the market that allows buyers and sellers to exchange any type of goods, services and information. It can also be called as an arrangement constructed by buyers and sellers. It facilitates trade and enables the distribution of resources in a society.

Thus a market:1. It establishes the prices of goods and services.2. It consists of systems, institutions, procedures, social relations and infrastructure.3. It brings a sense of competition.4. It works on a basic force of demand and supply.

Types of market:

On the basis of place1. Local market2. National market3. International market

On the basis of time1. Very short period market2. Short period market3. Long period market4. Very long period market

On the basis of competition1. Perfectly competitive It consists many sellers. E.g. Mobile market, internet providers etc.2. Imperfectly competitive(a) Monopoly one seller. E.g. Indian Railway(b) Duopoly two sellers.(c) Oligopoly few sellers. E.g. petroleum product market(d) Monopolistic many sellers

On the basis of product1. Consumer market- These are the markets where products and services bought by consumers for their own and family use.

Types:(a) Fast moving consumers goods (FMCG) High volume Low unit cost Fast and frequent purchase

E.g. Biscuits, soaps, detergents, newspapers etc.

(b) Consumer durables Low volume High unit cost

E.g. Freeze, TV, computers, motorbikes, laptops etc.

(c) Soft goods -It is like consumer durable. Low/high volume High/low unit cost Frequently purchased

E.g.Clothes, shoes, specs etc.

(d) Services Targeted consumers Brand name more important Intangible

E.g. Health insurance, beauty parlours, insurance etc.

2. Industrial market-These markets are not intended directly to consumers but among businessmen. Finished goods market Raw material market Services

E.g. Accountancy, legal advice, security services, waste disposal services etc.

What is a market economy?It is an economy system in which economic decisions regarding monetary control, products and their production and methods and control over distribution are based on supply and demand. These are decided solely by the aggregate interaction of a countrys citizens as consumers and businesses and there is very little government intervention or central planning.

Since in market economy, markets are governed by the law of supply and demand, the market itself will determine the price if goods and services.

Businesses can decide which goods to produce and in what quantity and consumers can decide what they want to purchase and at what price. The prices of goods and services are determined in a free price system. In such economy, the government allows and protects ownership of property and exchange. Government plays an important role as the protector of property rights and individual liberty.

In theory, market economy is completely different from practical market economy. However most developed nations today can be classified as mixed economies, they are often said as market economies because they allow market forces to drive most of their activities, typically engaging in government intervention only to the extent that it is needed to provide stability. It can be contrasted with planned economy or centrally planned economy, in which government decisions drive most aspects of a country's economic activity.

What do you understand by Market Penetration?Market Penetration is basically a strategy to increase the base or market share of the existing product. It is one of the four growth strategies of the product market growth matrix defined by Ansoff. It occurs when a company penetrates a market in which current or similar products already exist.

Market Penetration can be done by the following means:(a) Attracting nonusers of the product(b) Encouraging existing users to use more quantity of products.(c) Advertisement(d) Mega sales(e) Lowering prices(f) Bundling

Market Penetration can also be mathematically calculated using following formula

Market Penetration = (sales volume of the product 100) total sales volume of all competing products.

What is a product?A product can be defined as anything which can be offered to a market to satisfy a need or want. Here want or need can be different from different angles. For example if a product biscuit is sold in a market, it is satisfying the need of stomach of a person and same time maximizing profit of the company selling the biscuit. In retail product are called as merchandise.

Product can be classified as:1. Tangible Vehicle, cloth, gadget etc.2. Intangible Cannot be perceived by touch. E.g. sad songs, action movies etc.3. Branded It carries a brand name.4. Unbranded It does not carry any brand name.

Note Goods, idea, method, information, object or service that is the end result of a process and serves as a need or want satisfier. It is a bundle of tangible and intangible attributes like benefits, features, functions, uses etc. that a seller offers to buyers for purchase.

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1.Marketingis the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.

2. Mass Marketingmeans marketing the mass produced goods.

3.Strategic marketingmeans decision making process that involves the analysis of the internal capabilities and external environment of a company.

4. Stimulation marketingmeans there is no demand for the product and people are not interested to purchase the product hence special offers are given to stimulate the people.

5. Synchrome marketingmeans irregular demand.

6. De-marketingmeans the demand for the product exceeds the supply.

7. Producer goodsmeans goods which are priced high and required a few to produce other goods in the industry ex: lathe, motor etc

8. Consumer goodsare required in large number and directly used by the consumer.

9. Derived goodsmeans the demand for the product is derived from the demand of other products ex: the selling of stabilizer depends upon the selling of TVs and refrigerator.

10.The client of an advertising agency is called Customer.

11. CRMmeans Customer Relationship Management.

12. Segmentation of consumer marketis based on consumer characteristics and consumer responses.

13. B2Bmeans business to business

14. Database marketingis direct form of marketing.

15.A Buyers Marketmeans supply exceeds demands

16. Niche marketmeans a specified market for the target group.

17. HNImarketing means High Networth Individual.

18. Relationship marketingis useful for cross selling of products.

19.Good public relations indicate

Improved marketing skills Improved brand image Improved customer service20. Marketing functions includes

Designing new products Advertisements Publicity After sales service21. Effective selling skills depends on

Effective lead generation Sales call planning Territory allocation Effective communication skills22. Marketing channels mean

Delivery period Delivery outlets Delivery time Delivery place23. Marketing information means

Knowledge level of marketing staffs Information about marketing staff Information regarding share market Knowledge of related markets24.ADSAmeans Direct Selling Agent.

25. Service marketingresorted to in Insurance companies and banks.

26. Service marketing is same as

Internet marketing Telemarketing Internal marketing Relationship marketing27. Market segmentation helps to determine target groups.

28. The seven Ps of marketing

Product Price Place Promoting Process People Physical Evidence29. SWOT Strengths Weakness Opportunities Threats.

30. Standard marketing practicesinclude lowering the selling price.

31.USPof a product means Unique Selling Proposition.Rosser Reeves coined the term USP.

32. MBOmeans Management by Objectives (Peter Drucker)

33.AIDA Attention Interest Desire Action

34.BTL Below the line

35.Right-time marketingis an approach to marketing which selects an appropriate time and place for the delivery of a marketing message.

36.A group of related products manufactured by a single company is calledproduct line.

37. MDSS Marketing Decision Support System.

38. Target group for the marketing of Internet Banking All the computer educated customers.

39. Innovationmeans new ideas and product designing.

40.Service after sale is not the function of marketing staff.

41.Agood sellershould have the following quality/qualities

Devotion to the work Sympathy Submissive42.Planned cost servicemeans additional profit on same cost.

43.A non-traditional, low-cost, flexible and highly effective marketing is termed asGorilla marketing.

44.Theaim of successful marketing isto increase the outlet of the seller.

45.Low end marketmeans a market for lower price products.

46.The strategy used to charge different prices for the same product is calledprice discrimination.

47.The system designed to supportmarketing decision makingis marketing information system.

48. Conversion in marketingmeans converting suspect into prospect.

49. MCmeans Marginal Cost.

50.Personalized marketing(also called personalization, and sometimes called one-to-one marketing) is an extreme form of database marketing.Personalizationtries to make a unique product offered for each customer.

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Dear readers, since Marketing is a major portion of SBI Exams, so here we are presenting you some quick notes on Marketing. Hope they prove to be useful in the upcoming exam.

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. 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:

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:

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Quick notes on MarketingMarketing:Marketing is nothing but to Tell about your product and to sell it.The technical definition isMarketing is the process of planning and executing the concepts, pricing, promotion and distribution of ideas/goods/services to satisfy individual's/organizational.

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.

There are several 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 sending promotional items to Clients. Viral Marketing:Viral Marketing is 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 (Maximum results from Minimum resources) Social Media Marketing:Marketing using online communities, social networks, blog marketing etc is called the social media marketing. Internet Marketing:M marketing of products or services over the Internet is called Internet Marketing. It is also known 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. 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. There are a number of types in direct marketing. Some of them are1. Direct Mail Marketing:Advertising material sent directly to home and business addresses (This is the most common form of direct marketing)2. Telemarketing:It is the second most common form of direct marketing, in which marketers contact consumers by phone.3. Email Marketing:This type of marketing targets customers through their email accounts (you might have observed them in your e mails too) Indirect Marketing:It is the distribution of a particular product through a channel that includes one or more re-sellers.

Difference between Direct and Indirect Marketing:Direct marketing is where the consumer hears about a product or service from a sales person or associate, representing the company offering the product or service.Indirect marketing is where the consumer hears about a product or service from a third party. The third party could consist of word of mouth from another customer, radio, television, newspaper, or billboards.For example, an advertisement may ask the prospect to call on a free phone number, mail in a response or order, or click on a link to a website. This is an example of marketing is Direct Marketing.Example of Indirect marketing is Katrina Kaif, as she markets LUX but she doesnt own that company.

Product Life Cycle (PLC):Product life cycle is a business analysis that attempts to identify a set of common stages in the life of commercial products. In other words the 'Product Life cycle' PLC is used to map the lifespan of the product such as the stages through which a product goes during its lifespan.

IMPORTANT ABBREVIATIONS:

Ad:AdvertisingMKT:MarketingB2B:Business to BusinessF500:Fortune 500EM:EmailDM:Direct MailABM:Account Based marketingTAP:Targeted account programsDM:Digital MarketingSE:Search EngineSERP:Search Engine Results PageSEM:Search Engine MarketingSEO:Search Engine OptimizationSMM:Social Media MarketingSMO:Social Media OptimizationPPC: Pay Per ClickPPA:Pay Per ActionPPI:Pay Per ImpressionPPL:Pay Per LeadCTR:Click through rateCPC:Cost Per ClickCPL:Cost Per LeadCPS:Cost Per SaleCMS:Content Management SystemCRM:Content Relationship ManagementMAP:Marketing Automation PlatformSFA:Sales Force AutomationBI:Business IntelligenceMLM:Multi Level MarketingFDI:Foreign Direct InvestmentPOP:Point of Purchase DisplayR&D:Research and DevelopmentUPC:Universal Product CodePOS:Point of Sale DisplayROI:Return on InvestmentCLS:Costumer Location SystemRPM:Resale Price MaintenanceVAT:Value Added TaxCR:Concession RateDRA:Direct Response AdvertisingCLV:Customer Lifetime ValueeCommerce:Electronic CommerceCRM:Customer Relationship ManagementNPD:New Product DevelopmentROMI:Return on Marketing InvestmentLTV:Life Time ValueBDI:Brand Development IndexCDI:Category Development IndexMR:Market ResearchAIM:Alternative Investment MarketMS:Market ShareTMV:True Market ValueMAA:Marketing Authorization ApplicationMS:Market SurveillanceWOMM:Word of Mouth MarketingIDRA:Industries Development and Regulation ActUX:User ExperienceGRS:Gross rating PointBEP:Break Even PointPAN:Permanent Account NumberIMF:International Monetary FundEOQ:Economic Order quality.

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