Marketing Study material for SBI PO 2014 Free Download
We all know that SBI is going to recruit a good amount of 1837 candidates as Probationary officers. We also know that marketing is one of the scoring subjects in SBI. As our site has already posted the required materials for computer and general awareness, now we focus on marketing. Our main purpose is to provide marketing basics so that candidates can acquire required marketing knowledge for attempting and scoring good marks in SBI PO exam. You are recommended to have a look on marketing abbreviations before proceeding through this study material.
In this material you can find the detailed explanation regarding types of marketing, you are recommended to study the marketing abbreviations and marketing basics materials provided in our site so that you can gain a basic knowledge on marketing. You can also find good stuff for Computer knowledge, general awareness, arithmetic and high level reasoning which are very important topics for SBI PO 2014 exam scoring.
SBI PO 2014 MARKETING STUDY MATERIAL
MARKETING FUNDAMENTALS
DEFINITION OF MARKETING:
We can define Marketing as the process of selling or purchasing goods or products in a market.
Marketing by nature is both Arts and Science. Marketing is the most important business function for any product or services it determines the tone of product or service and how the customer will interpret and understand the product or service.
MARKETING BASICS:
How Marketing is to be used depends upon the type of product or service for which marketing is to be used
The main objective of Marketing by Traditional Marketing professionals is to just sell the products and services. But now the strategy has changed. Now the main objective of marketing is to sell the product so that the customer gains satisfaction also.
From this we can say that the most powerful element of a market is none other than the customer.
MARKETING APPROACHES:
How Marketing is approached can be divided into two categories as follows:
1. Inbound Marketing:
It mainly focuses on understanding specific customers groups with their specific needs and based on that it forms a product design. The most critical part is determining the features of the product and the language in which it should communicate into the customers.
2. Outbound Marketing:
This is one of the traditional methods of marketing. Here the company contacts the customer through a message. It uses offline methods such as trade shows, mails to customers and calling customers.
4 PS OF MARKETING:
Marketing can be defined as a set of 4 ps. These 4 ps define the principles and basics of marketing. These are also referred by
Neil Borden as “Marketing Mix”..
1. PRODUCT: Identification and selection of right product that satisfies the customer needs
2. PLACE: Selling the product at right place i.e. providing the customer a way of access to the products
3. PRICE: determination of its price
4. PROMOTION: Once you have the product and its price, the next step is to promote the product. So we need to develop and implement our own way of promotional strategy.
TRADITIONAL MARKETING:
This type of marketing is used to refer to old marketing techniques that have been proven successful. In olden day’s television, radio, cold calls etc. were used as a way of promotion of products.
The first step in implementing traditional marketing understands the customer so that we can promote the product using the media preferred by them. Traditional marketing efforts are sometimes also refers as “PUSH” advertising as it pushes message to the audience. After deciding on the traditional marketing approach a company need to detail out the marketing solutions based on
1. Target Audience i.e…Customers
2. Creating content that will optimize customer experience
3. What are all the channels to be used in the media mix.
4. We need to develop various marketing materials for various marketing channels
5. Finally, we need to define benchmarks to compare results of products.
TYPES OF TRADITIONAL MARKETING:
1. PRINT ADVERTISING: It is nothing but advertising through printed means such as newspapers, magazines, brochures etc.
2. TELEVISION: Advertising through TV.
3. RADIO ADVERTISING: Advertising through radio
4. COLD CALLS: calling the customers directly
5. DIRECT MAILS: mails are sent to selected group of customers.
INTERNET MARKETING:
Now-a-days Internet has become a relatively cheaper Marketing channel compared to television and radio counterparts and has gained popularity so soon. Hence we can define Internet Marketing as promotion of products or services online through ads. It is also known as e-Marketing or Internet advertising. There are several channels of Internet Marketing Such as Banners, adds, pay-per-click adds, blog marketing, optimization techniques etc.
For example suppose today if a person wants to buy any product the following steps are followed
1. First he/she searches the Internet for the required product
2. Then we check the relevant results
3. Then we check the ratings and user views on the product.
4. We select the best suited product in terms of features and pricing.
5. We check for a site that offers the best deal
6. Compare offline prices with online prices (generally online prices are cheap)
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