Marketing Notes for SBI Associates PO

8/10/2019 Marketing Notes for SBI Associates PO

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Marketing Notes for SBI Associates PO - 2014Dear readers, since Marketing is a major portion of SBI Exams, so here we are presenting you somequick 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 rightplace, 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 superiorcustomer value.

Market Research:It is a process of collection and analyzing information regarding customerneeds and buying habits, the nature of competition in the market, prevailing prices, distributionnetwork, effectiveness of advertising media etc for arriving at a decision.

Relationship Marketing:It is basically building mutually satisfying long term relationships withkey parties like customers, suppliers, distributors and other marketing partners in order to earnand retain their business.

Direct Marketing:It consists of a manufacturer selling directly to the final customer. It is alsocalled zero level channel. The major examples are door-to-door sales, telemarketing, Internetselling etc.

Packaging:It involves putting the goods in attractive packets according to the convenience ofconsumers. Well designed packages can build brand equity and drive sales. The package is thebuyer'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 thetarget audience through paid personnel of the company or its agents for making sales.

SWOT Analysis:

PEST Analysis:
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Marketing Mix (4P's):

Product, Price, Place, Promotion

Viral Marketing:Marketing by the word of mouth having a high pass route from person to personis called viral marketing. It can create a splash in the market place to showcase a brand and itsnoteworthy features.

Product Policy:It is concerned with defining the type, volume and timing of the products acompany offer for sale.

Rights of consumers:Right to safety, Right to be informed, Right to choose, Right to be heardRight 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 tocustomer needs, convincing the customers of product benefits & responding to questions andobjections of customers.

SME's:It stands for Small & Medium Enterprises.

Market Expansion:It is growth in sales through existing and new products by adoptingcompetitive strategies. It includes expanding the total market, defending market share, expandingmarket share etc.

Product Diversification:It refers to manufacturing or distributing more than one product by theproducer or dealer.

Marketing Plan:It is a written document that summarizes what the marketer has learned aboutthe market place and indicates how the firm plans to reach its marketing objectives. It is the oneof 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 ofproducts 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 involvesthe transfer of ownership of goods to create possession utility.

Bench Marketing:A comparison of the business processes with competitors and improvingprevailing ones is called bench marketing.

Qualities of a good seller:Devotion to the work, Submissive, Sympathy, Active mind set,Communication skill, Creativity, Motivation.
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Prospect:A 'likely' interested customer of the bank is termed as a prospect.

Customer Relationship Management (CRM):It allows the company to discover whom itscustomers are, how they behave and what they need or want. It also enables the company torespond 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, distributionchannels, 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 ofletters, symbols and colours is known as branding.

Sales Forecasting:The method of estimating volume of sales that a company can expect toattain within a planned period is called sales forecasting.

Marketing for Growth:

Advertising:Any paid form of non-personal presentation and promotion of ideas, goods orservices by an identified sponsor.

Segmentation:The process of dividing a market into a number of sub markets is known asmarket segmentation.

Positioning:The development of marketing mix to influence a customer's perception of a brandis called positioning.

Consumer Behaviour:A consumer's buying behaviour is influenced by cultural, social, personaland psychological factors.

Promotion:When a marketer persuades a person or group of prospective buyers, thecommunication is termed as promotion.

Product Life Cycle (PLC):It is the life period of product in the market. The different stagesincludes Introduction, Growth, Maturity, Decline.

Bancassurance:Bancassurance simply means selling of insurance products by banks. In thisarrangement, insurance companies and banks undergo a tie-up, thereby allowing banks to sellthe insurance products to its customers.

Consumer Goods:Goods meant for personal consumption by the households or ultimateconsumers are called consumer goods. It includes items like groceries, cloths etc.

Industrial Goods:Goods meant for consumption as use as inputs in production of otherproducts orprovision of some service are termed as industrial goods.

Demarketing:Marketing aimed at limiting market growth; for example, some governmentspractice demarketing to conserve natural resources, and organizations use a demarketing
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approach when there is so much demand that that are unable to serve the needs of all potentialcustomers adequately.

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Marketing quick notes for SBI Associates 2014Dear readers, Here we are presenting you some quick notes on Marketing which will be helpful in the upcoming SBI

Associates PO - 2014 Exam.

Quick Notes:

1. Marketing is the process of communicating the value of a product or service to customers, for thepurpose 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 internalcapabilities and external environment of a company.

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

5. Synchrome marketing means irregular demand.

6. De-marketing means the demand for the product exceeds the supply.

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

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

9. Derived goods means 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. B2Bmeansbusiness to business

14. Database marketingis direct form of marketing.

15.A Buyers Marketmeans supply exceeds demands

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

17. HNI marketing 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 service

20. Marketing functions includes


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Designing new products

Advertisements

Publicity

After sales service

21. Effective selling skills depends on

Effective lead generation

Sales call planning

Territory allocation

Effective communication skills

22. Marketing channels mean

Delivery period

Delivery outlets

Delivery time

Delivery place

23. Marketing information means

Knowledge level of marketing staffs

Information about marketing staff

Information regarding share market

Knowledge of related markets

24.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 marketing

27. Market segmentation helps to determine target groups.

28. The seven Ps of marketing

Product

Price

Place Promoting

Process

People

Physical Evidence

29. SWOTStrengths Weakness Opportunities Threats.

30. Standard marketing practicesinclude lowering the selling price.


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

32. MBOmeans Management by Objectives (Peter Drucker)

33.AIDAAttention Interest Desire Action

34. BTLBelow the line

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

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

37. MDSSMarketing Decision Support System.

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

39. Innovation means new ideas and product designing.

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

41.Agood seller should have the following quality/qualities

Devotion to the work

Sympathy

Submissive

42.Planned cost servicemeansadditional profit on same cost.

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

44.The aim 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 called price discrimination.

47. The system designed to supportmarketing decision makingismarketing information system.

48. Conversion in marketingmeans converting suspect into prospect.

49. MC meansMarginal 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 eachcustomer.

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Quick notes on Marketing

Marketing: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 purposeof 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 businessprocesses 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 ratefrom 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 maximumresults from minimal resources (Maximum results from Minimum resources)

Social Media Marketing: Marketing using online communities, social networks, blog marketingetc is called the social media marketing.

Internet Marketing: M marketing of products or services over the Internet is called InternetMarketing. It is also known as i-marketing, web-marketing, online-marketing, Search EngineMarketing (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 numberof types in direct marketing. Some of them are

1. Direct Mail Marketing:Advertising material sent directly to home and business addresses (Thisis the most common form of direct marketing)

2. Telemarketing: It is the second most common form of direct marketing, in which marketerscontact consumers by phone.

3. Email Marketing: This type of marketing targets customers through their email accounts (youmight have observed them in your e mails too)

Indirect Marketing: It is the distribution of a particular product through a channel that includesone 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 orassociate, 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 thirdparty 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 responseor 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


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common stages in the life of commercial products. In other words the 'Product Life cycle' PLC is used tomap 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 Mail
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ABM: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 Platform

SFA: 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 Rate

DRA: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 Value

MAA: 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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SBI ASSOCIATES PO 2014 - Marketing Notes - IHello Readers,

As we all know, SBI Associates PO exam will held in the month of November 2014 and Marketing isasked in the exam. Starting today, we will try to provide Notes on Marketing everyday, which will help youin 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 andsellers to exchange any type of goods, services and information. It can also be called as an arrangementconstructed by buyers and sellers. It facilitates trade and enables the distribution of resources in asociety.

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 competitiveIt consists many sellers. E.g.Mobile market, internet providers etc.2. Imperfectly competitive(a) Monopolyone seller. E.g.Indian Railway(b) Duopolytwo sellers.(c) Oligopolyfew sellers. E.g.petroleum product market(d) Monopolisticmany 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
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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 theirproduction and methods and control over distribution are based on supply and demand. These aredecided solely by the aggregate interaction of a countrys citizens as consumers and businesses andthere 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 willdetermine the price if goods and services.

Businesses can decide which goods to produce and in what quantity and consumers can decide whatthey want to purchase and at what price. The prices of goods and services are determined in a free pricesystem. 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


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developed nations today can be classified as mixed economies, they are often said as market economiesbecause they allow market forces to drive most of their activities, typically engaging in governmentintervention only to the extent that it is needed to provide stability. It can be contrasted with plannedeconomy or centrally planned economy, in which government decisions drive most aspects of a country'seconomic 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. Itis one of the four growth strategies of the product market growth matrix defined by Ansoff. It occurswhen 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 competingproducts.

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

Product can be classified as:1. TangibleVehicle, cloth, gadget etc.2. IntangibleCannot be perceived by touch. E.g.sad songs, action movies etc.

3. BrandedIt carries a brand name.4. UnbrandedIt does not carry any brand name.

Note Goods, idea, method, information, object or service that is the end result of a process and servesas 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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SBI ASSOCIATES PO 2014 - Marketing Notes - IIHello Readers,As promised, here we are providing you all the Marketing Notes for SBI Associates PO 2014. Please referto the previous post of the Marketing Notes too. The link is given at the end of the post. Happy Reading!!

What is a good?

It can be defined as something that is intended to satisfy some wants or needs of a customer with someeconomic utility.

Types:

On the basis of tangibility(a) Tangible goodsHowever in economics, all goods are considered tangible but in reality certainclasses are not tangible like information. All tangible goods occupy physical space.

(b) Intangible goods - Cannot be perceived by touch. E.g. information (it is different from servicesbecause final in goods can be transferrable and traded but not services)On the basis of relative elasticity

(a) Elastic goodsIt is one for which there is a relatively large change in quantity due to a relativelysmall change in the price.

(b) Inelastic goodsIt is one for which there is very little change in quantity due to relative change in theprice.

Note1. Normal goodsElasticity is greater than zero.2. Inferior goodsElasticity is smaller than zero.3. Luxury goodsElasticity is greater than one.4. Necessary goodsElasticity is less than one.

Other types:

(a) Convenience goodsThese are easily available to consumers without any extra efforts. It mostlycomprises non-durable goods. E.g.fast foods, sweets, cigarettes, etc.(b) Staple convenience goodsThis type comprises basic demands like breed, sugar, milk etc.(c) Impulse convenience goodsThese are goods which are bought without any prior planning withimpulse. E.g.Candies, chocolates, wafers.(d) Consumer goodsThese are final goods that are brought from retail stores to meet the needs andwants.(e) Emergency goodsThese are goods that are bought quickly when they are urgently needed in thetime of the crisis. These are typically distributed at the stores.E.g.Tents, flashlights, lighters, shovels, umbrellas etc.(f) Specialty goodsThese goods are unique or special enough to persuade the consumer to exertunusual effort to obtain them. It means that they are bought after extensive research. E.g.Designerclothes, painting, perfumes, limited edition cars, stunning design, typically expensive, antiques, diamonds,wedding gowns etc.

What is a customer?Customer can be defined as the recipient of a good, service, product or idea obtained from a seller,vendor or supplier for a monetary or their valuable consideration.

Types:(a) Intermediate customerThese are who purchases goods for resale.(b)Ultimate customerThese are consumers.


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What is a Captive Market?Captive markets are markets where the potential consumers face a severely limited amount ofcompetitive suppliers Their only choices are to purchase what is available or to make no purchase at all.Captive markets result in higher prices and less diversity for consumers. The term therefore applies toany market where there is a monopoly or oligopoly.

Examples of captive market environments include the food markets in cinemas, airports, andsports arenas and food in jails prisons.

What is Marketing?Marketing is the activity, set of institutions and process for creating, communicating, delivering andexchanging offerings that have value for customers, clients, partners and society at large. It is a functionthat links consumers, public to the marketer of a product through information. Here the informationaddresses the issues regarding all aspects of the products. Products can be tangible or intangible. Itdiffers from selling because in selling, the main motive remains the maximization of profit by way of sellinga product but with absence of value but in marketing value is also considered at the par with profit. Somarketing is a integrated effort to discover, create, raise and satisfy customer needs with values. It is oneof the competing concepts which can be looked as an organizational umbrella function to benefit theorganization with superior customer value.

What is niche marketing?Niche marketing is a type of marketing in which a narrowly defined customer group is targeted. It focuseson small segment of consumers who have unique and similar needs.

The market in which this marketing technique is applied is called niche market. E.g.Blackberryapplication or Android application, sports car, luxury cars, internet based marketing etc.

This technique of marketing can be contrasted with mass marketing.

What is Relationship Marketing?Relationship Marketing is a technique of marketing which involves creating and maintaining strong tieswith customers and other parties like dealers, suppliers, contractors, shareholders, stakeholders,employees etc.

This technique revolves around a concentric chain of long term relationship. It also includes PartnerRelationship Management (PRM) apart from Customer Relationship Management (CRM). Its mainobjective is to find, maintain and enhance the customer base and mutually long term satisfyingrelationship.In Relationship Management buyer and seller continuously improves their understanding andthus they build up more loyalty towards each other. The final product of this system is aunique asset that is marketing network.

This marketing technique includes following steps:

Creating a customer database

Identifying key customers

Creating details

Getting closer through different channels Maintaining relationship

Advantages of Relationship Management

Consistency of business within the marketing network

Long term brand recognition

Easy redressal of customer grievances


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SBI Assocaites PO - Marketing Notes - IIIHello Readers,Here, we are presenting you the "Notes on Marketing" for SBI Associates 2014. Hope you like the post!!!

What is marketing process?This is the process, which is performed by marketing managers using all marketing mixes as and whenrequired. The marketing process involves the following variables:(a) The product itself(b) Place for selling(c) Marketing channel(d) Price

These variables combine in a market offering which the consumers may decide to buy if it providessatisfaction as per their needs. The marketing process seems t o be very easy in theory However it isvery complex one to perform. If any small change occurs in the marketing environment, the wholeconcept of marketing offering and strategy changes drastically.

What is cross selling?Cross selling is the practice of selling an additional product or service to an existing customer. Theobjectives of cross selling can be either to increase the income derived from the client or clients or toprotect the relationship with the client or clients. The approach to the process of cross selling can bevaried. Unlike the acquiring of new business, cross selling involves an element of risk that existingrelationships with the client could be disrupted. For that reason, it is important to ensure that theadditional product or service being sold to the client or clients enhances the value the client or clients getfrom the organization. In practice, large businesses usually combine cross selling and upsellingtechniques to enhance the value that the client or clients gets from the organization (and vice versa).

For the cross selling there can be substantial barriers.

Let us see some of them:1. Presence of multiple vendors.2. Different purchasing points within an account, which reduce the ability to treat the customer like asingle account.3. The fear of the incumbent business unit that its colleagues would spoil their work at the client, resultingwith the loss of the account for all units of the firm.

Let us see some forms of cross selling:Selling addon services--- is another form of cross selling. That happens when a supplier shows acustomer that it can enhance the value of its service by buying another from a different part of thesupplier's company. When one buys an appliance, the salesperson will offer to sell insurance beyond theterms of the warranty. Though common, that kind of cross selling can leave a customer feeling poorlyused. The customer might ask the appliance salesperson why he needs insurance on a brand newrefrigerator, "Is it really likely to break in just nine months?"

The kind of cross selling can be called selling a solution. In this case, the customer purchasing a TV isprovided with Direct to home inbuilt set top box. In this case customer can be relived from purchasing aset top box to watch different channels.

Examples of cross selling1. A CDMA mobile2. A Life Insurance company suggesting its customer sign up for car or health insurance.3. A television brand suggesting its customers go for a set top box of its or another's brand. 4. A laptop seller offering a customer a mouse, pen drive, and or accessories.


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5. A shampoo seller suggesting conditioner of its own company for better result.

What is SWOT analysis?It is a structured planning method proposed by Albert Humphrey. It is used to analyse the followingfactors of an organization:(a) StrengthsIt includes all the characteristics of a company which is not with other companies. It needsto be exploited.(b) WeaknessIt gives a inside look of the areas where there is scope for improvement(c) OpportunitiesIt includes external chances that can be used to improve performance of the company.(d) ThreatsIt includes external as well as internal elements that could cause trouble for a project. It canbe looming or sleeping.What is USP in marketing?

USP stands for Unique Selling Proposition. The unique selling proposition (USP) is a marketing conceptthat was first proposed as a theory to understand a pattern among successful advertising campaigns ofthe early 1940s. It states that such campaigns made unique propositions to the customer and that thisconvinced them to switch brands.

The term was invented by Rosser Reeves of Ted Bates & Company. Today the term is used in otherfields or just casually to refer to any aspect of an object that differentiates it from similar objects.

So, USP basically provides uniqueness to a particular product. It impresses a viewer/audience so muchthat the voice or view of the Ads buzzes into their ears. For example for this site that you are using now, Ican propose USP tuition till your service.

So, through USP, a seller tries to present his product as a unique one and better than all othercompetitive products. It provides an instant theme for the buyer to purchase the product.

What is Upselling?Upselling is a sales technique whereby a seller induces the customer to purchase more expensive items,upgrades, or other add-ons in an attempt to make a more profitable sale.

Upselling usually involves marketing more profitable services or products but can also be simply exposingthe customer to other options that were perhaps not considered previously.

Upselling implies selling something that is more profitable or otherwise preferable for theseller instead of, or in addition to, the original sale.

In a restaurant and other similar settings, upselling is commonplace and an accepted form of business. Inother businesses, such as car sales, the customers perception of the attempted upsell can be viewednegatively and thereby affect the desired result.

Some examples of upsales include:(a) Suggesting a premium brand of alcohol when a brand is not specified by a customer(b) Selling an extended service contract for an appliance(c) Suggesting a customer purchase more RAM or a larger hard drive when servicing his or her computer(d) Selling luxury finishing on a vehicle

(e) Suggesting a brand of watch that the customer hasn't previously heard of as an alternative to the onebeing considered.(f) Suggesting a customer purchase a more extensive car wash package.(g) Asking the customer to super-size a meal or add cheese at a fast food restaurant.

TechniquesA common technique for successful upsellers is becoming aware of a customer's background and budget,allowing the upsellers to understand better what that particular purchaser might need.Another way ofupselling is creating fear over the durability of the purchase, particularly effective on expensive items suchas electronics, where an extended warranty can offer peace of mind. The vendor can tell that you are only


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investing not so much money so, this particular thing cannot be so durable. Upselling also works withitems like cars, where the seller suggests doing rubber paint inside the chassis to make the car moredurable.

SBI Associate PO - Marketing Notes - IVHello Readers,Here, we are presenting you the "Notes on Marketing" for SBI Associates 2014. Hope you like the post!!!

What is product life cycle management?This management is a process of managing a product throughout its lifecycle. It starts from itsintroduction, growth, maturity and disposal.This management integrates people, data, processes and business systems. It works in the followingareas:(a) Product system engineering(b) Product and portfolio management(c) Product design(d) Manufacturing process management(e) Product data management

This management process basically involves:(a) ConceiveImagine, specify, plan, innovate(b) DesignDescribe, define, develop, test, validate(c) RealizeMake, procure, produce, deliver, launch(d) ServiceMaintain, support, sustain(e) DisposeRecycle, disposal, retire

What is product life cycle?In the same fashion of our life cycle i.e. birth, growth, maturity and finally death, a product also goesthrough a life cycle which consists of following stages:(a) Product introduction/market developmentthis is the stage when a new product is first brought tomarket. It can be on the basis of demand or innovation of a company. In this stage sales are low and

slow. However, thanks to our communication channels and modern management techniques that at thisstage also sales goes up.

(b) Market growthat this stage the demand begins to accelerate and it takes off.

(c) Maturity

(d) Disposal

What is marketing management?It is a business discipline which applies different type of marketing techniques, resources, and trends. Theapplication of this discipline can vary significantly based on businesss size, culture and environment.

Marketing management employs various tools like SWOT analysis, product positioning, productdifferentiation, value chain analysis, strategic group analysis, statistical surveys, ethnographicobservations, competitive intelligence, environment scanning etc.

So, this discipline is very broad one and to create an effective marketing management, it is verynecessary for a company to have its elaborated and objective understanding of its own business modeland markets.

What is marketing environment?It is an umbrella term used for forces and variables inside as well outside the organization which influence


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the decision of marketing managers.

Marketing environment comprises trends that appear and disappear and determine the success of theorganization marketing efforts. For better marketing and formulation of a marketing strategy, it isnecessary to scan internal and external marketing environment variables.

Marketing environment can be classified into three groups: (a) Micro (internal) Objective of the company Finance Resources like man power, raw material, capitaletc.(b)Macro (external) Technology Economic Social Physical National/international(c) Market (just outside) Competitors Intermediaries Suppliers Threats Opportunities

What is marketing mix?Marketing mix is a tool in the hand of marketer, which is a mixture of several ideas and plans, to promotea particular product. Different models of marketing mix:

Four P model--This is also known as producer oriented model. It was proposed by EJ McCarthy in 1960.

Elements:

(a) ProductThe thing which is offered(b) PriceHigh/low, stable/fluctuating(c) PromotionBrand recognition and positioning(d) PlaceConvenient for consumers

Seven P modelIt was proposed by Booms and Bitner in 1981.

Elements:(a) Physical evidenceInterior(b) PeopleHuman resources(c) ProcessQuality

Four C modelIt is a consumer oriented model. It was proposed by Lauterborn in 1993.

Elements:(a) ProductConsumer(b) PriceCost(c) PromotionCommunication(d) PlaceConvenience/channel for consumers

Seven C model Elements:(a) Consumers(b) Cost(c) Communication

(d) Convenience/channel(e) Corporation(f) Commodity(g) Circumstances

Compass model Elements:(a) NNational and international(b) WWeather(c) SSocial(d) EEconomic


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SBI Associates PO - Marketing Notes - VHello Readers,Here, we are presenting you the "Notes on Marketing" for SBI Associates 2014. Hope you like the post!!!

What is Demarketing?Demarketing is a type of marketing which discourages certain customers on a temporary or a permanentbasis. This marketing is mainly applied on such products which are either harmful or very rare. Example:Tobacco, petroleum products, water, electricity etc.

This marketing process is generally supported by government or international organization with a soleaim of humankind welfare. It is also done for the sake of conservation of resources, controlling inflation,eliminating the factor of over competition and over demand.

This technique is applied by following methods:

Bringing substitute

Suppress demand

Increase the cost of the product itself manifold

Through government legislation

What is Remarketing?Remarketing is a marketing process by which the demand of such product is renewed which haswitnessed declining trend of demand. It is done by spreading awareness in general, introducing new andinteresting use of the existing product, resale of second hand well fabricated products.This concept of marketing is opposite to the Demarketing concept.

What is Synchro Marketing?Synchro Marketing is marketing process which solves the problem of irregular demand pattern of aproduct. For example a Beach side hotel is overcrowded during evening time, whereas it is almost likedesert during morning hours. A cotton shop is crowded during summer season whereas during winter it isnot.So, Synchro Marketing finds a way to solve the problem of inconsistent demand pattern by thefollowing methods:(a) Keeping high price during season(b) Offers lucrative options during offseason(c) Using the stores with many varieties of item(d) Promotion and incentives

What is differentiated marketing?

This is a type of marketing in which customers are divided into groups on the basis of some commoncharacteristics like religion, income, age, sex, caste, education etc. Thus the customer base issegmented. This is why this marketing is also known as market segmentation. This technique is customeroriented with higher customer satisfaction and profits.

It has following advantages:(a) Increased sales and profits(b) Large number of customers from all segments(c) Quality products manufacturing can be accurate(d) Customer oriented


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It has following disadvantages:(a) Chances of cost rise due to small quantity manufacturing. So, it is opposite to massmarketing.(b) Huge amount of work for R & D for customer segmentation.(c) Wastage of money for separate advertisements for different segments

What is market segmentation?It is a marketing strategy which involves the following criteria:(a) Divides the target consumer/market as per their common want/need/relevant goods.(b) It is internally homogenous and externally heterogeneous.(c) Cost effective(d) Profit maximization(e) Responsiveness(f) Sustainable(g) Measurable(h) Needs can be satisfied by particular product category

So, through this strategy, within a market, a market segment is created which is a subgroup of people ororganization. Sharing one or more characteristics that cause them to have similar needs. So, this strategy

is a process of enabling the marketer to tailor marketing mixes to meet the need of one or more specificsegments.

It has following advantages:(a) It helps decision makers to more accurately define marketing objectives and better allotment ofresources.(b) Performance evaluation is also more precise.(c) Better marketing results.

What is undifferentiated marketing?It is just opposite to differentiated marketing and similar to mass marketing. Under this techniquecompany identifies the entire consumers as one with common head. This strategy does not considersegmented demand pattern. It involves same product, same brand, same price, same marketing

program, same advertising media with mass production and distribution.

It has following advantages:(a) Large scale production is possible.(b) Cheap products(c) One type of advertisement, so, less expense(d) One marketing mix(e) Single brand name

It has following disadvantages:(a) It is product oriented rather than consumer oriented.(b) Reduces profits due to product competition.

Marketing Notes for SBI Associates PO

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