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SCOPE OF MARKETING Market is a place where buyers and sellers of commodity services interact. The scope of marketing in modern days covers besides goods and services, other entities like experiences, events, persons, places, properties, organizations, information and ideas. Marketing is a combination of business management and the philosophy of business.

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MARKETING CONCEPT CareerGuru.com Concept of Marketing is different from selling. Marketing is Marketing Strategies 14 Ideas for Promoting Your Small Business understanding the needs of the customer before he understands what he wants. Adoubt may arise as to how we - Download Our Guide Now! PRWeb.com can penetrate in to the minds of customer to know what he wants? Here it is Listening Skill that enables a marketing person to understand the needs of the customer, i.e., it he allows more time to the customer to talk the mind set of the customer and his actual requirement/ risk apatite can be assessed and a suitable product can be suggested by sowing a seed of a need. Marketing is also difference between what the customer has and what the customer afford to buy. Asales person should explain the FAB Features, Advantages and Benefits because ultimately the customer wants Benefits only. Many MNC products are sold even in rural market because of their understanding the needs of the customers, including rural area people, who may not afford to purchase 50 grams shampoo or 50 grams tooth paste. The MNC product manufacturers have customized the products to suit the requirement of these low income group people and started manufacturing Rs 6/7 soft drink, Rs 1/7 shampoo packet. Rs 5/7 tooth paste etc. This is called actual marketing. Earlier days the market is driven by Sellers/ Manufacturers. But now it is Buyers market. Buyer is dictating what he wants with specifications required tor his Laptop or Mobile. In view of increasing awareness among the customers and development of technology like Internet, Electronic and Print Media customers are able to think, judge and take a decision as to What to buy, How to buy, From whom to buy Where to buy, and At what price to buy?. Based on customers requirements, manufacturers are producing the goods. The following table clarifies striking difference between Marketing and Selling: Selling Concept

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Marketing Concept

1. The starting point is the identification of customer needs before products are designed. 2.Customer is the focal point of attention of the marketer. 3. Marketing concept is outward looking. 4. Marketing seeks to maximize Customer satisfaction.

1.Products are designed on the basis of perceptions of the seller 2.Product is the local point of attention of the seller. 3. Selling concept is inward looking. 4.Selling seeks to maximize profits.

Types of market : Markets are classified into different types as furnished here under: Geographical Area- Local market, Regional Market, National Market, World/global market Product: Cotton/Tea/ Share market/ Bullion market, capital market, real estate market, retail loan market Nature of transaction: Cash/Spot Market , Futures Market, Commodity market. Volume of transactions: Retail Market (Small ticket loans/ products) and Wholesale Market (Big ticket advances/ Products) 7 Ps of Marketing: For manufacturing Industry the tour Ps are adopted in marketing like Place, Product, Promotion and Price. Whereas the service industry consists of other 3 Ps like Process, Physical evidence and People.

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evidence and People. Value Addition refers to increase in wont of a product or service as a result of a particular activity. In the context of marketing, the added value is provided by features and benefits over and above those representing the core product Marketing depends on Service Delivery System which is at present the striking difference between the Public Sector and Private Sector. Customers want to be called by name and wish to be recognized inviting him by name. if service delivery system is< expected level ----> customer Dissatisfaction if Service delivery system is=expected level>Customer Satisfaction if service delivery system is>expected level-> Customer Delight Astudy on service delivery system proved that 80% of the satisfied customers are shitting their loyalty to some other organization. That means though the customers are satisfied with the services, they are preferring to purchase their services from other organization means. he/she is expecting delighted services. Delighted services means services should he extended beyond the customers expectations. ADVERTISING The word advertising originates from a Latin word advertise, which means to turn to. The dictionary meaning of the term is to give public notice or to announce publicly Sales process involves a process of (ODPEC) Opening a call, Developing a call, Proposing a right product, Eliminating doubts, if any, in customers mind and closing the call. Buying process consists of (AIDA) Attract, Interest. Desire and Action. 1. Marketing seeks to maximize 1) Profits 2) Sales 3) Customer Satisfaction 4) Brand preference 5) None of these 2. Customization means? 1) Manufacturing of goods as per the local customs of the people 2) Manufacturing of goods and offering of services as per needs of customer 3) Minimization of cost 4) Maximization of profits 3. The four Ps of Marketing does not includes 1) Place 2) Product 3) Promotion 4) Price 5) Production 4. As regards service, Customer is expecting 1) Satisfaction 2) Dissatisfaction 3) Good package 4) Delighted services 5) None of these 5. Different types of markets includes 1) Local market 2) Regional Market 3) National Market 4) World global market 5) All 6. Amix of the Four Ps of marketing is called 1) Marketing Mix 2) Product Mix 3) Product promotion 4) Sales Mix 5) None 7. Data collected for the first time and for a specific purpose is called 1) Information collected through media 2) Market Research 3) Primary Data 4) Secondary Data 5) None 8. Data culled out from various sources, which was already collected and compiled tor some other purpose is called; 1) Primary data 2) Secondary data (1) Total Data 4) Useful data 5) None 9. The cheapest and best source of promotion channel is: 1) Electronic Media 2) Print Media 3) Pamphlets 4) Regular Meetings 5) Word of Mouth 12.What is moment of truth? 1) Sales person should speak truth only 2) Speaking truth should be taken up as a movement 3) Speaking truth by all front line staff 4) Experience of the customer. Quad or had. in a particular moment 5) None of these 11. Buyers market means 1) Aplace where all the buyers meet 2) Aplace where all buyers buy and sell 3) Buyers demanding the features of the product/services as per their requirements 4) It is a monopoly market 5) None of the above 12. Your dreams are not yours alone is the slogan of 1) SBI 2) BOI 3) PNB 4) Union Bank of India

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5) United Bank of India 13. EMI stands tor 1) Equal Monthly Installments 2) Estimated Monthly Installments 3) Equated Monthly Installments 4) End of Monthly Installment 5) None of the above 14. Charging different prices for the same product is called 1) Product differentiation 2) Product indifference 3) Product pricing 4) 2, 3 5) None 15. What is share of wallet? 1) Size of the wallet of customer 2) Capacity to invest in share market 3) How much a customer gains from bank organization 4) The share ol an organization vis-a-vis total investment by the customer . 5) All the above 16. What does the letter F represents in FAB 1) Features 2) Face to face 3) Finding customer needs 4) Front line staff 5) All the above 17. B2B refers to 1) Marketing activity directed from one business to another 2) Marketing activity related to Brand to Brand 3) Bridging gap between two business 4) None of the above 5) All the above 18. What is co- branding? 1) Branding involving two or more products 2) Branding involving only one product 3) Branding involving sharing of brand value with two different companies 4) Only 1 and 2 5) All the above 15.AIDAis said to be the customer buying process. What does AIDAstands for? 1) Attract 2) Interest 3) Desire 4) Action 5) All the above 20. ODPEC is said to be the sales process. ODPEC stands for: 1) Opening a call 2) Developing a call 3) Proposing (right product) 4) Eliminating and Closing 5) All Answers: 1)3, 2)2, 3)5, 4)4 , 5)5, 6)1, 7)3, 8)2, 9)5, 10)4, 11)3, 12)4, 13)3, 14)1, 15)5, 16)1, 17)1, 18)1, 19)5, 20) 5.
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