MARKETING CONCEPT Market A situation where buyers and sellers of a commodity interact.
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Transcript of MARKETING CONCEPT Market A situation where buyers and sellers of a commodity interact.
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MARKETING CONCEPTMarketA situation where buyers and sellers of a commodity interact.Coming together of buyers and sellers of the same or similar commodities
TYPES OF MARKET
Geographical Area Product Nature of Transaction Volume of Transaction
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MARKETING
Marketing is the process of determining consumer demand for a product or service, motivating its sale and distributing it into ultimate consumption at a profit
A management function A Business Philosophy
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EVOLUTION OF MODERN MARKETING
Industrial revolution Digital revolution Barter System Customer and market driven Wants of customers CRM Customer Satisfaction Nothing is worthwhile unless it
touches the customer
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Selling MarketingSelling is an operational activity
Marketing is a total management
Selling is product focused Marketing is customer focused
Selling is oriented to the needs of the firms
Marketing is oriented to the needs of the buyer
Selling encashes profitable opportunity
marketing coverts customer needs into such opportunities
Selling aims at maximizing sales volume
Marketing aims at maximizing customer satisfaction
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Selling= Factory > Products > Selling and promotion > Profits
Marketing=Target market > Needs > integrated marketing > Profit by customer satisfaction
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MARKETING MANAGEMENTA process of planning and executing the conception, pricing , promotion and distribution of goods and services and ideas to create exchanges with target groups that satisfy customer and organizational objectives.
FUNCTIONS OF MARKETING MANAGEMENT
Analysis Planning Implementation Control
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IMPORTANCE OF MARKETING FOR INDIAN BANKS
"The relevance of aggressive marketing in banks has come to the fore as never before" - M N Goiporia.
What is a Product?Product is defined as “ anything that can be offered to a market for attention, acquisition, use or consumption.
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CHARACTERISTICS OF SERVICES
Intangibility Inseparability Heterogeneity Perishability
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SERVICE
A service is any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. It’s production may or may not be tied to physical product.
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S.No.S.No. Physical GoodsPhysical Goods ServicesServices1.1. TangibleTangible IntangibleIntangible2.2. HomogeneousHomogeneous HeterogeneousHeterogeneous3.3. Product and distribution Product and distribution
separated from separated from consumptionconsumption
Production, distribution Production, distribution and consumption re and consumption re simultaneous processsimultaneous process
4.4. A thingA thing An activityAn activity5.5. Core value produced in Core value produced in
factory factory Core value produced in Core value produced in buyer-seller interactionbuyer-seller interaction
6.6. Customers do not Customers do not participate in the participate in the production processproduction process
Customers participate in Customers participate in productionproduction
7.7. Can be kept in stockCan be kept in stock Cannot be kept in stockCannot be kept in stock8.8. Transfer of ownershipTransfer of ownership No transfer of ownershipNo transfer of ownership
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MAREKTING OF FINANCIAL SERVICES
Intangibility, inseparability and heterogeneity are manifested at both strategic and tactible levels in services marketing. Marketing strategy provides the organisation with a sustainable competitive advantage in the markets it operates.Organization should understand consumer needs and identifies how those consumers should be grouped into different market segments.Product attributes, pricing decisions, methods of distribution and communication should all seek to reflect the chosen position.
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Types of Financial Markets in India
The credit marketThe money marketEquity and term lending marketDebt marketInsurance marketForeign exchange ,marketStock marketsConsumer finance market
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BANK MARKETING Provides services Aimed to satisfy customer’s needs and
wants Needs and wants may be non financial
in nature Competitive element, efficiency and
effectiveness Organizational objectives are still the
driving forceCommercial objective to make
profitSocial Objectives
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Essentials for a Banks SuccessCannot exist without customerCreate, win and keep customersOrganizational design should be
oriented to the customerDeliver total satisfaction to the
customer Customer satisfaction is affected by
the performance of all the personnel of the bank.
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MARKETING MIX Key concept in the modern marketing Considered to be core of marketing It is the set of tools that the firm uses to
pursue its marketing objectives in the target market
Decisions must be made for both the distribution channels and the final
consumers
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Marketing Lessons
Product
Price
Place
Promotion
Consumer
Cost
Convenience
Communication
OLD New
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Wining companies are those that can meet customer needs economically and conveniently and with effective communication
Services Marketing Mix – 7P’sProduct, Price, Place, Promotion, People, Physical evidence, Process
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Consumer BehaviorPlanning of a marketing mix commences with formulating an offering to meet the target customer’s needs or wants.
Maslow’s Hierarchy of Needs:1)Physiological needs - food, drink, oxygen, sleep2)Safety needs – avoidance/ protection from threatening situation and economic security3)Social needs – friendship, affection and sense of belonging4)Esteem needs – self-respect, recognition, status and success5)Self- actualization – self- fulfillment
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Stage Financial situation Banking needs
Young bachelor Per capita income high, as no dependants. Few family burdens
Credit cards, auto loan, low cost banking services
Half nest (married with young children)
Home buying priority, low liquidity
Mortgage loan, credit card, overdraft, durable loans
Full nest (older couple, grown up children)
Income stabilized, good financial position
Home improvement, equity investment
Empty nest (older couple)
Significantly reduced income
Social security services, some loans
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Learning and habit development:The marketers break habit by giving free
samples, introductory trial offer and special discount on opening and generate new clientele.
Once consumer makes the purchase, the habit reinforcement is done to get them to remain habitual users.
Influence on Decision making:Face- to-face group many a time gives an individual the support for decision-making.
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Customer relationship Management:Objectives:
Long term customer retentionRelationship with external market who influence
or provide referralsIntegrating marketing activities, customer
service and quality standards
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Gap Analysis:The CRM tries to close the gap in the customer perception and the firm’s perception by finding and analyzing the “GAP”
1)The first gap is between the service expected by the customer and company perception of consumer expectations.2)The next is between the customer driven service designs and standards vs. company perception of consumer expectations about the service designs and standards.3)The third is about delivery of service perceived by the customer and the firm’s perception about customer expectations.4)The gap between the service delivery to the customer and external communication to the customer by the firm.5)The ultimate gap between expected service and perceived service.
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PRODUCTA product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
PRODUCT PERSONALITY
THE CORETHE ASSOCIATED FEATURESTHE BRAND NAME & LOGOTHE PACKAGE AND LABEL
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PRODUCT LEVELS
Core benefit, basic product, expected product, Augmented product and Potential product.
PRODUCT CATEGORY Durability, tangibility and use Product item, Product Line, Product
mix Banking product
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PRODUCT PLANNING
The process of product planning consists of determining the strategies in respect of various elements. Product Line, Product Mix, Branding, Packaging and New product development.
PRODUCT LIFE CYCLEIntroduction, Growth, Maturity, DeclineThe product Life cycle operates at three levels product level, product sub category, brand level.
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NEW PRODUCT DEVELOPMENTIdea screeningConcept testingProduct developmentTest marketing
Commercial launch
PRODUCT STRATEGIESStrategies based on Product MixStrategies based on Product Life Cycle
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PRODUCT MODIFICATIONQuality ImprovementFeature ImprovementStyle Improvement
PRODUCT ELIMINATIONGROWTH STRATEGIES
IntensiveIntegratedDiversification
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Identifying growth opportunities
Products
Market
Market Penetration
Product development
Market development diversification
Existing
New
Existing New
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DIVERSIFICATION
Concentric Diversification – technologically related but the target customers are entirely different
Horizontal Diversification – technologically unrelated but the target customers are same
Conglomerate Diversification – no relationship with the existing product
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BRANDINGLine ExtensionBrand ExtensionMulti brandsNew Brands
PACKAGING Primary PackageSecondary PackageShipping Package
LABELLINGIdentify the product or brandDescribing informationPromoting the product through 'attractive graphics'
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PRICINGPrice is the sum value of all the values that consumers exchange for the benefits or having or using the product or service
Different forms - Goods bought, hire charges, tuition fees
Dynamic Pricing - Varying pricesFlexibility
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OBJECTIVE OF PRICINGProfitSurvivalMarket ShareCash FlowStatus QuoProduct QualityCommunicating ImageShort term/Long term
FACTORS INFLUENCING PRICINGInternal factors
External factors
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PRICING METHODSMark up PricingVariable costs and contribution for fixed costsAbsorption cost Pricingmargin for profitTarget Return PricingReturn on the investmentMarginal cost PricingDirect variable costs are fully realizedOnly a portion of fixed costs may realizedPerceived Value PricingBuyer’s perception of valueValue PricingProduct with high value at a fairly low priceGoing Rate PricingBased on competitor’s prices
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PRICING METHODS (Contd..)Auction Type Pricing
English AuctionsOne seller many buyer
Dutch Auctions Sealed Bid
Auctions Group Pricing.
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Pricing StrategiesGeographical pricingPrice discount and allowancesPsychological pricingPromotional pricing
Loss-leader pricingLoss is covered by sale of other itemsSpecial event pricingCash rebatesLow-interest financingLonger payment termsWarranties and service contractsPsychological discounting
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Pricing Strategies (Contd.) Discriminating pricing
First degreedifferent prices to each customer depending upon their intensity of demandSecond degreeLower prices for buyers of a larger volumeThird degree
Customer groups – student, senior citizen
Product formImage pricingChannelLocationTime
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Pricing Strategies (Contd.)
Product-mix pricingProduct line pricing –developing
product lineCaptive-product pricing – main
product at lower price, ancillary product at higher price
Two-part pricing – split into fixed and variable component
By-product pricing – by-products obtained in production of other products
Product-bundling pricing Market skimming pricing Market-penetration pricing
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Bank Pricing:There are two major costs, which have to be considered while pricing bank products:1)Interest cost2)Servicing costInterest cost constitutes 67 % of the price and service cost is around 33 % in any bank product.
Table 36.4 – explains charges bank charge for some of the services
Other factors: Risk and return Monetary policy Capital adequacy
Cost-benefit analysis
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DistributionDistribution channel
Marketing channels are sets of independent
organizations involved in the process of making a
product or service available for use of consumption.
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Functions of distribution channelsMarket informationPromotionContactMatchingNegotiationProduct informationPhysical distributionFinancing
Risk Taking
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Channels typesChannel 1, Channel 2, Channel 3, Channel 4, Factor influencing channel section
Product characteristicsPerishable productsConsumer durablesIndustrial products
Market characteristicsCustomer characteristicsCompany resourcesCompetitionProduct lines
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Channels for banking productsBranches
Other channelsTele-bankingATMsComputerizationPlastic CardsVirtual branches and automated video banking
Intermediaries in banking servicesDSAAutomobile DealersMerchant establishments
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Channel Management:Channel management is also called as IT channel management, distribution channel management, channel sales management and sales channel management.
Channel levels:Zero levelOne levelTwo levelThree level
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Channel Dynamics:Vertical marketing system ( VMS):It implies that the producer, wholesaler and retailer acting as a unified system.
Horizontal marketing system:It is one in which two or more unrelated companies put together resources of programmes to exploit an emerging marketing opportunity.e.g.: in-store banking, education loans, housing loans, etc
Multi-channel marketing systems:With the proliferation of customer segments and channel possibilities, more companies have adopted multi-channel marketing.e.g.: a bank may try to sell its products through internet, marketing officials, outsourcing, etc
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Advantages:The Interwoven channel Management (ICM) connects businesses with their direct and indirect channels through information, business processes and sales applications to streamline the sales process and realize more profitable channels.
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PromotionRole of promotion
PersuasionInformRemindingReinforcing
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Promotion mix
AdvertisingPersonal
selling
Sales Promotion
Public Relations
Direct Marketing
Blended Mix of Promotion Tools
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Promotion mix strategies• Push strategy -Retailer• Pull strategy - Customer
Factors influencing promotion mix• Types of product/market• Buyer’s readiness stage• PLC stage
Promotion mix integration
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Direct Selling (DS):It is also called as multi-level selling or
network marketing.The company sells door to door or at home
sales parties.e.g.: Amway, Tupperware, etc
Direct Marketing (DM):It is an interactive marketing system that
users one or more media to affect a measurable response or transaction at any location.
e.g.: telemarketing, television direct-response marketing (home shopping network) and electronic shopping (Amazon.com).
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Relevance of DS/DM to banks:Banks have transformed from a totally computed environment to core banking system linking all the bank branches as a single branch, data being maintained at a nodal point termed as “ Centralized Data Centre” (CDC).
Channels of delivery in a Bank:ATM counters, Net Banking, Phone banking, mobile banking, online trading accounts, etc.
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Benefits of Direct marketing:1)It saves time and introduces customer to the various selection of products.2)It is convenient, easy and hassles free for the customer.3)Various products are available at customer’s disposition.4)It reduces the operational cost.5)It enables deployment of available manpower for other jobs.
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Marketing Information System (MKIS)Features of MKIS
Master PlanCoordinationFuture OrientationComputerized EnvironmentAnalyze Quantitative InformationRegular flow of Information
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Functions of MKISCollecting and assembling dataProcessing of dataAnalysis of dataStorage of dataDiscrimination of information
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Need of MKIS
Complex marketing activityKnowledge /information explosionCommunication gapPrompt decisionNon-price competition
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USAGE OF COMPUTERS IN MKISHardware usageSoftware usageFrequency of computer usageCommunications of informationSources of information
Support for marketing management
Support for marketing mix decision
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Kinds of information needed• Information about market forces• Information about the bank’s market behavior• Internal information
Components of MKIS• Internal marketing information• Marketing intelligence system
professional market research agencies like ORG, MARG, IMRB, etc.• Marketing research system
information pertaining to specific marketing problems.
Advantages of MKIS