MARKETING IN BANKING AND INSURANCE

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Presentation transcript:

MARKETING IN BANKING AND INSURANCE

CHAPTER 1 INTRODUCTION TO GOODS MARKETING

MEANING OF MARKETING An important social activity for satisfaction of wants. It links the producers and consumers together for mutual benefit. It facilitates transfer of ownership. Customer is the most important person in the entire marketing process. It facilitates physical distributions and creates Form utility, Place utility, Time utility and Possession utility.

DEFINITION “Marketing is a total system of business activities designed to plan , price, promote and distribute want satisfying products to target markets in order to achieve organizational objectives.” - William Stanton “Marketing is a human activity directed at satisfying needs and wants through exchange process” -Philip Kotler

SCOPE OF MARKETING MARKETING RESEARCH. PRODUCT PLANNING AND DEVELOPMENT. PRICING. ADVERTISING AND PUBLICITY. SALES PROMOTION. PACKAGING. BRANDING AND LABELLING. AFTER SALES SERVICE. TEST MARKETING.

FEATURES / CHARCTERISTICS OF MARKETING Regular and continuous activity. Satisfaction of Human wants. Relates to goods and services. Transfer of ownership. Creates different utilities. Importance of 4 P’s. Evolutionary concept. Wide in scope.

IMPORATNCE / BENEFITS OF MARKETING Satisfaction of human needs and wants. Profit and market reputation. Facilitates specialization division of labour. Widens the market. Improves Standard of living. Brings Economic Growth. Creates new norms of Social economic behaviour. Provides channels of communication to business firms. Facilitates price control. Develops social significance .

MARKETING MIX A fair combination of marketing elements i.e 4 P’s is called marketing mix. The four components of marketing mix are also called marketing mix variables or controllable variables.

DEFINITION “Marketing mix is the term used to describe the combination of the four inputs which constitute the core of the company’s marketing system: the Product, the Price structure, The Promotional activities , and the Distribution System.” - William Stanton “Marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market” - Philip Kotler

FEATURES Combination of variables. Useful for achieving marketing targets. Flexible combination of variables. Marketing manager acts as a mix of ingredients. Customer is the main focus point. Variables are interrelated. Wide applicability. Consumer oriented activity.

BASIC ELMENTS OF MARKETING MIX 7 P’s PRODUCT PRICE PLACE PROMOTION PEOPLE PROCESS PHYSICAL EVIDENCE

FACTORS INFLUENCING MARKETING MIX Behaviour of Consumers. Trade factors. Market Competition. Behaviour of the Government. Political and legal factors. Economic Conditions. Technological Factors. Globalisation Factors.

IMPORTANCE OF MARKETING MIX ELEMENTS Better Understanding of marketing. Better use of resources. Message delivery. Value Creation. Solutions to problems. Matches in need with products. Prepares marketing strategy. Right target. Helps to face competition. Helps introducing new products.