MARKETING MANAGEMENT CAIIB-GBM Module D by Dr. Onkar Nath Faculty Sir SPBT College, MUMBAI

MARKETING CONCEPT A situation where buyers and sellers of a commodity interact. Coming together of buyers and sellers of the same or similar commodities 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

EVOLUTION OF MODERN MARKETING Barter System Industrial revolution Digital revolution Customer and market driven Wants of customers CRM Customer Satisfaction Nothing is worthwhile unless it touches the customer

The Core Concepts of Marketing Needs, wants and demands Products (Goods, Services, and Ideas) Value, Cost and Satisfaction Exchange and transactions Relationship and Networks Marketers and Prospects

MARKETING MANAGEMENT A process of planning and executing the conception, pricing, promotion and distribution of goods and services and ides to create exchanges with target groups that satisfy customer and organizational objectives. Processes involved Analysis, planning, implementation, and control; Covers goods, services, and Ideas; Rests on the notion of exchange; and Goal is to produce satisfaction for the parties involved

Company Orientation towards the Marketplace (Marketing Concepts) Production Concepts/Orientation Product Concept/Orientation Selling Concept/Orientation Marketing Concept/Orientation Societal Marketing Concept

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. CHARACTERISTICS OF SERVICES Intangibility Inseparability Heterogeneity Perishability

S.No. Physical Goods Services 1.TangibleIntangible 2.HomogeneousHeterogeneous 3. Product and distribution separated from consumption Production, distribution and consumption re simultaneous process 4. A thing A activity 5. Core value produced in factory Core value produced in buyer-seller interaction 6. Customers do not participate in the production process Customers participate in production 7. Can be kept in stock Cannot be kept in stock 8. Transfer of ownership No transfer of ownership

Marketing Planning Macro- and Macro-Factors influencing the market for an organization's goods and services Controllable Marketing Variables and the Macro- Environment Demographic Factors SKIPPIES : School Kids with Income and Purchasing Power MOBYS : Mother Older, Baby Younger DINKS : Dual Income No Kids DEWKS : Dual Earners With Kind PUPPIES : Poor Urban Professionals WOOFS : Well-Off Older Folks

Economic Factors Natural Factors Technological factors Political and Legal factors Social and Cultural Factors

Proximate Macro-Environment Competitive Environment Supplier Environment Distributive Environment Scanning and Adaptive to the Environment Intra-Firm (Micro) Environment

Applicability to Banking The competition environment in banking Retail Banking Technology impact on product/service scenario The changes in distribution plans The outsourcing or contracting out of non-core bank services Privatization Globalization Corporate banking Insurance

Meaning and importance of planning in marketing Traditional planning Difference between a marketing plan and a company’s corporate plan Market-oriented strategic planning Difference between marketing plan and marketing planning process Marketing planning (process) Marketing plan Annual-plan control

Banking regulation and its impact on marketing strategies Open market operations Current scenario

Consumer behaviour Consumer behaviour : A directional Force The complexity of consumer Buying Decisions Needs and Motives Physiological needs Safety needs Social needs Esteem needs Self-actualization Individual Perception Selective perception Theory of cognitive dissonance

Learning and Habit development Habit-breaking Habit-acquisition Habit-reinforcement Behaviour Models for Analyzing Buyers The Marshallian Economic Model The Pavlovian Learning Model The Freudian psychoanalytic Model The Veblenian Social Psychological Model Culture Sub-cultures Social Class Reference Groups Face-to-Face Groups Parent Hobbesian Organizational Factors Model

Swinging singles to solitary survivors Family buying roles Initiator Influencer Decider Purchaser User

Factors Influencing Consumer Behaviour in Banking Location Safety Returns Customer Service Range of Services Easy Documentation and well-defined Eligibility Criteria

The art of customer service as applied to banking Building customer satisfaction through quality, service, and value Customer Value satisfaction Defining service quality Managing Quality Delivering Customer Value and Satisfaction: Moments of Truth Well-conceived strategy for service Customer-oriented front-line people Customer-friendly systems

The Triangle Of Service Customer-service strategy connection customer-people organization connection Customer-system connection Systems-people; Strategy-systems; Strategy- people Connections

Customer Relationship in Services Marketing Giving Promises: The traditional or External Marketing Fulfilling Promises: Internal and Interactive Marketing Customer Care

Consumer and Market Segmentation Criteria for market segmentation Meaningful Measurable Useful and reachable

Consumer and Market Segmentation Mass Markets and Segmentation Types of Consumer Segments Characteristics of segments Benefits and Disadvantages of Market Segmentation Alternative Strategies Evaluation Marketing Segmentation Strategy: Techniques Application of Segmentation of Banking Services

Marketing Research Marketing research is research all about the market: its size, composition, structure and so on Marketing Research Process Types of data – Primary and Secondary data Quantitative and Qualitative Research Methodologies Time and cost constraints The major uses of Marketing Research Marketing Information System

Marketing Mix Marketing of financial services Bank marketing Service marketing mix Current development

Competitor Analysis Gap Psychiatry – A structural Methodology Build a strategic planning knowledge base Creating a sustainable advantage Speeds as Strategy Competitive Strategies

Product Strategy Nature of product Product and service Elements of Product Mix Product Life Cycle and Product Strategies Product Analysis New Product Development Branding and Marketing Role of Brand in Bank Marketing

The Concept of Product/Service Delivery Process Cycle in Product Development Packaging and Delivery

Pricing Strategy and its Application in Banking Pricing for Profitability Elasticity of demand Pricing Methods/Strategies Pricing Decisions Pricing Concept in Banking Pricing Review and Committees Concept of Service Fees

Bank Distribution Strategies Distribution of Financial Services Barriers Channels of Distribution for Banks

Promotion Strategy Communication Process Goals of Communication Advertising and Sales Promotion Sales Promotion Publicity Internal Communication Marketing Information System (MIS) Moments of Truth: Customer Care

Sales Training and HRD in Marketing Proper Attitude Orientation of Staff Selling Skills Required Need and Importance of Sales Training Sales Training and Strategy Selling process Impact of Training as HRD Intervention in Marketing Direct Sales Force Importance of Quality Service Public Relation and Institution Image

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