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11/12/2016 Quick Notes on Marketing for SBI PO 2015 2/6 Marketing Mix (4P's): Product, Price, Place, Promotion Viral Marketing: Marketing by the word of mouth having a high pass route from person to person is called viral marketing. It can create a splash in the market place to showcase a brand and its noteworthy features. Product Policy: It is concerned with defining the type, volume and timing of the products a company offer for sale. Rights of consumers: Right to safety, Right to be informed, Right to choose, Right to be heard Right 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 to customer needs, convincing the customers of product benefits & responding to questions and objections of customers. SME's: It stands for Small & Medium Enterprises. Market Expansion: It is growth in sales through existing and new products by adopting competitive strategies. It includes expanding the total market, defending market share, expanding market share etc. Product Diversification: It refers to manufacturing or distributing more than one product by the producer or dealer. Marketing Plan: It is a written document that summarizes what the marketer has learned about the market place and indicates how the firm plans to reach its marketing objectives. It is the one of 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 of products 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 involves the transfer of ownership of goods to create possession utility. Bench Marketing: A comparison of the business processes with competitors and improving prevailing ones is called bench marketing. Qualities of a good seller: Devotion to the work, Submissive, Sympathy, Active mind set, Communication skill, Creativity, Motivation. Prospect: A 'likely' interested customer of the bank is termed as a prospect. Customer Relationship Management (CRM): It allows the company to discover whom its customers are, how they behave and what they need or want. It also enables the company to respond appropriately, coherently and quickly to different customer opportunities. Call: In marketing, calling the prospective customer is known as a call.
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- Fall '16
- IBPS, IBPS PO MAINS