Ans: 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.
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It is an operational activity
Marketing is a concept which involves identification
of customer needs and promoting the product to get it sold. Thus, selling is
the part of marking
It is product oriented i.e. . it deals with sales
forecast and sales volume
It is consumer oriented i.e. It deals with consumer
taste and preferances.
Selling encashes profitable opportunity
It convertss customer needs into saleable
3. What is marketing management?
Ans : It is the process of planning and executing the conception , pricing , promotion and distribution of goods , service , and ideas to create exchanges with target groups that satisfy customer and organizational objectives.
4. What are the key functional aspects of Marketing Management ?
1. Analysis : This involves understanding the customer needs and identifying the target market.
2. Planning: This involves designing the marketing programmes and tactics to promote products in targeted market.
3. Implementation: Implementing the plan.
4. Control : This involves the use of both qualitative and quantitative techniques including budgetary control , control of marketing mix etc to evaluate the progress of implemented plan.
5. What is a product ?
Ans : “Product is anything that can be offered to a market for attention , acquisition, use or consumption ” (Kotler)
6. What is service ?
Ans: Kotler and Bloom defined service as “ any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to a physical product “
7. What are the differences between product and service ?
It can be kept in stock
Production and consumption happen
simultaneously.Thus, it can’t be kept in stock
Transfer of ownership
No transfer of ownership
It is a thing
It is an activity or process
8. What are the 4 Ps of marketing OR what is marketing mix ?
Ans : 1.Price 2. Product 3. Place 4. Promotion
9. What are 4 Cs of marketing?
1. Customer needs and wants
2. Cost to the customer
10. What are the 7 Ps of Service Marketing ?
1. Product (i.e. service)
5. People ( Employees involved in delivering service to customers)
6. Physical Evidence
11. What is Maslow’s Hierarchy of Needs ?
Maslow categorized customer’s needs into 5 types
1. Physiological needs : food , drink , sleep
2. Safety needs : protection from threatening situation and economic security.
3. Social needs : friendship , affection and sense of belonging
4. Esteem needs : self respect , recognition , status and success
5. Self – actualization : self – fulfillment.
12. What is a product life cycle?
Product life can be divided into 4 stages.
1. Introduction : Period of initial low sales and slow pick up in the market. Eg : net banking and mobile banking.
2. Growth : Sales grow rapidly due to fast increasing market acceptance resulting in substantial improvement in profits. Eg: RTGS and NEFT.
3. Maturity : A slowdown in sales growth rate leading to peaking of sales , due to the potential buyers having been fully tapped.
4. Decline : Sales at this stage experience a declining rate of growth and profits erode. Eg : Demand Draft.
13. What are the two costs which have to be considered while pricing bank products?
Ans: 1. Interest Cost 2. Service Cost
14. What are the distribution channels involved in banking services?
1. Bank Branch
2. Telephone Banking and Call Centers
3. Automated Teller Machines
4. Virtual Branches and Automated Video Banking.
15. What is Banking Codes Standards Board of India (BCSBI).?
Banking Codes Standards Board of India (BCSBI)
The Reserve Bank of India established BCSBI in 2007 to ensure that the common consumer of financial services from the banking industry gets what he/she has been promised. The Board operates as an independent and autonomous body. Membership of BCSBI is voluntary and open to scheduled banks.
From 2015, performance ratings of Banks on customer services will be put in public domain by Banking Codes Standards Board of India (BCSBI).
BCSBI is rating banks on customer services on 5 parameters:
- Information dissemination
- Grievance redressal system
- Customer feedback
BCSBI rated 48 banks for customer service of which only 5 scored high ratings; 25 were rated above average; 17 average; and one below average. The ratings will be made public in 2015. However, banks are not allowed to use these ratings to solicit business.
Code of Bank’s Commitment to Customers
The Code of Bank’s Commitment to Customers is a Code of Customer Rights, which sets minimum standards of banking practices that member banks have to comply with when they deal with individual customers. The Code provides protection to customers and explains the manner in which banks are supposed to deal with customers in their day-to-day operations.