Marketing Aptitude - Modern Marketing System
Category : Banking
This technique understands the needs and desires of the customer and product is designed accordingly. Its main motive is customer satisfaction that is building a relationship with customer and is achieved through an integrated, corporate wide set of marketing activities. Modern marketing can be explained as getting the right goods, at the right time, at the right place, with the right communication, to the right people, at the right price.
Following fields are involved in modern marketing system
Public welfare services like electricity and water supply, transport, education, hotel, entertainment, banking, hospital, accounting, etc.
Travel agency, real estate, advertisement, public relations, market research, courier services, credit card services, etc.
Computer training, vocational service, Internet, recruitment services, video conferencing, E-commerce, etc. It is clear that newly developing service fields are not person centred now-a-days but involved with modern technology and is going to become sophisticated and complex.
Various modes of modern marketing system are
It is a system that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or personal digital assistant.
It simply refers to a technique of attracting potential customers by advertising your products or services through websites, E-mails and banners. A number of activities are involved in cyber marketing such as online marketing, fax direct marketing, canvassing, etc.
It entails all aspects of interaction that a company has with its customer, whether it is sales or service-related. CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.
It refers to the promotional activities aimed at taking advantage of the changing consumers attitude toward a brand. These changes are increasingly being influenced by a firms policies and practices that affect the quality of the environment and reflect the level of its concern for the community.
E-commerce or electronic commerce, ‘a subset of E-business, is the purchasing, selling and exchanging of goods and services over computer networks (such as the internet) through which transactions or terms of sale are performed electronically.
The types of E-commerce are
Companies doing business with each other such as manufacturers selling to distributors and wholesalers selling to retailers.
Businesses selling to the general public typically through catalogues utilising shopping cart software.
A consumer posts his project with a set budget online and within hours companies review the consumers requirements and bid on the project. The consumer reviews the bids and selects the company that will complete the project.
There are many sites offering free classifieds, auctions and forums where individuals can buy and sell things to online payment systems where people can send and receive money with ease.
It is graphical advertising on the World Wide Web that appears next to content on web pages, IM applications, E-mail, etc.
It is the process of conceptualizing and then conveying a final product or service world wide with the hopes of reaching the international marketing community. Global marketing is especially important to companies that provide products or services and have a universal demand such as automobiles and food.
Functions of global marketing are
It is the promotion of economic activities offered by a business to its clients. Service marketing might include the process of selling telecommunications, health treatment, financial, hospitality, car rental, air travel and professional services.
It can be paraphrased in terms of their generic key characteristics
Services are intangible and insubstantial; they cannot be touched, gripped, handled, looked at, smelled, tasted or heard.
The service provider is indispensable for service delivery as he must promptly generate and render the service to the requesting service consumer.
Services are rendered and consumed during the same period of time.
Each service is unique. It is one-time generated, rendered and consumed and can never be exactly repeated as the point in time, location, circumstances, etc. are different for the next delivery, even if the same service consumer requests the same service.
Bank marketing is to develop a distinctive brand image which is considered the main reputation of the financial institution. It is defined as an aggregate of function providing service to satisfy customers financial needs and wants.
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