Banking Marketing Aptitude Modern Marketing System Marketing Aptitude - Modern Marketing System

Marketing Aptitude - Modern Marketing System

Category : Banking

 

Introduction

 

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.

 

  • Fields of Modern Marketing System

            Following fields are involved in modern marketing system

  • Traditional Fields

Public welfare services like electricity and water supply, transport, education, hotel, entertainment, banking, hospital, accounting, etc.

  • Modern Fields

Travel agency, real estate, advertisement, public relations, market research, courier services, credit card services, etc.

  • Newly Developing Fields

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.

 

  • Functions of Modern Marketing System
  • To understand the nature of service
  • To understand the customer and his expectations
  • Sizing services
  • Promotion
  • To decide prices
  • Organise delivery system
  • To observe carefully customer satisfaction
  • Pay attention to the variation of achievement

 

  • Ways of Modern Marketing Field
  • Export
  • Technology and information licensing
  • Multinational business
  • Joint venture
  • Fully global operations

 

  • Various Modes of Modern Marketing System

            Various modes of modern marketing system are

 

  • Mobile Banking

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.

 

  • Cyber Marketing

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.

 

  • CRM (Customer Relationship Management)

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.

 

  • Green Marketing

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

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.

 

  • Types of E-commerce

            The types of E-commerce are

 

  • B2B (Business-to-Business)

Companies doing business with each other such as manufacturers selling to distributors and wholesalers selling to retailers.

 

  • B2C (Business-to-Consumer)

Businesses selling to the general public typically through catalogues utilising shopping cart software.

 

  • C2B (Consumer-to-Business)

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.

 

  • C2C (Consumer-to-Consumer)

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.

 

  • Display Advertising

It is graphical advertising on the World Wide Web that appears next to content on web pages, IM applications, E-mail, etc.

 

Global Marketing

 

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

  • Select the default route for global marketing
  • Market selection and product selection
  • Select delivery vessels
  • Develop pricing tactic
  • International marketing communications
  • Have expertise in procedural complications

 

Service Marketing

 

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.

  • Characteristics of Service Marketing

            It can be paraphrased in terms of their generic key characteristics

  • Intangibility

Services are intangible and insubstantial; they cannot be touched, gripped, handled, looked at, smelled, tasted or heard.

  • Inseparability

The service provider is indispensable for service delivery as he must promptly generate and render the service to the requesting service consumer.

  • Simultaneity

Services are rendered and consumed during the same period of time.

  • Variability

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

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.

 

Tit-Bits

 

  • KYC means Know Your Customers.
  • Good customer service is an extended arm of service marketing.
  • Transaction marketing involves selling of mere services.
  • Marketing of services is adopted in hotels.
  • Digital marketing is the same as online marketing.
  • Motivating customers to buy upgraded products when they had intended to buy something of lower value, is known as cross-selling.
  • USP means Unique Selling Proposition.
  • SME means Sales and Mergers of Entities.

 



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