SBI PO 2014 - Marketing Awareness Part 2
What is a good?
It can be defined as something that is intended to satisfy some wants or needs of a customer with some economic utility.
Types:
On the basis of tangibility
(a) Tangible goods – However in economics, all goods are considered tangible but in reality certain classes are not tangible like information. All tangible goods occupy physical space.
(b) Intangible goods - Cannot be perceived by touch. E.g. information (it is different from services because final in goods can be transferrable and traded but not services)On the basis of relative elasticity
(a) Elastic goods – It is one for which there is a relatively large change in quantity due to a relatively small change in the price.
(b) Inelastic goods – It is one for which there is very little change in quantity due to relative change in the price.
Note –
1. Normal goods – Elasticity is greater than zero.
2. Inferior goods – Elasticity is smaller than zero.
3. Luxury goods – Elasticity is greater than one.
4. Necessary goods – Elasticity is less than one.
Other types:
(a) Convenience goods – These are easily available to consumers without any extra efforts. It mostly comprises non-durable goods. E.g. – fast foods, sweets, cigarettes, etc.
(b) Staple convenience goods – This type comprises basic demands like breed, sugar, milk etc.
(c) Impulse convenience goods – These are goods which are bought without any prior planning with impulse. E.g. – Candies, chocolates, wafers.
(d) Consumer goods – These are final goods that are brought from retail stores to meet the needs and wants.
(e) Emergency goods – These are goods that are bought quickly when they are urgently needed in the time of the crisis. These are typically distributed at the stores.
E.g. – Tents, flashlights, lighters, shovels, umbrellas etc.
(f) Specialty goods – These goods are unique or special enough to persuade the consumer to exert unusual effort to obtain them. It means that they are bought after extensive research. E.g. – Designer clothes, painting, perfumes, limited edition cars, stunning design, typically expensive, antiques, diamonds, wedding gowns etc.
What is a customer?
Customer can be defined as the recipient of a good, service, product or idea obtained from a seller, vendor or supplier for a monetary or their valuable consideration.
Types:
(a) Intermediate customer – These are who purchases goods for resale.
(b)Ultimate customer – These are consumers.
What is a Captive Market?
Captive markets are markets where the potential consumers face a severely limited amount of competitive suppliers; Their only choices are to purchase what is available or to make no purchase at all. Captive markets result in higher prices and less diversity for consumers. The term therefore applies to any market where there is a monopoly or oligopoly.
Examples of captive market environments include the food markets in cinemas, airports, and
sports arenas and food in jails prisons.
What is Marketing?
Marketing is the activity, set of institutions and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. It is a function that links consumers, public to the marketer of a product through information. Here the information addresses the issues regarding all aspects of the products. Products can be tangible or intangible. It differs from selling because in selling, the main motive remains the maximization of profit by way of selling a product but with absence of value but in marketing value is also considered at the par with profit. So marketing is a integrated effort to discover, create, raise and satisfy customer needs with values. It is one of the competing concepts which can be looked as an organizational umbrella function to benefit the organization with superior customer value.
What is niche marketing?
Niche marketing is a type of marketing in which a narrowly defined customer group is targeted. It focuses on small segment of consumers who have unique and similar needs.
The market in which this marketing technique is applied is called niche market. E.g. –Blackberry application or Android application, sports car, luxury cars, internet based marketing etc.
This technique of marketing can be contrasted with mass marketing.
What is Relationship Marketing?
Relationship Marketing is a technique of marketing which involves creating and maintaining strong ties with customers and other parties like dealers, suppliers, contractors, shareholders, stakeholders, employees etc.
This technique revolves around a concentric chain of long term relationship. It also includes Partner Relationship Management (PRM) apart from Customer Relationship Management (CRM). Its main objective is to find, maintain and enhance the customer base and mutually long term satisfying relationship.In Relationship Management buyer and seller continuously improves their understanding and thus they build up more loyalty towards each other. The final product of this system is a
unique asset that is “marketing network”.
This marketing technique includes following steps:
It can be defined as something that is intended to satisfy some wants or needs of a customer with some economic utility.
Types:
On the basis of tangibility
(a) Tangible goods – However in economics, all goods are considered tangible but in reality certain classes are not tangible like information. All tangible goods occupy physical space.
(b) Intangible goods - Cannot be perceived by touch. E.g. information (it is different from services because final in goods can be transferrable and traded but not services)On the basis of relative elasticity
(a) Elastic goods – It is one for which there is a relatively large change in quantity due to a relatively small change in the price.
(b) Inelastic goods – It is one for which there is very little change in quantity due to relative change in the price.
Note –
1. Normal goods – Elasticity is greater than zero.
2. Inferior goods – Elasticity is smaller than zero.
3. Luxury goods – Elasticity is greater than one.
4. Necessary goods – Elasticity is less than one.
Other types:
(a) Convenience goods – These are easily available to consumers without any extra efforts. It mostly comprises non-durable goods. E.g. – fast foods, sweets, cigarettes, etc.
(b) Staple convenience goods – This type comprises basic demands like breed, sugar, milk etc.
(c) Impulse convenience goods – These are goods which are bought without any prior planning with impulse. E.g. – Candies, chocolates, wafers.
(d) Consumer goods – These are final goods that are brought from retail stores to meet the needs and wants.
(e) Emergency goods – These are goods that are bought quickly when they are urgently needed in the time of the crisis. These are typically distributed at the stores.
E.g. – Tents, flashlights, lighters, shovels, umbrellas etc.
(f) Specialty goods – These goods are unique or special enough to persuade the consumer to exert unusual effort to obtain them. It means that they are bought after extensive research. E.g. – Designer clothes, painting, perfumes, limited edition cars, stunning design, typically expensive, antiques, diamonds, wedding gowns etc.
What is a customer?
Customer can be defined as the recipient of a good, service, product or idea obtained from a seller, vendor or supplier for a monetary or their valuable consideration.
Types:
(a) Intermediate customer – These are who purchases goods for resale.
(b)Ultimate customer – These are consumers.
What is a Captive Market?
Captive markets are markets where the potential consumers face a severely limited amount of competitive suppliers; Their only choices are to purchase what is available or to make no purchase at all. Captive markets result in higher prices and less diversity for consumers. The term therefore applies to any market where there is a monopoly or oligopoly.
Examples of captive market environments include the food markets in cinemas, airports, and
sports arenas and food in jails prisons.
What is Marketing?
Marketing is the activity, set of institutions and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. It is a function that links consumers, public to the marketer of a product through information. Here the information addresses the issues regarding all aspects of the products. Products can be tangible or intangible. It differs from selling because in selling, the main motive remains the maximization of profit by way of selling a product but with absence of value but in marketing value is also considered at the par with profit. So marketing is a integrated effort to discover, create, raise and satisfy customer needs with values. It is one of the competing concepts which can be looked as an organizational umbrella function to benefit the organization with superior customer value.
What is niche marketing?
Niche marketing is a type of marketing in which a narrowly defined customer group is targeted. It focuses on small segment of consumers who have unique and similar needs.
The market in which this marketing technique is applied is called niche market. E.g. –Blackberry application or Android application, sports car, luxury cars, internet based marketing etc.
This technique of marketing can be contrasted with mass marketing.
What is Relationship Marketing?
Relationship Marketing is a technique of marketing which involves creating and maintaining strong ties with customers and other parties like dealers, suppliers, contractors, shareholders, stakeholders, employees etc.
This technique revolves around a concentric chain of long term relationship. It also includes Partner Relationship Management (PRM) apart from Customer Relationship Management (CRM). Its main objective is to find, maintain and enhance the customer base and mutually long term satisfying relationship.In Relationship Management buyer and seller continuously improves their understanding and thus they build up more loyalty towards each other. The final product of this system is a
unique asset that is “marketing network”.
This marketing technique includes following steps:
- Creating a customer database
- Identifying key customers
- Creating details
- Getting closer through different channels
- Maintaining relationship
- Advantages of Relationship Management
- Consistency of business within the marketing network
- Long term brand recognition
- Easy redressal of customer grievances
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