Notes on Marketing Definitions for SBI PO 2015

Marketing:

Marketing is nothing but to Tell about your product and to sell it.

The technical definition is

“Marketing is the process of planning and executing the concepts, pricing, promotion and distribution of ideas/goods/services to satisfy individual's/organizational”.

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.

There are several types of marketing are there, some of them are

Bench Marketing: 

The Bench Marketing is nothing but the comparison of the business processes with competitors and improving prevailing ones.

Drip Marketing: 

Drip Marketing is sending promotional items to Clients.

Viral Marketing: 

Viral Marketing is marketing by the word of the mouth, having a high pass rate from person to. The best example for this is creating a 'buzz' in the industry.

Guerilla Marketing: 

Guerilla Marketing is an Unconventional marketing intended to get maximum results from minimal resources (Maximum results from Minimum resources)

Social Media Marketing: 

Marketing using online communities, social networks, blog marketing etc is called the social media marketing.

Internet Marketing: 

Marketing of products or services over the Internet is called Internet Marketing. It is also known as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM) and e-Marketing.

Digital Marketing: 

The marketing which uses digital advertising is called digital marketing. Television, Radio, Internet, mobile etc.

Direct Marketing: 

If the company directly reaches to the customers on a personal basis (ex : phone calls, private mailings, etc) rather than traditional channel of advertising (like TV, Newspapers, etc) then that type of marketing is called the Direct Marketing. There are a number of types in direct marketing. Some of them are

Direct Mail Marketing: Advertising material sent directly to home and business addresses (This is the most common form of direct marketing)

Telemarketing: It is the second most common form of direct marketing, in which marketers contact consumers by phone.

Email Marketing: This type of marketing targets customers through their email accounts (you might have observed them in your e mails too)

Indirect Marketing: It is the distribution of a particular product through a channel that includes one or more re-sellers.

Difference between Direct and Indirect Marketing:

Direct marketing is where the consumer hears about a product or service from a sales person or associate, representing the company offering the product or service.

Indirect marketing is where the consumer hears about a product or service from a third party. The third party could consist of word of mouth from another customer, radio, television, newspaper, or billboards.

For example, an advertisement may ask the prospect to call on a free phone number, mail in a response or order, or click on a link to a website. This is an example of marketing is Direct Marketing.

Example of Indirect marketing is Katrina Kaif, as she markets LUX but she doesn’t own that company.

Product Life Cycle (PLC): Product life cycle is a business analysis that attempts to identify a set of common stages in the life of commercial products. In other words the 'Product Life cycle' PLC is used to map the lifespan of the product such as the stages through which a product goes during its lifespan.