Marketing Aptitude – Summary Notes 3

Two exams are coming very shortly: one is Union bank of India Marketing Officers exam (September 6) and another SBI management Executive Exam (September 13). Its not possible to frame enough quizzes which can help my readers. so I am here by writing some compendiums each with 10 points with absolutely objective info. They might be useful for the readers. We devote next 2 days for this compilation.

1.There are four types of Utilities : Form, Place, Time & Ownerships
2.There are some myths about marketing and selling:

1. Marketing and selling are synonymous
2. The job of marketing is to develop good advertisements
3. Marketing is pushing the product to the customers
4. Marketing is transaction-oriented than relationship-oriented
5. Marketing is a short-term business strategy
6. Marketing is an independent function of a business
7. Marketing is part of selling

There are 5 Eras of Evolution & Marketing:

1. Production Era : Cut costs. Profits will take care of themselves
2. Product Era: A good product will sell itself’
3. Sales Era : Selling is laying the bait for the customer
4. Marketing Era : The customer is King!’
5. Relationship Marketing Era : Relationship with customers determine our firm’s future’

4.There are 4 Ps of Marketing
Product, Place, Price and promotion
5.There are a few types of marketing :

1. Product marketing,
2. Service marketing,
3. Consumer marketing,
4. Industrial marketing,
5. International marketing,
6. Non-profit marketing

6.There are three types of Marketing Functions:

1. Exchange Functions (Buying & selling),
2. Physical Distribution Functions (Transporting & Storing) and
3. Facilitating Functions (Standardizing and grading, Financing, Risk taking)

7.There are 5 types of Marketing Concepts

1. Needs wants and demands,
2. Products
3. Value & satisfaction
4. Exchange, Transactions and Relationships
5. Markets

8.Marketing Process: The Marketing Process involves 6 step process as follows:

1. Strategy formulation – the development of the broadest marketing/business strategies with the longest term impact
2. Marketing planning – the development of longer-term plans which have generally stronger impact than the short-term programs
3. Marketing programming, allocating and budgeting – the development of short-term programs which generally focus on integrated approaches for a given product and on the allocation of scarce resources such as sales effort or product development time across various products and functions
4. Marketing implementation – the actual task of getting the marketing job done
5. Monitoring and auditing – the review and analysis of programs, plans and strategies to assess their success and to determine what changes must be made
6. Analysis and research – the deliberate and careful acquisition and examination of qualitative and quantitative data to improve decision making

9.Nature of Marketing:

1. Marketing is a Human Activity
2. It’s a socio economic activity
3. The subject matter of marketing is products and services
4. Certain Type of market is a must for marketing to happen
5. It’s a consumer oriented process and not a product oriented process
6. Marketer performs the marketing and consumer is required to do marketing
7. The base of marketing is Exchange
8. Its an art as well science
9. It is a universal activity

10. There are five major areas of analysis (5 Cs) for marketing decision making:

1. customers,
2. company,
3. competitors,
4. collaborators
5. context.