Define Marketing

Define Marketing

In a short sense, Marketing is managing profitable customer relationships.

In a broad sense, Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Lastly we can say that marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers.

 

 

 Define Marketing mix. What are its elements?

Marketing mix is the combination of the elements of marketing and what roles each element plays in promoting products and services and delivering those products and services to customers.

Elements of the Marketing Mix
The elements of the marketing mix are also referred to as the 4 P's of marketing.
The 4 P's of the Marketing Mix
The original 4 P's of marketing (although they have been renamed a bit over the years) that were the elements of marketing mix is:

Product
The products or services offered to your customer: Their physical attributes, what they do, how they differ from your competitors and what benefits they provide.

Price
How price of product or service so that price remains competitive but allows making a good profit.

Place (Also referred to as Distribution)
Where business sells its products or services and how it gets those products or services to customers.

Promotion
The methods used to communicate the features and benefits of products or services to target customers.

The 5th P of Marketing
Recently some marketing theorists have added a 5th P of marketing to the elements of the marketing mix. It is people. Without people, no firm can think about marketing.

 

 

 Importance of Marketing in Banking Sector/ Financial Organization:

Marketing in banking sector should be considered under the service marketing framework. Bank marketing is not only include service selling of the bank but also gets personality and increasing image/ status for bank on its customers’ mind. For this reason, the traditional marketing is separate from the marketing of financial organization and Banks.

The Importance of Marketing in Banking Sector/ Financial Organization are mentioned below:

Large competition in financial service sector:
The competition became extreme for growing international banking perceptiveness and recently being unlimited new enterprises in this sector. Increase in liberalization of interest rates has intensified the competition.

Change in demographic structure:
Thinking and quality vary men to men. Differentiation of population in the number, quality and attribute, banks has to maintain a close relation and has to cope with the change. For this reasons, the importance of marketing in Banking Sector/ Financial Organization has emerge.

Bank’s wish to increase profit:
Banks increases their profits by creating new markets, to protect and develop their existing market shares. Since the banks wants to make high profit, they must involve with marketing to survive in their sector.