1. What is Marketing?

Ans: Marketing is the process of determining consumer demand for a product or service , motivating its sale and
distributing it into ultimate consumption at a profit.
2. What are the differences between Selling and Marketing ?

Selling
1 It is an operational activity

Marketing
Marketing is a concept which
involves identification of customer
needs and promoting the product
to get it sold. Thus, selling is the
part of marking
2. It is product oriented i.e. . it It is consumer oriented i.e. It deals
deals with sales forecast andwith
consumer
taste
and
sales volume
preferances.
3. Selling encashes profitableIt convertss customer needs into
opportunity
saleable opportunity

3. What is marketing management?

Ans : It is the process of planning and executing the conception , pricing , promotion and distribution of goods ,
service , and ideas to create exchanges with target groups that satisfy customer and organizational objectives.
4. What are the key functional aspects of Marketing Management ?
Ans :
1. Analysis : This involves understanding the customer needs and identifying the target market.
2. Planning: This involves designing the marketing programmes and tactics to promote products in targeted
market.
3. Implementation: Implementing the plan.
4. Control : This involves the use of both qualitative and quantitative techniques including budgetary control ,
control of marketing mix etc to evaluate the progress of implemented plan.
5. What is a product ?
Ans : Product is anything that can be offered to a market for attention , acquisition, use or consumption (Kotler)
6. What is service ?
Ans: Kotler and Bloom defined service as any act or performance that one party can offer to another that is
essentially intangible and does not result in the ownership of anything. Its production may or may not be tied to a
physical product
7. What are the differences between product and service ?
Ans :

Product
Tangible
Homogeneous
It can be kept
in stock
Transfer of
ownership
It is a thing

Service
Intangible
Heterogeneous
Production and consumption
happen simultaneously.Thus, it cant
be kept in stock
No transfer of ownership
It is an activity or process

8. What are the 4 Ps of marketing OR what is marketing mix ?

Ans : 1.Price 2. Product 3. Place 4. Promotion
9. What are 4 Cs of marketing?

Ans :
1. Customer needs and wants
2. Cost to the customer
3. Convenience
4. Communication
10. What are the 7 Ps of Service Marketing ?
Ans :
1. Product (i.e. service)
2. Price
3. Promotion
4. Place
5. People ( Employees involved in delivering service to customers)
6. Physical Evidence
7. Process
11. What is Maslows Hierarchy of Needs ?
Ans :
Maslow categorized customers needs into 5 types
1. Physiological needs : food , drink , sleep
2. Safety needs : protection from threatening situation and economic security.
3. Social needs : friendship , affection and sense of belonging
4. Esteem needs : self respect , recognition , status and success
5. Self actualization : self fulfillment.
12. What is a product life cycle?
Ans :
Product life can be divided into 4 stages.
1. Introduction : Period of initial low sales and slow pick up in the market. Eg : net banking and mobile banking.
2. Growth : Sales grow rapidly due to fast increasing market acceptance resulting in substantial improvement in
profits. Eg: RTGS and NEFT.
3. Maturity : A slowdown in sales growth rate leading to peaking of sales , due to the potential buyers having
been fully tapped.
4. Decline : Sales at this stage experience a declining rate of growth and profits erode. Eg : Demand Draft.
13. What are the two costs which have to be considered while pricing bank products?
Ans: 1. Interest Cost 2. Service Cost
14. What are the distribution channels involved in banking services?
Ans:
1. Bank Branch
2. Telephone Banking and Call Centers
3. Automated Teller Machines
4. Virtual Branches and Automated Video Banking.
15. What is Banking Codes Standards Board of India (BCSBI).?
Banking Codes Standards Board of India (BCSBI)
The Reserve Bank of India established BCSBI in 2007 to ensure that the common consumer of financial services
from the banking industry gets what he/she has been promised. The Board operates as an independent and
autonomous body. Membership of BCSBI is voluntary and open to scheduled banks.
From 2015, performance ratings of Banks on customer services will be put in public domain by Banking Codes
Standards Board of India (BCSBI).
BCSBI is rating banks on customer services on 5 parameters:

Information dissemination
Transparency

Customer-centricity

Grievance redressal system

Customer feedback

BCSBI rated 48 banks for customer service of which only 5 scored high ratings; 25 were rated above average; 17
average; and one below average. The ratings will be made public in 2015. However, banks are not allowed to use
these ratings to solicit business.
Code of Banks Commitment to Customers
The Code of Banks Commitment to Customers is a Code of Customer Rights, which sets minimum standards of
banking practices that member banks have to comply with when they deal with individual customers. The Code
provides protection to customers and explains the manner in which banks are supposed to deal with customers
in their day-to-day operations.

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