Basic Marketing series part 1(Introduction to marketing)

SBI exams has marketing aptitude. This series will teach you basic marketing.

Marketing can be broadly defined as the process of promoting product or service. It involves many steps such as market research, branding, sales and distribution of goods and services. Marketing is done to create brand awareness, increase market share ,to meet the competition and to satisfy the customer . First step in marketing is market research. Market research is nothing but gathering information about the market and the prospective candidates. It involves analyzing opportunity,risk and competitor strength in the market. It also involves monitoring our performance in the market and there by taking necessary decisions for improvement of market share. The first step in market research is identification of problems in the market and other deals with the solution.

Market segmentation is a marketing technique that divides the whole market into many many divisions based on region, consumer interest, consumer behavior and so on. Why we should segment market? The simple answer to this questions is every customers’ interest is not same. Youth may like certain model and elder people may like another one. So it is important for the company to create products for all sections of customer. As the competition became higher in every field, all companies concentrate heavily on market segmentation.

Branding also plays important role in marketing. It involves choosing proper logo,name and slogan for the company

Advertising also plays important role in marketing. The most important objective of advertising is to reach the brand to many people.

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