Marketing Environment For Banks Essay

1340 words - 5 pages

Marketing is one of the most important functions in any organization. The sales generated and sustained have been acknowledged as a direct function of the marketing process. According to Philip Kotler, "marketing is typically seen as the task of creating, promoting and delivering goods and services to the consumers and businesses".According to American Marketing Association "Marketing can be defined as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives"The "Marketing Concept" is a philosophy or a frame of mind. According to the marketing concept, customer orientation, social responsibility, total company effort and profit are the four pillars of a successful business. The marketing concept is not a 'once in a lifetime' formulation for a firm. It needs to be revitalized.According to Peter Drucker, marketing is not only much broader than selling, it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of final result that is from the customer's point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.The understanding of marketing is considerably aided once it is appreciated that the term implies both a business philosophy and frame of mind and a specialized functional area of management. The former implication is often referred to as the "Marketing concept". Numerous definitions exist which attempt succinctly to describe the scope and meaning of marketing at financial institutions. Marketing has been as described a business activity directed at satisfying needs and wants through exchange processes. In reality marketing as a management process is in essence a simple concept, which holds that the orientation of a bank should be towards the customer's point of view, which in the past may have been neglected by many banks world over.Marketing environmentCompetition represents only a single force that operates in the marketing environment. The environment in which the marketer operates consists of the task environment and the broad environment. The task environment includes the main tasks of producing, distributing and promoting the offering. The main levers are the company, suppliers, distributors, dealers and the target customers. The supplier group includes material suppliers and service suppliers such as marketing research agencies, advertising agencies, banking and insurance companies, transportation and telecommunications companies.Today's marketing environment is influenced by the global marketplace and the explosion of the information age to a degree unprecedented in history. To be fully prepared, a company must recognize and understand:a)Cultural influencesb)Governmental and political influencesc)Demographic and lifestyle trendsd)Local, national, and world economic trendse)The...

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