Marketing management efforts

Marketing management usually represents all managerial efforts and functions that operate the marketing concept not only in letter but also in spirit. Marketing concept demands customer oriented marketing plans, programmes and policies, so that the marketer can assure perfect positive correlation between the supplies, i.e., market offering and the demand i.e., bundle of customer desires and expectations. The survival and growth of any business depends upon profitability and when a marketing manager becomes a good practitioner of the marketing concept, profitability and growth are duly assured.

The management cycle is made up of planning effective implementation evaluation and control feedback replanning, marketing management is thus an ongoing process under a dynamic marketing environment. Marketing management would be influenced by: 1. The forces operating in the marketing system, and 2. The philosophy and objectives of the organization. At present the philosophy and objective of the organizations are reflected in the broadened marketing concept, i.e., societal marketing concept, wherein we have socially responsible marketing.

As an agency of demand management, marketing management is in change of regulating the level, timing and character of market demand in such a manner that the enterprise will be enabled to achieve its objectives, viz., productivity, customer and social satisfaction.

Marketing management represents an important functional area of business management efforts for the flow of goods and services from the producers to the consumers. It looks after the marketing system of the enterprise. It has to plan and develop the product on the basis of known consumer demand. It has to build up an appropriate marketing plan or marketing mix to fulfill the set of goals in the business. It has to formulate sound marketing policies and programmes. It looks after their implementation and control. In essence, the marketer is a manager of customer demand in a changing business world.

Marketing management has to implement marketing strategies, programmes and campaigns. Finally it must evaluate the effectiveness on the part of marketing mix and introduce necessary modifications to remove discrepancies in the actual execution of plans, policies, strategies, procedures, and programmes.

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Utility of commercial banks

Commercial banking in modern times is indispensable economic progress of a country. In fact, the functions of modern commercial bankers and their utility to the community are so enormous that we simply cannot afford even to imagine, let alone experience, the inconveniences we would experience if commercial banks are closed. A short strike of even one day the employees of commercial banks disrupts the entire economic activities in the country. All economic activities some directly while others indirectly-come to a standstill. It serves the community in numerous ways.

Firstly, by accepting deposits, the banks promote the habit of thrift and savings among the people. These savings of the people later result in capital formation, which is the basis of economic progress in the country. Secondly, the banks also encourage industrial innovations and business expansion through funds provided by them to the entrepreneurs. Thirdly, the banks exercise considerable influence on the level of economic activity through their ability to create money in the economy. Fourthly, through their lending policy, the banks can influence the course and direction of economic activity within the economy. Fifthly, the various utility within the economy. Fifthly, the various utility functions performed by the banks are of great economic significance for the economy.

Such functions as cheap remittance of funds, accepting and discounting bill of exchange, agency functions, such as, collection of dividends and interest on behalf of customers are very important for the working of the modern economy. In fact, the economic development of a country is not possible without a sound system of commercial banking.

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Structure of the Indian banking system

The organization of banking system in Indian can broadly be divided into three categories, viz., and the central of the country known as the Reserve Bank of India, the Commercial banks and the Co-operative banks. As the supreme monetary and banking authority in the country, RBI has the responsibility to control the banking system in the country. It keeps the reserves of all commercial banks and hence is known as the “Reserve Bank”.

Commercial banks have been in existence in India for many decades. They mobilize savings in urban areas and make them available to large and small industrial and trading units mainly for working capital requirements. After, 1969, commercial banks are broadly classified into nationalized or public sector banks and private sector banks. The State Bank of India and its associate banks along with another 20 banks are the public sector banks.

The private sector banks include a small number of Indian scheduled banks which have not been nationalized and branches of foreign banks operating in India- commonly known as foreign exchange banks.

The Regional objective of providing (RRBs) came into existence in the middle of 1970s with the specific objective of providing credit and deposit facilities particularly to the small and marginal farmers, agricultural labourers and artisans and small entrepreneurs. RRBs have the responsibility to develop agriculture, trade, commerce and industry in the rural areas. RRBs are essentially commercial banks but their area of operation is generally limited to a district.

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