IBPS SO is an examination that is conducted in order to recruit candidates in various special roles in the bank such as HR, Agriculture, marketing etc. Candidates should possess special knowledge in order to be eligible for these posts. IBPS SO interview 2018-19 will start in the month of February.
In this regard, we shall discuss certain basic questions about the interview preparation for IBPS SO Marketing Officer so that you can get a first-hand idea regarding the type of questions asked and their sample answers. It is an initiative to help you understand the basic concepts of Marketing and the answers that you can produce during an interview, the last vital phase in your selection.
IBPS SO Marketing Officer 2018-19: Important Interview Questions
IBPS SO Marketing Officer post is mainly for aspirants with a degree in marketing and you are required to sell the products of the bank in an effective manner after being recruited in the bank. There are certain basic things that are asked in the interview and we are going to provide you with the same in this article.
1. What do you understand by Marketing?
Answer: Marketing is a societal process by which people and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others. It is about identifying and meeting human and societal needs.
2. What do you understand by the term Marketing Myopia?
Answer: When an organization gives excessive attention to production or the product or selling at the cost of the customers’ actual needs, then marketing myopia is created.
3. What are the various concepts of Marketing? Define any one of them.
Answer: Marketing is based on many concepts as per the orientation and perception of the firms about the business and market place, those concepts are:
- Exchange concept
- Production concept
- Product concept
- Sales concept
Production Concept is the one in which production dominates the thinking process of the consumers. Products produced in a great volume at a low unit cost are supported by the consumers.
4. What are the steps of Marketing?
Answer: The various steps of marketing are:
- Determination of organization objective
- Assessing organizational resources
- Evaluating risks and opportunities
- Marketing strategy
- Implementing and monitoring marketing plans
5. What do you understand by PEST analysis?
Answer: PEST analysis describes a framework of macro-environmental factors used in the environmental scanning component of strategic management.
P: Political factors
E: Economic factors
S: Socio Cultural factors
T: Technological factors
It is a part of the external analysis while conducting a strategic analysis or doing market research. It is a useful strategic tool for understanding market growth or decline, business position, potential and direction for operations.
6. Define SWOT Analysis.
Answer: The method of SWOT analysis is to take information from environmental analysis and separate it into internal issues (strengths and weaknesses) and external issues (opportunities and threats).
Strength: It is the characteristic of the business or the project that gives it an upper hand over others.
Weakness: It is the characteristic that places the business or the project at a disadvantage over others.
Opportunities: It is an element that the project could exploit to its advantage.
Threats: It is an element in the environment that could cause trouble for the business or the project.
Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well its potential opportunities and threats.
7. What do you understand by Marketing Mix?
Answer: Marketing Mix is an important aspect of modern marketing. It refers to the set of actions and tactics that a company uses to promote its brand or product in the market. It includes almost everything that a firm uses to affect the consumers’ perception favorably towards its own product over others’ products.
The most popular concept in this regard is the 4P concept of marketing and it refers to the following factors:
8. What do you understand by various stages in the Consumer Decision Making Process?
Answer: Generally, a buyer passes through five distinct stages while taking any decision for purchasing a particular commodity and they are:
- Need recognition
- Information search
- Evaluation of alternatives
- Purchase decision
- Post-purchase evaluation
9. What do you understand by Market Penetration?
Answer: Market Penetration occurs when a company penetrates a market in which current or similar products already exist. The best way to achieve this is by gaining the customers of the competitors in that market. This is because the market is saturated already and the customer base cannot be expanded.
10. Why do you want to join as Marketing Officer in a bank?
Answer: In a public sector bank, there is a much scope to market the products as compared to private sector banks. We require more intensive strategies that can penetrate a market very well and can gain the market share from the competitors. We have a good product but that should be displayed to the consumers as well. If they do not know the options, they will never be able to come to us. I want to take this opportunity in order to introduce more modern tools in the marketing strategies of Public Sector Banks as a marketing officer.
IBPS SO Marketing Officer is a job that gives you the opportunity to work in the public sector with a chance to apply your knowledge in the day-to-day activities of the bank. You have a lot of scope to improve the segment by introducing fresh and out of the box ideas for launching new products of the bank. This is an exciting opportunity because you have a challenging task at hand of changing the attitude of the PSB management towards marketing.
All the best!!