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What Is MKT?

Marketing involves identifying and satisfying customer needs through products and services. The goal is to create satisfied, returning customers. Some key characteristics of services marketing include intangibility, perishability, inseparability, and variability due to human interactions. The marketing mix refers to the four P's - product, price, place, and promotion. Service marketing requires additional strategies to address issues like intangibility, such as ensuring quality service through well-trained employees and developing tangible elements that represent the service.

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76 views4 pages

What Is MKT?

Marketing involves identifying and satisfying customer needs through products and services. The goal is to create satisfied, returning customers. Some key characteristics of services marketing include intangibility, perishability, inseparability, and variability due to human interactions. The marketing mix refers to the four P's - product, price, place, and promotion. Service marketing requires additional strategies to address issues like intangibility, such as ensuring quality service through well-trained employees and developing tangible elements that represent the service.

Uploaded by

Leyre Blez Fernández
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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WHAT IS MKT?

Marketing is a business philosophy that puts the customer first. The primary goal is to
create and retain satisfied customers. Satisfying customers’ needs and wants should be
at the centre of an organization’s decision-making processes. Customer focus is the
responsibility of everybody in the organization.
Marketing is the social process by which individuals and groups obtain what they need
and want through creating and exchanging products and value with others. Marketing
is an exchange process which normally leaves both parties better off than before the
exchange took place.

Not only at identifying customer needs, but also satisfying them (short-term) and
anticipating them in the future (long-term retention).

Marketing is founded on the belief that profitable sales and satisfactory returns on
investment can only be achieved by identifying, anticipating and satisfying customer
needs and desires.
SPECIAL CHARECTIRISTICS OF SERVICES MARKETING
Seasonality: Fluctuations and changes in demand in any given period. A period can be
a season of the year, months of the year, different times of the week, or different
times of the day. Example: Restaurants can be full on a Saturday night, but empty on a
Monday night. In marketing, beating seasonality is a big challenge.

Intangibility: The components of a service which are les physically evident. Services
are intangible-dominant products, so they can’t be experienced before consumption,
i.e. the customer cannot test them before they buy. Intangible services have higher
levels of risk so companies have to think how they can make customers choose their
offer without creating unreasonable expectations.
Perishability: Services are ‘perishable’ because they have fixed capacities, but
products are not perishable because if they are excessively produced, they can be
stored in warehouses.
The aim of a perishable service is to get maximum profit and still satisfy the customers.
Inseparability: The fact that services are consumed as they are produced:
simultaneous production and consumption. Consumers have to be present to consume
services.
Customers can improve or ruin other customers experiences. Consumer interaction
with staff provides a variety of opportunities to influence customer satisfaction.
Effective training staff.
Variability: Changes / Fluctuations in the standards of delivery of the service. Can be
influenced by people, products or technology. Every service performance can be
described as a unique event. Delivery standards differ because human interaction is
unpredictable.
Interdependence: Services all depend on each other for high customer satisfaction.
The overall satisfaction depends on a complex set of different elements. The
generation of demand for some tourist services is directly connected to the demand
for others.
Businesses must cooperate in the promotion of their destination.
Supply exceeds demand: When supply exceeds demand, there is more product
available than the demand for it. The environment becomes very competitive and
intense.
Consequence: price competition. E.G. In Benalmádena Costa in October there are lots
of bars with lots of alcohol but not many tourists, so bars offer 2 for 1 deals with a free
shot to tempt customers in.
High fixed costs: Costs which are permanent and stable e.g. wages or rent.
Businesses have to use their income to pay off these fixed costs before they start to
make a profit.

MARKETING MIX
The marketing mix is probably the most famous marketing term. The term marketing
mix is used to describe the tools that the marketer uses to influence demand. Its
elements are also known as the Four P's, the marketing mix elements are:

PRODUCT: Products and services are designed to satisfy the needs and wants of
travellers. Accommodation. A bed, bedroom, cabin or suite, in a hotel, inn, chalet,
apartment, cruise ship...
Food and beverage. A drink, sandwich, fast food, gourmet dinner..., in a café, cafeteria,
restaurant, bar, motorway service station, leisure centre...
Business services. A meeting, conference...
Leisure. A short break, domestic/international holiday, in a hotel, resort, camping, van
site, a cruise...
PLACE: Finding a suitable location to offer the chosen service is absolutely critical for
an organization. It is the location where the product or service is sold
PROMOTION:
Promotional tools used to communicate about the product or service.

 Advertising
 Sales promotion
 Merchandising
 Sponsorship
 Publicity
 Brand identity

Some marketers talk about an additional 4 P's to include:


People: Staff and clients. How they are different from those in a competitor’s
organization.
Physical presence (or environment) : How a hotel/restaurant/shop/website looks.
Process. It refers to the delivery of the service. (efficient, customer friendly,
competitive...) Physical evidence. How the service becomes tangible. Tickets, a
brochure, or something the customers can touch or hold.

DIFFERENCES BETWEEN PRODUCT MARKETING AND SERVICE MARKETING: SERVICE


MARKETING STRATEGIES
The commercialization of services is more difficult than the commercialization of
products due to the intangible nature presented before. However, it presents an
important advantage: the direct and personal relation between the company or
destination and the client.
The actions, plans and strategies to be followed are:

 Something needs to be developed in order to have a tangible service, so an


element can be linked with the service in order to provide quality and benefits
to the consumer. Example: a good night card in a hotel or some sweets in bed
 Identifying the service, another way to have a tangible service Is associating this
service to brands, systems and facilities, symbols or people. They can have a
particular image for the client. Example: decoration in Mc Donald’s
 Fix a price taking into account the received value, it is important to reflect the
price and the services advantages. A commercial investigation is necessary and
it could be based on the client satisfaction
Sell a package for a global price; it consists in combining two or more complementary
products. Example: sometimes it is better to buy a package than taking separate
services, such as accommodation, transport, travel insurance...
Professional training to the employees. The company’s workers have to be qualified
people, they have to provide a service with a big quality, and furthermore they have to
avoid common mistakes. For instance: giving enough information, nice treatment,
listening to the client, etc.
The quality is a good factor for the company, it is a difference with the competitors,
the following aspects can be considered: reliability, speed, responsibility, security,
information, cleanness, personal contact, politeness, etc.
Create a solid image corporative; in order to get that, the company has to take into
consideration the client, to know the needs, adapting the services to the different
segments of markets. For instance: anagrams and colours in publications, uniforms for
workers, etc.
Service industrialization, two services are not the same. If a company wants to
cultivate the client, the organisation should offer a homogeneous service, so the
consumers can identify it and they can have a differentiation from the competitors.

Example: a restaurant where good and bad meals are provided depending on the days.
The client won’t choose this restaurant because they always try to have a nice food.

When the competition increases, it is fundamental to adapt the service to the


consumers’ needs. For example: NH hotels have a lot of business people, these hotels
have created areas like nhube, a service which offers the possibility of having a meal
while the client is surfing on the Internet or reading a newspaper.
Perishable nature of services, two types of strategies are possible: To manage the
demand to the services, for example: higher prices in some periods, when the demand
is bigger or developing complementary services.
To manage the offer according to the demand, for example: increasing efficiency in
rush hours or increasing the consumer’s participation.
Close suppliers, this aspect is really important for the travel agencies. Offering a good
price is not good enough for the clients, the companies which are going to offer the
accommodation service, the transport and the information are essential.

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