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Blending Marketing Tools

This document discusses marketing tools for services. It begins by defining marketing and the key characteristics of services - intangibility, inseparability, variability, perishability, and lack of ownership. It then explains the 7 Ps marketing mix for services, which includes the traditional 4 Ps (Product, Price, Place, Promotion) plus three additional elements for services: People, Physical Evidence, and Process. Each of the 7 Ps is described in detail. The document emphasizes that all elements of the marketing mix influence each other and must be carefully developed based on market research to effectively promote a service.

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Vikram Deshmukh
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31 views23 pages

Blending Marketing Tools

This document discusses marketing tools for services. It begins by defining marketing and the key characteristics of services - intangibility, inseparability, variability, perishability, and lack of ownership. It then explains the 7 Ps marketing mix for services, which includes the traditional 4 Ps (Product, Price, Place, Promotion) plus three additional elements for services: People, Physical Evidence, and Process. Each of the 7 Ps is described in detail. The document emphasizes that all elements of the marketing mix influence each other and must be carefully developed based on market research to effectively promote a service.

Uploaded by

Vikram Deshmukh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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BLENDING MARKETING TOOLS

FOR SERVICES

Presentation by:
Vikram Deshmukh
What is Marketing?
 Marketing is the science and art of exploring,
creating, and delivering value to satisfy the needs of
a target market at a profit.
 Marketing identifies unfulfilled needs and desires. It
defines, measures and quantifies the size of the
identified market and the profit potential.
 It pinpoints which segments the company is capable
of serving best and it designs and promotes the
appropriate products and services.
The nature of services
 A service is defined as any activity or benefit that
one party can offer to another which is essentially
intangible and does not result in the ownership of
anything.

 The same general principles of marketing apply to


both products and services, but services have
characteristics that mean that instead of four P's,
there are seven in a services marketing mix.
What is a Service?
 A service is any activity or benefit that one party
can offer to another which is essentially intangible
and does not result in the ownership of anything. Its
production may or may not be tied to a physical
product.
Characteristics of Services
 Intangibility
 Inseparability
 Variability
 Perishability
 Lack of ownership
Intangibility
 Can not be seen, tasted, felt, heard or smelt before
they are bought.

 Service providers need to manage the evidence by


providing evidence of the benefits.
Inseparability
 Services produced and consumed simultaneously.

 Cannot be separated from providers, whether people


or machines.

 Customers are always involved


Variability
 Quality may vary greatly depending on who provides
the service, when and how.

 Staff need to know how to do something well.

 Staffmust be well motivated to maintain high


standards of service.
Perishability

 Services cannot be stored for later sale or use.


Lack of ownership

 No physical product is exchanged and therefore


nothing is owned
Types of Services
 Advertising  Healthcare – Hospitals,
 Consultancy – Legal, Laboratories, Clinics
Management  Real Estate – Broking
 Communications –  Security
Courier, Telephone,  Software Related
Internet
 Tailoring
 Education – Schools,
Colleges, Institutes  Tourism – Airlines,
Railways, Buses, Hotels,
 Financial Services – Guides
Banks, Insurance, Stock
Broking  Transportation – Goods,
Passengers
 Housekeeping
What is Marketing Mix?
 The marketing mix refers to the set of actions, or
tactics, that a company uses to promote its brand or
product in the market. The 4Ps make up a typical
marketing mix - Price, Product, Promotion and
Place. However as a service is not tangible the
marketing mix for a service has three additional
elements: People, Process and Physical Evidence.
7 P’s of Marketing Mix of Services
 Product / Service
 Price
 Promotion
 Place
 People
 Process
 Physical Environment
Product / Service
 What does the customer want from the service? What needs
does it satisfy?
 What features does it have to meet these needs?
 How and when will the customer use it?
 How will customers experience it?
 How it should be presented?
 What is it to be called?
 How is it branded?
 How is it differentiated versus your competitors?
 What is the most it can cost to provide, and still be sold
sufficiently profitably?
Price
 What is the value of the service to the buyer?
 Are there established price points for services in this
area?
 Is the customer price sensitive? Will a small decrease
in price gain you extra market share? Or will a small
increase be indiscernible, and so gain you extra profit
margin?
 Should there be discounts based on different factors
such as time, season, age of customers etc.?
 How will your price compare with your competitors?
Place
 Where do buyers look for your service?
 How can you access the right distribution channels?
 Do you need to use a sales force? Or attend trade
fairs? Or make online submissions?
 What do your competitors do, and how can you
learn from that and/or differentiate?
Promotion
 Where and when can you get across your
marketing messages to your target market?
 Will you reach your audience by advertising in the
press, or on TV, or radio, or on hoardings? By using
direct marketing mails? Through PR? On the
Internet?
 When is the best time to promote? Is there
seasonality in the market?
 How do your competitors do their promotions?
Physical Evidence
The environment in which the service is delivered, and
where the firm and customer interact, and any
tangible components that facilitate performance or
communication of the service.
 Physical Environment

 Ambience

 Spatial Layout

 Corporate branding (signs, symbols and artefacts)


Process
The actual procedures, mechanisms, and flow of
activities by which the service is delivered – this
service delivery and operating systems.
 Processes include activities: Direct as well as indirect

 There has to be defined sequence of activities


People
All human actors who play a part in service delivery
and thus influence the buyers’ perceptions; namely, the
firm’s personnel, the customer, and other customers in
the service environment.
 Personal Selling

 Customer Service

 Training
What is the importance of the
Marketing Mix?
All the elements of the marketing mix influence each
other. They make up the business plan for a
company and handled right, can give it great
success. But handled wrong and the business could
take years to recover. The marketing mix needs a
lot of understanding, market research and
consultation with several people, from users to trade
to manufacturing and several others.
Questions, if any?
Thanks &
Wish You All Best Luck!

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