Characteristics Of Service Marketing

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Product – According to Lovelock and Wirtz (2006), the core product is a vital constituent of the services offering and basically addresses two questions; first, “what do the buyers get when they purchase the product” and “what business are we in”?In service marketing mix the product is intangible in nature. Service products cannot be measured. Tourism and education industries are the best examples. At the same time service products are not of same kind and they are perishable and cannot be owned. Thus, the service product needs to be designed with care. Service blue printing is done to define the service product. For example –Before establishing a restaurant business a blue print will be prepared. This service blue print specifies exactly how…show more content…
Promotion is the tool to create awareness to the public regarding the products. Brand helps a lot in service sector why because services can be duplicated easily. Due to high competition banks and telecom companies promoting themselves rigorously. In service sector high and promotions is necessary to survive. For that reason banks, IT companies, and dotcoms place themselves above the rest by advertising or promotions. Selection of channel plays a crucial role in promotion. Pricing – Pricing is more difficult in case of services than in the products. Service pricing involves labor, cost of the material and overhead costs. Final pricing can get by adding a profit mark up. People – In service marketing another element which plays a major role is people. In case of service oriented who provides service is people. Now a days companies also concentrating on the training activities to impart necessary skills to the employees. Human resources department need to design number of development programmes in such a way the skills can be imparted to the employees and in such a way they need to provide service to customers. Customer satisfaction is important and it plays a crucial role in case of service sector. Customers play a key role in many businesses like education, hotels, banks…show more content…
Banks are introducing new instruments and ways to attract the customers Banks are offering number of services in such a way they can reach to any kind of people. The banks are designing the programmes and policies according to the changes in the dynamic environment. Banks are now giving importance to the marketing activities to create awareness regarding their services to the public. Customer plays a key role in banking sector as we know customer is god. Customer satisfaction is important so that banks are introducing new instruments and ways to attract the customers. Banks are building many strategies in order to retain the customers. Banks are now putting emphasis on customer relationship management. That too they are concentrating on long-term relationships to retain the
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