Lecture notes on Services marketing lecture notes on marketing of financial services and what is service marketing with examples. The Concept All industrial and economic activities are divided into three, namely, primary, secondary and tertiary. Primary activities include agriculture, fishing, forestry, mining etc. Secondary activities consist of manufacturing, processin-g, construction etc.
Lecture notes on Marketing of Services lecture notes on marketing of financial services and marketing of services. It is largely intangible i. A product is tangible i. A service tends to be an experience that is consumed at the point where it is purchased, and cannot be owned since is quickly perishes.
In this Unit we will be understand the following about Marketing of services lecture notes Over 58 percent of the Indian population is under the age of It may be used to market a service or a product.
Marketing a service-base business is different from marketing a product-base business. There are several major differences, including: The buyer purchases are intangible 2. The service may be based on the reputation of a single person 3. The buyer cannot return the service 5.
When one markets a service business, one must keep in mind that reputation, value, delivery of "Managing the evidence" refers to the act of informing customers that the service encounter has been performed successfully.
It is best done in subtle ways like providing examples or descriptions of good and poor service that can be used as a basis of comparison. The underlying rationale is that a customer might not appreciate the full worth of the service if they do not have a good benchmark for comparisons.
However, it is worth remembering that many of the concepts, as well as many of the specific techniques, will work equally well whether they are directed at products or services. In particular, developing a marketing strategy is much the same for products and services, in that it involves selecting target markets and formulating a marketing mix.
Charles Revson made a famous comment regarding the business of Revlon Inc.: In the store we sell hope. In economics and marketing, a service is the non-material equivalent of a good. Service provision has been defined as an economic activity that does not result in ownership, and this is what differentiates it from providing physical goods.
It is claimed to be a process that creates benefits by facilitating either a change in customers, a change in their physical possessions, or a change in their intangible assets. By supplying some level of skill, ingenuity, and experience, providers of a service participate in an economy without the restrictions of carrying stock inventory or the need to concern themselves with bulky raw materials.
On the other hand, their investment in expertise does require marketing and upgrading in the face of competition which has equally few physical restrictions. Providers of services make up the Tertiary sector of industry.
A service is an intangible product involving a deed, performance, or an effort that cannot be physically possessed. Dominant component is intangible. Includes rental of goods, alteration and repair of goods owned by customers, and personal services. Major differences between goods and services are: Lawyers until ; when the US Supreme court struck down such prohibitions as against freedom of speech A number of professionals have a dislike for marketing and a lack of understanding.
Use of marketing is likely to increase rapidly in the near future Characteristics of Services Intangibility They cannot be seen, handled, smelled, etc. There is no need for storage. Also professional services have credence qualities.
Need to use promotion to help customers perceive a service as highly tangibility.lecture notes on marketing of financial services and marketing of services. how marketing of services is different from marketing of products pdf free download srmvision.comrper,United Kingdom,Professional.
Services Marketing Mix Services Marketing Mix refers to the combination of marketing activities an organization engages in to promote and sell intangible services, as opposed to tangible products. Marketing professionals and specialist use many tactics to attract and retain their customers.
Marketing Of Services Lecture Notes. Service Marketing Lecture 1 Maija Rökman Introduction KATMAA13 is number of Service Marketing (5 ECTS/op) Visiting Lecture Tue 18th September PhD Nina Mesiranta Books: Grönroos Christian Service Management and Marketing, 2nd ed. Service Management and Marketing, 3rd ed.
Gummesson Evert Total Relationship Marketing.
Marketing focuses on the use of all the firm’s controllable influences to satisfy the customer. Balakrishnan S #4 and services Value, satisfaction, and quality Exchange, transactions, and relationships Markets. Balakrishnan S #7 zNeeds - state of felt deprivation for basic items.
American Marketing Association defines marketing as: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
1 1 An Introduction to Services Marketing Athens University of Economics and Business Paulina Papastathopoulou, Ph.D. Lecturer in Marketing Department of Marketing and Communications.