Loading...
Tuesday, October 23, 2012

A Seven P's Framework For Service Marketing

Due to the increasing attention to the application of marketing in the service sector, a different marketing framework was needed for service. Therefore, it was appropriate to introduce the new marketing framework for service or even expanding the elements of a marketing mix for services. So, a 7P’s framework for services has been proposed. 7 elements of service marketing mix are product, price, place, promotion, people, physical evidence and process.

In the services marketing mix the four elements namely product, price, place and promotion overlap with elements involved in the traditional marketing mix but due to the special nature associated with services the implication of these are usually somewhat different in case if service. Let us discuss in detail of these four elements of the service marketing mix:

Seven P's of Service Marketing Mix
Product: The term “product” used to describe either a manufactured good or service. Service products refer to an activity or benefit that a service provider offers to perform for customers. A product in service marketing mix is intangible in nature. Service product can not be measured as well as they are heterogeneous, perishable and can not be owned.

Price: Pricing is one of the P’s in the marketing mix which has received much less attention in service firms. Pricing of services is tougher than pricing of goods. Thus, service marketers must set prices that target customers are willing and able to pay. Almost every service has its own price terminology, unlike in manufactured goods where price is not varied enough for different product items and market segments.

Place: Place in case of services determine where the service product is going to be located. Services must be created and sold at the same time, since service delivery is concurrent with its production and cannot be stored or transported.

Promotion: Services are easy to be duplicated therefore promotions are becoming a critical aspect in the service marketing mix. The promotion element of the services marketing mix forms a important role in communicating the positioning of the service to customers. Promotion provides significance to services by adding tangibility to service and help the customer make a better evaluation of the service.

Have you read article on the 3 new elements of the services marketing mix?

Also did you read our article Elements of extended service marketing mix?

Do let us know if you liked our article or if you have any questions.

0 comments:

Post a Comment

 
TOP