Service Marketing - 1113 Words

Introduction Lusch et al. (2007) describe as marketing emerged in the beginning of the 20th century, it embraced the goods-dominant (G-D) logic. The concept of the Four Ps of marketing mix – product, price, place and promotion became treated as the basic model at that time. (Grà ¶nroos, 1989) Today, this paradigm is beginning to lose its position. Service marketing is one leading new approach to marketing. Four main characteristics of services defined by Kotler et al. (2009) are intangible, perishable, variability and inseparability (see Appendix A). Thus, Booms and Bitner (1982) turn services marketing into 7Ps by adding people, physical evidence and process. According to Vargo and Lusch (2004), a paradigm shift in the marketing†¦show more content†¦Sheth et al. (1988) believe companies focus from transactional marketing to relationship marketing (RM). Sheth and Parvatiyar (2000) define RM is the process of engaging in cooperative and collaborative activities with customers to create or enhance mutual economic value at reduced cost. One approach to relationship marketing is six markets model (see Appendix D). This model was developed by Christopher et al. (1991) as an instrument for the most comprehensive method to evaluate stakeholder relationships to develop potential successful strategies. (Payne and Holt, 2001) The customer markets are placed in the center of this model to emphasize the relationship with customers and other relevant stakeholders. (Payne et al., 2005) According to six markets model, customer markets are the heart of the six markets model. Galbreath (2002) believes value creation begins with customers as they have true economic value. Bhote (1996) describes the costs of attracting new customers are up to seven times more than maintaining them. However, companies should recognize the cost factors to achieve customer lifetime value and invest the effort in locating and acquiring potentially loyal customers. Loyal customers can be less price sensitive and make market entry difficult for competitors by retaining customer. Today, companies focus onShow MoreRelatedServices in Marketing809 Words   |  3 PagesïÆ'Ëœ Services marketing are crucial compared to product marketing because services are generally produced while serving the prospect and consumed on the spot and it cannot be stored. ïÆ'Ëœ 7p’s of marketing help the company to know and evaluate the interaction between the customers and business, which helps to create successful marketing plan. Telecom service industry: ïÆ'Ëœ Bharti Airtel is and Indian company offering telecommunication services in 19 countries. ïÆ'Ëœ Airtel is market leader in cellular networkRead MoreService Marketing2928 Words   |  12 PagesReview Question (pg. 54, no. 12) The term â€Å"marketing mix† could suggest that marketing managers are mixers of ingredients. Is that perspective a recipe for success when employing the 7 Ps to develop a services marketing strategy? The  marketing mix  is a business tool used in  marketing  products. The marketing mix is often crucial when determining a product or brands unique selling point, meaning that the unique quality that differentiates a product from its competitors, and is often synonymousRead MoreServices Marketing : Marketing And Marketing1846 Words   |  8 PagesService is simply helping someone for profit or nonprofit. Service is intangible product. It means that there is no physical appearance of the object in the process. â€Å"A service is the action of doing something for someone or something. You cannot touch it. You cannot see it. You cannot taste it. You cannot hear it. You cannot feel it. It is largely intangible†. Introduction to Services Marketing - Marketing Teacher. (n.d.). Retrieved November 25, 2014, from http://www.marketingteacher.com/introduction-to-services-marketing/Read MoreMarketing Strategies For The Service Services951 Words   |  4 PagesMarketing Str ategies Our focus and marketing message will be the services offered. We will develop our message, communicate it, and fulfill our commitment to excellence. Websites and Mobile Applications Many hotels have created their own website and mobile applications. It is definitely something to consider if a large portion of our target market uses smart phones and computers. We will therefore customize our hotel mobile application and website. Guests will easily find all important informationRead MoreInternal Marketing in Services Marketing1984 Words   |  8 Pagesimportance of internal marketing in service product development. The first part of this essay will discuss the origin and growth of the concept of internal marketing. Then it will focus on the benefits of internal marketing. In the later part, it will demonstrate a specific case, Mary Kay, which has successfully implemented internal marketing. It shall first briefly introduce fuzzy sets and related concepts. The concept of internal marketing originally emerged from the services marketing literature (BerryRead MoreThe Components Of Service Marketing3122 Words   |  13 PagesTOPIC: MOTAT- MUSEUM OF TRANSPORT AND TECHNOLOGY SUBJECT-SERVICE MARKETING TRIMESTER-1 STUDENTS NAMES-RANJITHA PRAKASH, HARMEET NARANG, SHUBHAM GARG, ASHIMA MAHAJAN, TUTOR-PAUL ROSE â€Æ' CONTENTS: †¢ INTRODUCTION †¢ COMPONENTS OF SERVICE MARKETING †¢ SERVICE MARKETING ENVIRONMENT †¢ INTER-RELATIONSHIP OF THE SERVICES MARKETING MIX ELEMENTS †¢ PRODUCE AND CO-ORDINATE STRATEGIES FOR THE ORGANISATION TO MAINTAIN CURRENT SERVICE MARKET â€Æ' INTRODUCTION MOTAT is a Museum of TransportRead MoreMarketing Healthcare Services1068 Words   |  5 PagesMarketing is concept that helps determine the success of an organizational mission. Essentials of Health Care Marketing (2006) define marketing as, the execution of the conception, pricing, promotion, and distribution of the goods, ideas and services. The author, Berkowitz (2006) goes on to say, â€Å"in order to respond to customers, an organization must develop a product, determine the price customers are willing to pay, identify what place is most convenient for the customers to purchase the productRead MoreService Marketing Mix790 Words   |  4 PagesSERVICES MARKETING MIX I am study of the 7 p’s of KOTAK MAHINDRA BANK in related to marketing research. I also study in details 3 p’s of service marketing like people, process, amp; physical evidence etc. 1) People 2) Process 3) Physical evidence 4) Product 5) Price 6) Place 7) Promotion 1) PEOPLE: - In the people in the service mix in service organization are people assented organization andRead MoreService Marketing Essay1809 Words   |  8 Pageswork in other areas. Since this problem is appeared, service is becoming more important than old days when especially the world always developing fast. As many sociologists believe when the community is developing, the service industries will increase rapidly. Therefore, the more developed countries had higher percentage of service industries. In this essay, it will give the ideas of the description for two marketing theories of flower of service and pricing strategy. By analysing the theories toRead MoreMK2 Marketing Services2746 Words   |  11 PagesMK2 SERVICES MARKETING COURSEWORK ASSIGNMENT QUESTION â€Å"Develop a service blueprint for an organization in the hospitality service industry of your choice† Development Steps; - Decide on the company’s service or service process to be blueprinted and the objective. - Determine who should be involved in the blueprinting process - Modify the blueprinting technique (if required) - Map the service as it happens most of the time. - Be sure customers remain the focus - Track insights that