This document discusses key concepts in services marketing. It begins by defining services and classifying them in various ways. It then compares the differences between product and services marketing. Some unique features of services are their intangibility, inseparability, variability, and perishability. Quality, customer expectations, segmentation, targeting, positioning, the marketing mix and other strategies are discussed in the marketing of services. The role of various elements like people, physical evidence, and technology are also summarized.
Service marketing introduction, , classification and challengesPROF.JITENDRA PATEL
This Module contain basic of Service Marketing, its definition, major characteristics of Services, its various classification, contribution of service in economy and various challenges faced by service marketer.
It defines the relations, promises and marketing efforts between the three key stakeholders in services marketing - companies, providers (employees), and customers. Internal marketing is done between company and providers, external marketing is performed between companies and customers, and interactive marketing takes place between customers and providers.Marketing service triangle plays a very important role in service industries.
Service marketing introduction, , classification and challengesPROF.JITENDRA PATEL
This Module contain basic of Service Marketing, its definition, major characteristics of Services, its various classification, contribution of service in economy and various challenges faced by service marketer.
It defines the relations, promises and marketing efforts between the three key stakeholders in services marketing - companies, providers (employees), and customers. Internal marketing is done between company and providers, external marketing is performed between companies and customers, and interactive marketing takes place between customers and providers.Marketing service triangle plays a very important role in service industries.
Integrated service marketing communication with exampleRadhika Venkat
This presentation covers the integrated service marketing communication tools and as well as the role of communication tools for service industry.
It also covers the example relating the successful mix of communication for HOTEL MARISOL.
Service marketing, CLASSIFICATION OF SERVICERATHESH J
Service Marketing, Characteristics of services, Classification of Services, Service Process, Designing the service process, Service Blueprint, Services marketing mix , 7 P’s of Service Marketing
Service Positioning
After a service strategy has been identified, a company must decide how to position its product most effectively. The concept of positioning involves establishing a distinctive place in the minds of target customers relative to competing products.
In “The New Positioning: The Latest on the World's #1 Business Strategy”, Jack Trout distills the essence of positioning into the following four principles
1. A company must establish a position in the minds of its targeted customers.
2. The position should be singular, providing one simple and consistent message.
3. The position must set a company apart from its competitors.
4. A company cannot be all things to all people—it must focus its efforts.
Positioning and Marketing Strategy
Companies use positioning strategies to distinguish their services from competitors and to design communications that convey their desired position to customers and prospects in the chosen market segments. There are a number of different dimensions around which positioning strategies can be developed.
Integrated service marketing communication with exampleRadhika Venkat
This presentation covers the integrated service marketing communication tools and as well as the role of communication tools for service industry.
It also covers the example relating the successful mix of communication for HOTEL MARISOL.
Service marketing, CLASSIFICATION OF SERVICERATHESH J
Service Marketing, Characteristics of services, Classification of Services, Service Process, Designing the service process, Service Blueprint, Services marketing mix , 7 P’s of Service Marketing
Service Positioning
After a service strategy has been identified, a company must decide how to position its product most effectively. The concept of positioning involves establishing a distinctive place in the minds of target customers relative to competing products.
In “The New Positioning: The Latest on the World's #1 Business Strategy”, Jack Trout distills the essence of positioning into the following four principles
1. A company must establish a position in the minds of its targeted customers.
2. The position should be singular, providing one simple and consistent message.
3. The position must set a company apart from its competitors.
4. A company cannot be all things to all people—it must focus its efforts.
Positioning and Marketing Strategy
Companies use positioning strategies to distinguish their services from competitors and to design communications that convey their desired position to customers and prospects in the chosen market segments. There are a number of different dimensions around which positioning strategies can be developed.
The PGDBA Marketing Management course focuses on equipping students with the knowledge and
skills necessary to effectively plan, implement, and analyze marketing strategies.
1st Module of Services Marketing
Reasons for the growth of the services sector and its contribution; the difference in goods and service marketing; characteristics of services; the concept of service marketing triangle; service marketing mix; GAP models of service quality.
Consumer behavior in services: Search, Experience and Credence property, consumer expectation of services, two levels of expectation, Zone of tolerance, Factors influencing customer expectation of services.
Customer perception of services-Factors influencing customer perception of service, Service encounters, Customer satisfaction, Strategies for influencing customer perception.
Service Marketing/ Growth/ characteristics/classification/service marketing m...viveksangwan007
Punjab Technical University- Scheme and Syllabus of Masters of Business Administration (MBA) Batch 2012 onwards, course code MBA 906 -Service Marketiing
Services are deeds,processes and performance
Intangible, but may have a tangible component
Generally produced and consumed at the same time
Need to distinguish between SERVICE and CUSTOMER SERVICE
Short video marketing has sweeped the nation and is the fastest way to build an online brand on social media in 2024. In this session you will learn:- What is short video marketing- Which platforms work best for your business- Content strategies that are on brand for your business- How to sell organically without paying for ads.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Videos are more engaging, more memorable, and more popular than any other type of content out there. That’s why it’s estimated that 82% of consumer traffic will come from videos by 2025.
And with videos evolving from landscape to portrait and experts promoting shorter clips, one thing remains constant – our brains LOVE videos.
So is there science behind what makes people absolutely irresistible on camera?
The answer: definitely yes.
In this jam-packed session with Stephanie Garcia, you’ll get your hands on a steal-worthy guide that uncovers the art and science to being irresistible on camera. From body language to words that convert, she’ll show you how to captivate on command so that viewers are excited and ready to take action.
Digital marketing is the art and science of promoting products or services using digital channels to reach and engage with potential customers. It encompasses a wide range of online tactics and strategies aimed at increasing brand visibility, driving website traffic, generating leads, and ultimately, converting those leads into customers.
https://nidmindia.com/
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
5 big bets to drive growth in 2024 without one additional marketing dollar AND how to adapt to the biggest shifting eCommerce trend- AI.
1) Romance Your Customers - Retention
2) ‘Alternative’ Lead Gen - Advocacy
3) The Beautiful Basics - Conversion Rate Optimization
4) Land that Bottom Line - Profitability
5) Roll the Dice - New Business Models
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
The session includes a brief history of the evolution of search before diving into the roles technology, content, and links play in developing a powerful SEO strategy in a world of Generative AI and social search. Discover how to optimize for TikTok searches, Google's Gemini, and Search Generative Experience while developing a powerful arsenal of tools and templates to help maximize the effectiveness of your SEO initiatives.
Key Takeaways:
Understand how search engines work
Be able to find out where your users search
Know what is required for each discipline of SEO
Feel confident creating an SEO Plan
Confidently measure SEO performance
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
The Secret to Engaging Modern Consumers: Journey Mapping and Personalization
In today's digital landscape, understanding the customer's journey and delivering personalized experiences are paramount. This masterclass delves into the art of consumer journey mapping, a powerful technique that visualizes the entire customer experience across touchpoints. Attendees will learn how to create detailed journey maps, identify pain points, and uncover opportunities for optimization. The presentation also explores personalization strategies that leverage data and technology to tailor content, products, and experiences to individual customers. From real-time personalization to predictive analytics, attendees will gain insights into cutting-edge approaches that drive engagement and loyalty.
Key Takeaways:
Current consumer landscape; Steps to mapping an effective consumer journey; Understanding the value of personalization; Integrating mapping and personalization for success; Brands that are getting It right!; Best Practices; Future Trends
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
How to Use AI to Write a High-Quality Article that Ranksminatamang0021
In the world of content creation, many AI bloggers have drifted away from their original vision, resulting in low-quality articles that search engines overlook. Don't let that happen to you! Join us to discover how to leverage AI tools effectively to craft high-quality content that not only captures your audience's attention but also ranks well on search engines.
Disclaimer: Some of the prompts mentioned here are the examples of Matt Diggity. Please use it as reference and make your own custom prompts.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
The New Era Of SEO - How AI Has Changed SEO Forever - Danny Leibrandt
Services marketing (ppt slides)
1. SERVICES MARKETING
Teaching & Study
Material
1
Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
2. Definitions of Services
According to Philip Kotler, “A service is an act or
performance that one party can offer to another
that is essentially intangible and does not result
in the ownership of anything. Its production may
or may not be tied to a physical product”.
According to American Marketing Association,
“Services are activities, benefits or satisfaction,
which are offered for sale are provided in
connection with the sale of goods”.
2
Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
3. Types/Classification of Services
Figure: Types/Classification of Services
TYPESOFSERVICES
By Market Segment
Degree of Customer Contact
By Degree of Tangibility
Skills of the Service Provider
By Business Orientation
By Degree of Regulation
Degree of Labor Intensiveness
3Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
4. Difference between Product and Services Marketing
Basis of Difference Goods Services
Tangibility Goods are tangible since
people can touch, see and
buy it. Goods are patented.
Services are intangible
because people cannot
touch or cut it. Services
cannot be patented.
Transfer of Ownership
The transfer of ownership
is possible in case of
goods.
Transfer of ownership is
not possible in case of
services.
Perishability
Goods are less perishable
so people can store these
as inventory.
Services are highly
perishable in nature.
People cannot store these
for future use
Heterogeneity
The goods can be
standardized so they are
having less heterogeneity.
High heterogeneity is
found in service. But it is
difficult to measure it.
Re-selling
Re-selling is possible in
case of goods.
Re-selling is not possible
in case of services.
Product Consumption
In case of goods
production and
consumption may take
place in different places.
In case of services, both
processes take place
simultaneously.
Customer Relationship
Comparatively low
customer relationship is
found in goods marketing
A high customer
relationship is required for
service marketing.
Marketing Mix
Traditional 4 Ps of
marketing mix.
Augmented or extended
7 Ps of marketing mix.
Customer Involvement
Generally low customer
involvement.
High customer
involvement in services.
Production
Mass production is easy. Mass production is
difficult.
4Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
5. Unique Features of Services
Intangibility: Services are intangible. Unlike physical
products, they cannot be seen tasted, felt, heard or smelled
before they are bought.
Inseparability: Inseparability of production and consumption
and Inseparability of the service from the person who
possesses the skill and performs the service.
Variability: Services are also market by
variability/individuality/heterogeneity. The provider of the
service being inseparable from the service.
Perishability: Services are perishable as well which cannot
be stored. In few countries, some doctors charge patients for
missed appointments because the service value existed only
at that point.
5Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
6. Services Quality
Service quality is not easy to measure in a precise
manner. The nature and characteristics of services can
have an impact on quality issues.
The intangibility of many service means that it can be
very difficult for service quality to be measured and
assessed.
Inseparability of the service itself from the service
provider highlights the role of people in the service
transaction, and their influence on quality levels.
The heterogeneous nature of service means that a
service is never exactly repeated and will always be
variable to some extent.
6Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
7. Principles of Services Quality
Quality Definition Examples
Search
Quality
Can be evaluated prior
to purchase
Shoes
Jeans
Refrigerators
Lawn movers
Food
Raw materials
Component parts
Office supplies
Tools
Janitorial services
Experience
Quality
Can be evaluated only
during or after the
goods or service has
been consumed
Catering services
Entertainment
Cosmetic surgery
Lawn services
Delivery services
Repair services
Credence
Quality
Difficult to evaluate
even after the service
or good is consumed.
Accountant
Funeral services
Education
services
Veterinarian
Consulting services
Financial services
Advertising
Insurance
7Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
8. Common Customer Expectations
The main expectations that are to be considered:
Speed of service
Efficiency of service
High quality at a competitive price
Friendly, helpful service staff
Prompt replies
Sufficient stock
Not being referred on when you ask a question
Easily navigable store
Easily navigable website
8Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
9. Zone of Tolerance
Desired Level of Service
Adequate Level of Service
Zone of
Tolerance
What
Customer
Expects?
What
Customer
Accepts?
9Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
11. Targeting Strategies
Anyone of the following strategies can be used by service
providers as below:
Undifferentiated Marketing (mass marketing): A
company‟s attempt to appeal to the whole market with a
single basic marketing strategy intended to have a mass
appeal.
Differentiated Marketing (multiple-segmentation): A
company‟s attempt to appeal to two or more well-defined
market segments with a marketing strategy tailored to
each segment.
Concentrated Marketing: A company‟s attempt to
appeal to one well-defined market segment with one
tailor-made marketing strategy.
11Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
12. Positioning Strategies in Services
PositioningStrategies
Positioning by Attributes, Features or Customer Benefits
Positioning by Price Value
Positioning by Use of Application
Positioning According to Users or Class of Users
Positioning with Respect to Product Class
Positioning against Competition
Positioning by Endorsement
Positioning by Quality Dimension
Positioning by Service Evidence
12Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
13. Service Marketing Mix
Marketing mix describes the specific
combination of marketing elements used to
achieve an organization‟s /individual‟s objectives
and satisfy the target market.
Marketing Mix
Product Price Place Promotion
Target Market
13Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
14. Augmented Marketing Mix
People Process Physical Evidence
Employees:
Recruiting
Training
Motivation
Rewards
Team work
Flow of Activities:
Standardized
Customized
Number of Steps:
Simple
Complex
Facility Design:
Aesthetics
Functionality
Ambient conditions
Equipment
Signage
Employee dress
Customers:
Education
Training
Communicating
Culture and Values
Employee Research
Level of Customer
Involvement
Other Tangibles:
Reports
Business cards
Statements
Guarantees
14Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
15. Service Life Cycle
Products and services are often said to have „life cycles‟.
This idea is based on an analogy with natural life cycles;
birth, growth, maturity and son on. The product life cycle
is frequently illustrated as being comprised with four
stages:
Launch Growth Maturity Decline
Figure: Services Life Cycle
15Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
16. Features of Pricing of Services
Marketers‟ have to consider these features while pricing services
and marginal differences which need to be considered are:
Negotiations: Because of „inconsistency‟ characteristics of the
services, there can be a scope for negotiation of prices. For
example, two denting and painting may be providing the same
service but the standards may vary. Therefore, the customer can
negotiate the prices.
Discounts: Because of non-inventory (perishability) characteristics
of services, there may be an incentive to use this service at
unpopular times. For example, some resorts offer discounts to
customers who come during non-peak hours.
Quality: Customers perceive high quality of service with higher
price; therefore service providers price the services high to
demonstrate quality.
16Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
17. Examples of Pricing of Services
S.No Price (What one pays) Service (What one gets)
1 Tuition Education
2 Interest Use of money
3 Rent Use of living house, shop, etc.
4 Fare Taxi ride, bus journey, air travel
5 Fee Services of doctor / lawyers
6 Retainer-ship Consultants’ service over a period of time
7 Toll Travel on some highway
8 Salary Services of an executive/white collar work
9 Wages Services of blue collar work
10 Commission Sales person’s service, Agent services
11 Dues Membership of a union/club
12 Admission Theatre entry
13 Tariff Utilities
14 Premium Insurance
17Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
18. Methods of Pricing Services
Cost-Based Pricing: In case of goods, the prices are often based
on the cost of production. For example, the price of petrol or diesel
in India is based on the cost of oil in the international markets.
Competitor-based Pricing: The competition could be from firms
offering the same services fulfilling similar needs, different services
fulfilling similar needs or similar services fulfilling different needs.
Demand Oriented Pricing: Demand oriented pricing is a pricing
strategy approach whereby a firm set prices after researching
consumer desires and ascertaining the range of prices acceptable to
the target market.
Value Based Pricing: Value is defined as perceived benefits for the
total cost of acquisition. Thus the value-based pricing depends
upon: higher value perception due to lower price for the service and
higher value due to higher perceived benefit.
18Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
19. Pricing Strategies in Service Marketing
Price Discounting
Odd Pricing
Penetration Pricing
Bundled Pricing
Prestige Pricing
Market Segmentation Pricing
Bid Pricing
Loss Leadership Pricing
Gain and Risk-Sharing
Money-back Guarantees
19Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
20. Promotion Mix for Services
Advertising
Personal Selling
Sales Promotion
Publicity
Public Relations
Direct Marketing
E-Commerce/Internet Marketing
Sponsorship
Exhibitions
Packaging
Corporate Communications
Word-of-Mouth
Event Marketing
Trade Shows
20Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
21. Key Channels / Distributors for Service Delivery
In service marketing there are three main groups of channel
intermediaries which may be selected:
Agents : Unlike merchant wholesaler, agents and broker do not
take title to the merchandise.
Brokers: They specialize in certain areas and bring buyer and
sellers together to negotiate the contract. For example, real estate
broker.
Franchising: One of the major ways of services provision is through
franchising. The parties involved are the franchiser, the franchisee,
and the customers. For example, health clubs and fitness centers,
computer training institutes, etc.
Electronic Channels: Electronic channels are the only service
distributors that do not require direct human interaction.
21Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
22. Elements of Physical Evidence
Servicescape Other Tangibles
Facility Exterior:
Exterior design
Signage
Parking
Landscape
Surrounding environment
Facility Interior:
Interior design
Equipment
Signage
Layout
Air quality /temperature
Business cards
Stationer
Billing statements
Reports
Employee dress
Uniforms
Brochures
Web pages
Virtual servicescape
22Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
23. Role of Communication in Services Marketing
All organizations need to communicate with their customers (both
internal and external) at various times and for a variety of reasons.
Externally
To inform the target markets about current and new service offerings
To educate customers
To persuade existing and potential customers to buy
To remind customers about the service and where it is available
To make public announcements
Internally
To inform employees about changes in the organization
To communicate plans and programs effectively
To keep all employees informed about company performance
To publicize incentive schemes and other events
To inform and educate employees about new products and services
23Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
24. The Communication Process
The communication processes is typically
illustrated as consisting of four main elements:
The Source (the sender): encoding
The Message (which is subject to noise)
The Media selected to transmit the message
The Recipient: decoding
24Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
25. Techniques and Technologies of Internal
Communication
Today there are a plethora of techniques and
technologies used to communicate, both up/down and
side-to-side within an organization:
Staff/team meetings
Emails
Video broadcasts
Intranets
Staff-to-staff newsletters
Corporate newsletters
Annual Reports
Roadshows
25Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
26. Role of Technology in Services Marketing
The following are significant aspects by the role of
Information Technology in Services Marketing:
CRM
Digital Marketing
Internet Marketing
Mobile Marketing
Types of Mobile Marketing can be viewed as:
Mobile Marketing via SMS
Mobile Marketing via MMS
Mobile Web Marketing
Mobile Marketing via Bluetooth
Mobile Marketing via Infrared
26Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
27. Special Features of Financial Services
Services tend to share four important characteristics
which distinguish them from physical products and
impact on marketing programs, namely:
Intangibility
Inseparability
Heterogeneity
Perishability
Financial services share these characteristics to a
degree but also exhibit certain differences.
27Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
28. Segmenting, Targeting and Positioning of
Financial Services
Financial service sector in India is very potential in its roots
and has diverse nature in providing services to the
customers. The major areas of financial services sector are
as follows:
Banking services
Insurance services
Leasing services
Mutual Fund services
Factoring Services
Portfolio Management Services
Financial Intermediary Service
28Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
29. Requirements for Effective Segmentation
(a) Measurable
→ Size, purchasing power, and profile of segment
(b) Accessible
→ Can be reached
(c) Substantial
→ Large and profitable enough to service
(d) Differentiable
→ Respond differently
(e) Actionable
→ Effective programs can be developed
29Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
30. Steps involved in Segmenting, Targeting and
Positioning
Identify basis of segmenting the market
Develop profile of resulting segments
Develop measures of segments
attractiveness
Select the target segments
Develop positioning for each target
segment
Develop marketing mix for each target
segment
Segmentation
Targeting
Positioning
30Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
31. STP Process (Segmentation – Targeting – Positioning)
Market
Segmentation
Targeting –
Select the
target market
Product
Positioning
Decide on the
Optimal
Marketing Mix
Identify bases
for
segmentation
Determine
characteristics
of each
segment
Evaluate potential
and commercial
attractiveness of
each segment
Select one or more
segments
Developed detailed
product positioning
for selected
segments
Develop a marketing
mix for selected
segments
Unique Value
Proposition
Product or Service
Price
Place
Promotion
31Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
32. The Financial Services Marketing Mix
(1) Product: There is little or no room for innovation in
product design due to the ease by which competitors can
make similar offerings, for example, by altering charges
or interest rates to meet those of competitors.
(2) Price: The price in financial services terms relates to
the cost involved to the customer in, say, bank charges
or credit card interest rates.
(3) Place: Place or location has always been regarded
as critical in retail financial services where high street
positions are maintained by most of the large institutions.
(4) Promotion: Major advertising campaigns are
undertaken continuously by banks, building societies and
other major financial institutions such as insurance
companies.
32Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College
33. The Financial Services Marketing Mix…
(5) People: Customer care is at the forefront of both
quality and differentiation in the financial services
industry.
(6) Process: Improvements in the process stem not only
from the automation of many transactions and data
handling within organizations.
(7) Physical Evidence: This creates confidence and
helps to build the relationship between customer and
service provider to tangibilize the service.
33Dr.S.N.Selvaraj, Assistant Professor, Department of Management Studies, Dr.N.G.P.Arts and Science College