Marketing of Financial Products & Services- Marketing Mix - Price - Concept & Strategy
Marketing Mix of Services
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Transcript of Marketing Mix of Services
![Page 1: Marketing Mix of Services](https://reader033.fdocuments.net/reader033/viewer/2022061119/546ab788b4af9ff6268b4cca/html5/thumbnails/1.jpg)
The Marketing MixThe Marketing Mix
Service IndustriesService Industries
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Three more Ps to deal with
• Intangibility (People , Physical Evidence)
• Inseparability (Production, distribution and Consumption occur simultaneously )
• Inventory • Inconsistency (Process)
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Product (1)Product (1)
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Product
Core Benefit of a product
Packaging
Brand Name
Quality Level
Design
Features
Installation
After Sales Services
Warranty
Delivery and Credit
Core Product
Actual Product
Augmented Product
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Product
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Product as Service (1)
Core Benefit of Service
Facilitating Service
Supporting Service
The Service Concept
Accessibility
Consumer Participation
Interaction
Word of mouth
Image of the company
Marketing
Communication
Image
Marketing
Communication
Augmented Service
Actual Service
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Actual Service
• Core Service• Facilitating Service• Supportive Service
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Augmented Service
• Accessibility• Interaction with the employees/ resources
consumer / Costumer• Consumer Participation
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Accessibility
Ease in service delivery, Time, Location, Facility
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Interaction with the employees/ Physical and technical resources / consumer / costumer
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Consumer Participation
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Image
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Image (Marketing Communication)
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Ensuring the Quality of Service
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Ensuring the Quality of Service(RATER)
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Price (2)Price (2)
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Parameters need to be kept in mind before fixing the price of a product
• Demand fluctuation• Cost of service (Tangible + Intangible)• Quality Indication• Competition
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Demand fluctuation
• Flight Tickets• Movies Ticket
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Cost of service (Tangible + Intangible)
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Quality Indication
• Taj• Business Class Seat
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Competition
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Pricing Objective
• Perceptual Positioning• Product Life cycle• Competition• Marketing Tactics
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Perceptual Positioning
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Product Life cycle
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Competition
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Marketing Tactics
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Place (3)
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Distribution of Service (Issues)
1. Location of service provider2. Accessibility of service3. Distribution Channels4. Distribution facilitation5. Managing Distribution
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1. Location of service provider
• Market Need• Use of Technological • Expediency (Convenience)
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1. Location of service provider (Market Need)
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1. Location of service provider (Use of Technology)
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1. Location of service provider(Expediency “Convenience”)
ConsumerService
Provider
Service ProviderConsumer
ConsumerService
ProviderPlace of Service Delivery
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2. Accessibility of service
• Visibility• Presence of Competitors• Commuting ease• Real Estate Cost
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3. Distribution Channels
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Distribution Channel (Product)
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Distribution Channel (Service)
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Distribution Channel (Service)
• BSNL -> Stockiest (Recharge) -> Seller -> Costumer / Consumer
• IDBI Bank -> IDBI Intech -> DSA -> Costumer
• Hotel Booking -> Travel Agent -> Traveler
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Intermediaries in Services
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Franchises
• Mc. Donald• Dominos• NIIT• DHL• Fedex• Taj Heritage
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Electronics
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Agent / Broker
• Service provider agent (IRCTC) • Selling Agent• Brokers ( Share Broker)
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Promotion (4)
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What is Marketing Communication ?
Creating a bridge between company and the costumerThings need to be Remembered
• What to say• How to say• Whom to say and• How often (Frequency of Communication)
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Promotional objectives
– Introduction– Reinforcement– Awareness Enhancement– Expanding Market Share– Neutralizing Negative
Perception
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Promotional Mix
• Advertisement• Personal Selling• Sales Promotion• Public Relation • Publicity• Direct Marketing
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Advertisement
Features • Paid from• Non Personal Communication• Promotion of Ideas / goods / services• Identify Sponsor
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Advertisement
• Print and broadcast Ads.• Packaging (Outer and Inner)• Motion pictures• Brochures and booklets• Directories• Hoardings• Display Sign• POP Display• Audiovisual Material• Symbol and Logos
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Advantage of Adv. in service Promotion
• Achieving Sales• Showcasing the tangibles• Creating a tangible image• Focusing on benefits• Image creation
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Personal Selling
Features• Personal Presentation• By Company’s / Organization's
representative• In order to make sales and
developing relationship with the target costumers.
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Personal Selling
• Sales Presentation• Sales Meeting• Fairs and trade shows
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Sales Promotion
Features• Short term incentive• To motivate costumer to
purchase or sales or trial of a product and services.
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Sales promotion tech.
• Contest / Games / Lotteries• Gifts• Premium• Samplings• Low-interest financing• Continuity program• Loyalty Program • Exchange offers, Discount• Coupons
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Public Relation
Features• Building relationship with the relevant
public and other stake holders • who can directly or indirectly influence the
image and the business of the organization / company
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Ways to create PR
• Press Kits• Annual Report• Charity• Informative Seminars• Events• Lobbing• Sponsorships• Community Relations• Company Magazine• Publications
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Direct Marketing
Features • Direct Communication• Very specific Individual /
Costumers• To obtain immediate result
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Ways of Direct Marketing
• Telemarketing• Fax• E-mailing• Selective catalog distribution• Voice Mail• Missionary Sales
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Marketing Communication System
Sender Encoding Message
Media
Decoding Receiver
ResponseFeedback
Noise
Company Market
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Terminology of Marketing Communication System
• Sender:-The party sending the messages to another party.
• Encoding:-Mixing the message with symbols / Graphics / Words / Audio / Video to grab the attention.
• Media:- Medium through witch message is being sent to target audience
• Decoding:- Interpretation of the message by the audience.
• Receiver:- The party receiving the message.
• Response:- Effect of the communication (Positive / Negative / No response)
• Feedback:- Part of receiver’s response back to the sender
• Noise:- unavoidable distortion during the communication process.
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Extended Marketing Mix for service
PeoplePhysical Evidence
Process
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People (Internal Marketing) (5)
*Employee*Management*Culture*Costumer Service
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Physical Evidence (6)
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Physical Environment
• Ambiance• Staff Dress• Furniture• Color Them Scheme• Material• Iconic Features
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Ambiance
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Staff Dress
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Furniture
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Color Them Scheme
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Material
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Iconic Features
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Process (7)
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Steps in process formation
• Creating a flow chart of process• Breaking Down the process into a logical
steps• Understanding the variability in the
process• Recognizing Back stage process elements
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Operational flow of activitiesCreating a flow chart of process & Breaking Down the process into a logical steps
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Understanding the variability in the process
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Recognizing Back stage process elements