Services marketing is a specialised branch of marketing. It is one of the primary components of business management and commerce. With the increasing prominence of services in the global economy, service marketing has become a subject that needs to be studied separately. Benefits & Solutions . Product refers to what you are selling, including all of the features, advantages and benefits that your customers can enjoy from buying your goods or services. Available online April 8. Product Marketing is a part of the overall function of product management. Central to any definition of a service product, from a marketing viewpoint, is the linkage that must be established between the service products from the consumers’ or users’ viewpoint. Marketing is the process of getting your business noticed by the people who need or want your products or services. Principles of Services Marketing. Levels of Service Product: Consumer Benefit, Service Concept and Offer! They may have responsibility to provide guidance or to delegate aspects of these tasks to others. The Services Marketing Mix is unique to services. Product. Get to know your products or services All four tactics of the Product Marketing Mix used to market products remain, but three new tactics are added. You need to get out there and spread the word about your products or services to the right people to build your customer base. It applies to individuals with a broad knowledge of the promotion of products and services specific to an organisation. A product may be capable of being reused for a certain time. When it comes to marketing a service it can at times be more challenging than marketing a product. Economics A- Z. A product is a package, or bundle, of goods and services that comprise the total offering. 2010 2 The Economist. Product/Service Innovation Neon Memories Diner attracts prospective customers by offering an exciting and unique dining experience. So is describing why your products and services are needed if no market currently exists. augmented product: The supporting services surrounding the product, such as after-sales service for a machine, or parking spaces for a department store. A good marketing strategy helps you target your products and services to the people most likely to buy them. It contains good practice guidance to help promoters comply with their legal obligations not to make false or misleading statements or engage in misleading or deceptive conduct. The service marketing mix constitutes of these elements along with the traditional marketing mix elements, i.e., product, price, promotion and place. Product Marketing: Product marketing is related to products which are tangible, storable, repeatable (replication), measurable, quality controlled by data and possible to patent. Service marketing is marketing based on relationship and value. Available online April 8, 2010. Services marketing first came to the fore in the 1980’s when the debate started on whether marketing of services was significantly different from that of products so as to be classified as a separate discipline. Marketing innovative products and services occurs in an ever-changing environment, and requires rapid decision making with incomplete information. Marketing is profitably using the results of studying short term and long term needs of those who can pay for a one-time, or in most cases, a steady flow of service or product placement. For the purposes of the Digitization Services Branch Products and Services Project, these are the definitions of each component: 1 Palmer, Adrian. Customers respond to enthusiastic sales staff who are passionate about their products and eager to share the benefits with them. It may be used to market a service or a product. Difference Between Product and Service 6 Key Differences Between Services and Products. Rather, services now increasingly represent an integral part of the product and this interconnectedness of goods and services is represented on a goods-services continuum. Usually, the company’s offer includes some form of customer service, of product support services. Unit Sector. Many small businesses come up with a fabulous business idea but then fail to market it successfully. You need to make sure you don’t mislead your customers when you advertise your products or services. . More often than not all customers can be sure that every bottle of Coke he/she buys, even in a life-time of purchases, will not vary. The service marketing concept adds three key elements to the marketing mix: people, process and physical evidence. Services Marketing Mix. The Entrepreneur website defines product development as "The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product." These innovations are introduced at increasingly frequent intervals, and there are high mortality rates for products and services, and the businesses themselves. Understanding your products' features allows you to present their benefits accurately and persuasively. To develop a right strategy in marketing place, product marketing manager has an important role, such as: There may be local … You could be offering the best new product or service around, but if you don’t promote it properly, you’re likely to miss out on opportunities or even end up losing money down the line. What are Products and Services? Address Hygiene: The precision and purity of postal addresses on a mailing list. Sell a product and your prospects often feel they already have a relationship with your brand. No licensing, legislative or certification requirements apply to this unit at the time of publication. As we discussed in the lesson on services, there are a series of fundamental characteristics such as intangibility, inseparability, heterogeneity and perishability which are unique to a service.The traditional marketing mix which includes product, place, price and promotion could be stretched to compensate for these factors. These characteristics that distinguish service marketing from product marketing impact marketing strategies. Its production may or may not be tied to a physical product. However it adds 3 more P’s which are required for optimum service delivery. In marketing term, product is a good or services that satisfy the customer needs. By acquiring a product a person may acquire an asset, e.g., a television set. This can be a minor part of the product or a major part of the total offering. What is Product Development? The product element of the marketing mix includes the tangible good and all of the services that accompany that good to produce the final product. 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