Service Marketing Report and Discussions
Week 2 Discussion
Discuss how the marketing mix will vary in relationship to the offering of a service and of a product.(350)
Responses: 1 Laxmi
Marketing mix gives ways to concentrating on the buzz-word which constantly repeats itself- ‘The 4-P’s of marketing’.They stand for – Product,Price,Place and Promotion. As an ideal definition to bind all these 4 together, the last ‘P’ that I would like to plug in is People. Without them, the rest all 4 would fall out (Ata,Zehir , 2018).
For any marketing strategy to succeed or at least to start with, all that one needs would be the ‘Product’.In today’s world, a product could be a tangible item or any service that is being offered.For example, running shoes is tangible, but where as an eCommerce website is a software product which could be marketed as a service.The key is to make sure that the product to be built is meeting the demand quotient in the market.Next is our Pricing concept.It’s important to regularly assess the cost of our services and products to make sure that we are in line with the realities of our marketplace.Consumer perception is always tied to a price-tag.Brand appeal is very much essential for any product or product line to get established and thus pricing plays a key role in making one.Placing and position are at times overlooked aspects in any marketing mix strategy.It is very vital for any product when branded needs to be positioned to be of easy access to potential consumers being targeted.The more we get to know our audience, the best we could place our product.This also helps to understand and pick the right distribution channels.As the final element, it is very important to promote the product as desired. Advertising either in traditional or digital mode forms the base to product’s survival.Promotion includes all the communication types that we use to tell customers about our services or products.Last but not the least, People connect all these dots to shape a product’s market.Consumer approval is our final step (Mintz,Currin , 2013).
Marketing mix combines different marketing decision variables to market its goods and services. The marketing mix is grouped into four elements that include product, price, promotion and place. Organizations by making changes in these marketing mix tries to influence the buyers and sell their products or services. These marketing mix are controllable so that the organization is able to achieve the marketing objectives. The four elements are referred to as the 4P’s of marketing. The element of product both for tangible and intangible goods takes into consideration the design, usefulness, technology, quality, convenience, packaging, branding and warranties. It represents the physical product or the services that the customers are ready to pay(Singh, 2012). Place includes the channel for distribution, modes of transportation, facilities for warehousing and inventory control management. The element of place, organizations are required to consider if the product or service is to be sold through retailing, wholesale, e-commerce, direct sales and peer to peer or multi-channel sales. The element of place varies as per the requirements, ensure profitability and to implement an excellent supply-chain and logistics management. The marketing mix is respect to the pricing of the product or service is required to consider strategies, skimming, penetration, psychological pricing, and cost-plus or loss leadership. As the price of the product depends on different elements it is dynamic in nature. Organizations are required to decide on pricing as per the cost of the product, strategy for marketing, advertisement and distribution expenses and pricing variation of the competitors. Organizations are also required to vary the promotional aspect that include special offers, endorsements, advertisements, user trials, through direct mail leaflets or through posters, by offering free gifts, through competition or joint ventures(Thabit & Raewf, 2018). It is also one of the powerful element of marketing mix and it includes public relations, publicity, demonstration and exhibition, advertisements etc. Promotion mix helps to create and develop an image about the product and the services in order to convince the customers to buy the product. Promotion helps to position the product in the target market. Thus it varies as per the requirements.