What every Management Executive should know about Service Marketing Mix
The Marketing Mix constitutes of the strategic marketing plan for a product which was earlier classified as Product Price Promotion and Place. This was later termed as Seven P of Marketing Mix which is described below.
Any product which the consumer wants to buy or the customer needs is the main part of a Marketing Mix. In the case of marketing products the item can be shown to the customer but in the case of service marketing it is not easy to show the physical presence. How the need of the customer is fulfilled by availing the service should be clearly explained in the case of service marketing.
While choosing the price of the service care should be taken to ensure that price is helpful in making the profit, customers are getting attracted to the product and are less compared to the price offered by competitors. Additional features for the customers can be given for extra price which is added to the service cost. Certain services can be offered as a premium in specific time frames and periods.
Promotion is all about how the consumers are finding it easy to avail the services of the organization. Communication plays an important part in selling the service to customers. Benefits of the service should be concentrated instead of features while marketing services through various promotional methods.