SMU MBA ASSIGNMENTS

• Service Marketing Mix

Answer: Service marketing has been relatively gaining ground in the overall spectrum of educational marketing as developed economies move further from industrial importance to service oriented economies. Marketing is the flow of goods and services from the producer to consumer. In common parlance it is the distribution and sale of goods and services.

However, in many ways, developing a marketing strategy is much the same for products and services, in that it involves selecting target markets and formulating a marketing mix. Thus, Theodore Levitt suggested that ‘instead of talking of ‘goods’ and of ‘services’, it is better to talk of ‘tangibles’ and ‘intangibles’. Levitt also went on to suggest that marketing a physical product is often more concerned with intangible aspects (frequently the `product service’ elements of the total package) than with its physical aspects. After-sales, service is very important in the service sector. Marketing strategy in the service industry approaches the problems from the opposite end of the same spectrum. Since it is a vast and important topic, its coverage has been split into three units. In this unit, you will learn about the first 3 Ps out of the 7 Ps of the service marketing mix.

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• Targeting goals

Answer: Customers form the most integral part of service production as well as marketing. The service process is begun by identifying and then targeting the right customers. It is important for every firm to specify the target group before launching a service product. A huge marketplace holds a variety of customers with different preferences, needs and expectations. It is important to zero down on the ‘right’ segment of customers. While formulating a strategy for identifying the target segment, the following issues need to be addressed. (more…)