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Service Mix
-Poonam Purohit
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Service is a Economic Activity that is :-
Intangible. Cannot be stored.
No Transfer Ownership.
Examples:-Financial services, Maid Services, Restaurants,Hospitality, Tourism, Advertising Services etc..
What is a Service
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Difference between physical
goods and servicesPhysical goods Services
Tangible Intangible
Homogeneous HeterogeneousProduction and distribution areseparated from consumption
Production, distribution and consumption aresimultaneous processes
A thing An activity or process
Core value processed in factory Core value produced in the buyer-seller interaction
Customers do not participate inthe production process
Customers participate in production
Can be kept in stock Cannot be kept in stock
Transfer of ownership No transfer of ownership
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55.2
26.3
18.5
Service Sector
Industrial Sector
Agriculture
Contribution of Service Sector
towards Indian GDP:-
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Government Sector. Healthcare/Hospitals.
Education. Banking. Insurance. Legal Service.
Media. Hospitality. Tourism.
Example of Service Sector.
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The tools available to a Service Provider togain the reaction it is seeking from its targetmarket in relation to its marketing objectives.
7Ps Price, Product, Promotion, Place,People, Process, Physical Environment
Traditional 4Ps extended to encompass
growth of service industry
Service Mix
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The Service Mix.
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Price
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PricePricing StrategyImportance of Pricing Strategy: Knowing the market.
Elasticity. Keeping an eye on rivals.
Pricing Should be taking into consideration: Fixed and variable costs. Competition
Company objectives. Proposed positioning strategies. Target group and willingness to pay
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Product
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Product
Its suggested that a Productshould be viewed in three levels:
Level 1: Core Product.Level 2 Actual Product.Level 3: Augmented Product.
Various Methods are used to improve/differentiate the Service and increasesales or target sales more effectively to
gain a competitive edge.
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Promotion
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Promotion Various Promotion
Strategies are used to
make the consumer awareof the existence of aproductor service.
Successful Service meansnothing unless the benefitof such a service can becommunicated clearly tothe target market.
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Place
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Place The means by which products and
services get from producerto consumer and where they canbe accessed by the consumer.
The more places to buy theproduct and the easier it is made
to buy it, the better for thebusiness.
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Extended Service Mix.
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People
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People
People represent the business
The image they present can be
important First contact often human what is
the lasting image they provide to thecustomer?
Extent of training and knowledgeof the product/service concerned
Mission statement how relevant?
Do staff represent the desired culture
of the business?
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Process
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Process
How do people consumeservices?
What processes do they have to
go through to acquire theservices? Where do they find the
availabilityof the service?
Contact Reminders Registration Subscription Form filling Degree of technology
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Physical Environment
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Physical Environment
The ambience, mood orphysical presentation of
the environment Trendy/retro/modern/old
fashioned?
Light/dark/bright/subdued?
Romantic/chic/loud? Clean/dirty/unkempt/neat?
Smart/Shabby?
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Case Study on HDFC Bank
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Product :
Demat account Lockers
Cash management
Insurance product
Mutual fund product
Loans
ECS(Electronic clearance system)
Tax Payments
Place :
Wide spread of NetworkAcross
Rural and Urban Area.
Branches: More than 6000
ATM: More than 6369
HDFC Bank
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Price:
Difference between theinterest Charged and interestPaid on Fixed Deposits.
Pricing on the Value AddedService.
Cost included.
Promotion:
Special Offers. Advertisings.
Leaflets.
Direct Mailing.
Free gifts.
Contest.
Sponsoring
HDFC Bank
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HDFC BankPeople:
Trained Staff.
Trainings Provided on aRegular Interval.
Process:
High use of technology EgTimely Transfers
Customer Data management
Physical Evidence:
Proper Ambience
Use of Self Explanatory Tools
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The Service Mix
Blend of the mix depends upon:
Marketing objectives
Type of product Target market
Market structure
Rivals behaviour
Global issues culture/religion, etc. Marketing position
Product portfolio Product lifecycle
Boston Matrix
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Issues for Service Provider:-
People.
Differentiation.
Intangibility.
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Conclusion
In services, the last experienceremains uppermost in your mind.
Therefore, it is not enough to begood, you have to be consistentlygood
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Thank You!!!
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