Everything you should know about Marketing and its types
Marketing in simple words can be described as promoting and selling a product or service. It involves advertising, promoting, selling and delivering products to the people. Organizations build various marketing strategies for their products and services and they search for the best medium through which they can promote their brand. These mediums can be social, digital, print or broadcast. Marketing can be of various types but it is mainly categorized into service and product marketing.
Is marketing even necessary?
Yes it is,
- Because it’s a way through which your product or Service is introduced and promoted to the potential customers.
- It covers promotions and sales, public relations, advertising of products.
- It helps in building a brand of your organization.
- Strong marketing strategy helps in keeping the customers engaged
With the brand, builds recognition and encourages loyalty.
Ultimately helps in bringing in clients and growing business & profits.
Service Marketing - This type of marketing focuses on relationship and values and can be described as a set of processes for creating, communicating and delivering value to customer which also benefits the organization.
7 P’s you should know about Service Marketing!
- Product – services are intangible, perishable and heterogeneous.
- Pricing – Prices are basically determined by demand and competition.
- Place – An important factor as services can’t be stored or transported and service delivery is concurrent with production.
- Promotion – Advertising helps in differentiating with the competitor’s products and also avoids duplication.
- People- It’s a defining factor in service delivery as service is inseparable from the people providing it.
- Process- The process involved in service delivery is crucial as it ensures the quality of the services.
- Physical evidence- It includes adding physical elements to services in order to enhance customer experience.
5 Reasons why service marketing is important?
1) To understand the needs and requirements of customer in order to build trust and loyalty.
2) To help the customer to differentiate between the wide varieties of services available.
3) To help the customer to understand the various characteristics and features of service.
4) To improve the sales and thereby the business and profits.
5) To analyze the market position of the organization.
Challenges you may face in Services Marketing!!
a) Uncertainty regarding quality of services.
b) Improving quality of the service
c) Competition with other service providers
d) Setting Prices
e) Standardization versus personalization