MARKETING 7 P’s T.

V advertisement

Product Online advertisement

 The product in service marketing mix is intangible in Bill boards

nature.
Hand bills
 Service products cannot be measured and also it
won’t be owned to anyone. Sales Promotion
Online banking ===THE PURPOSE OF PROMOTION…===
Prepaid cards 1. To create awareness and;
Current & fixed accounts 2. To persuade the target market to buy
the product or patronize the service.
We can, therefore, conclude that they are all called
PRODUCTS. Promotional Tools – promotional tools include
advertising, sales promotion, public relations, direct
Products are tangible objects that a company sells to
marketing, and personal selling.
customers for their use of consumption.
Advertising is any paid form of non-personal
What are the services – services are considered
presentation and promotion of ideas, goods, or services
different type of purchase ; they involve contact
by an identified sponsor
between the customer and an employee that provides
service.  Broadcast
 Print
Price
 Internet
 Pricing in case of services is rather more difficult  Outdoor
than in case of products. - Placement of announcements and persuasive
 Pricing is important to gain profit for the messages in time or space purchased in any
business. mass media by business firms, non-profit
 Free of charge to open accounts organizations, government agencies and
individuals who seek to inform and/or persuade
Interest rates
members of particular target market or
Competitive based strategy audience about their products, services,
organizations or ideas ( According to American
Place Marketing association).
 Place in case of services determine where is the ===ITS PURPOSE IS TO…===
service product going to be located. A. To inform customers about a new products,
new feature or added benefits of an existing
- HSBD having both physical and electronic products.
channels B. To persuade customer to buy a product.
C. To compare one brand to another.
- Banks and ATM machines are physical
D. To remind customer of a product time to
channels.
time.
- Online Banking is an electronic channel
Sales promotion– is a short-term incentives to
Promotion encourage the purchase or sale of a product or service.

 is an important part of 7P’s - Discounts

 It’ll create the brand name of the business in - Coupons
the consumers mind.
 People used to buy the products by this. - Displays
 - Demonstration
Public Relations – building good relationships with the
company’s various publics by obtaining favourable
publicity, building up good “corporate image”, and
handling or heading off unfavourable rumors, stories
and events.
The New Direct Marketing Model
Direct marketing – consists of direct connections with
carefully targeted individual consumers to both obtain
an immediate response and cultivate lasting customer
relationships.
- No intermediaries
- An element of a promotion mix
- Fastest-growing form of marketing.
Personal Selling is paid personal communication that
attempts to inform customers and persuade them to
purchase products or services. It usually involves a face-
to-face communication between the seller and the
buyer to “close the sale”.
Physical Evidence
 It is generally recognized that physical evidence
can be subsidized into two components.
 Peripheral evidence which can be possessed by
the consumer but has little independent value.
 Essential evidence, which cannot be possessed
by the consumer but has independent value.
The peripheral evidence is the prepaid
card
The essential evidence includes bank
branches, cash , machines ,poster and
brochures.
Process
 Service process is the way in which a service is
delivered to the end customer.
Their procedures are tested before the
launch of the new current account
package.
Bank personnel are to conduct a test to
determine how efficient front line
staffs.
 So therefore, services are delivered directly to
the customers. And we experience them in so
many ways.
People
 Are one of the elements of service marketing mix.
People defined as service.
 Employees are the first one who makes contact
with their customers.
 In service marketing people can make or break an
organization.
-Employees behavioural patterns
towards the customer.
PRICING STRATEGY
Premium Pricing
 also called image pricing or prestige pricing, is
the practice of keeping the price of one of the
products or service high in order to encourage
favourable perception among buyers.
Ex. Apple products
Price Skimming
 pricing strategy in which a marketers sets
relatively high initial price for a product or
service at first then lowers the price over time.
Economy Pricing
 sets prices at bare minimum to make a small
profit by minimising their marketing and
promotional cost.
Penetration Pricing
 when the price of the product is initially set low
to rapidly reach a wide fraction of market and
initiate word of mouth.
Bundle Pricing
 companies sell package or set of goods or
services for a lower price than they would
charge if the customer bought all of them
separately.
Captive Pricing
 is any necessary product that must be sold in
addition to base product
 Are items designed specifically for use with
another product. For example a company that
makes printers also offers ink catridges for that
specific model printer.
Product Line Pricing
 Involve the separation of goods and services
into cost categories in order to create
perceived quality levels in the mind of
consumers.
 Ex. Hotel rates
Psychological Pricing
 Is commonly used by marketers in prices they
establish for their products. For example 99
pesos is psychological less in the minds of
consumers than 100.