4.

what is product and it's assocation with service

 Meaning of a Product
A product is anything that can be offered to a market to satisfy a want or
need. Products that are marketed include physical goods, services, persons,
places, organization, and ideas.

Product it's assocation with services

 Product as a service is the concept of selling the services and outcomes a product can provide
rather than the product itself.
 Proponents of product as a service say it can improve customer satisfaction while boosting a
manufacturer's revenue streams with monthly recurring revenue, making cash flow more steady
and predictable.
 The ongoing internet connection and service agreement can also help manufacturers with CRM
by establishing a more "intimate" relationship that often lasts longer than if the product is
purchased outright.
 The product as a service business model allows for wide variations on the type of value being
delivered to the customer. For example, a subscription might guarantee certain outcomes, such
as hours of uptime or units outputted. It might specify the maintenance and repair services the
manufacturer will provide. Other services have less to do with the product itself and more with
how the data it collects can help the customer in their business or personal life.
 The customer might also be relieved of the responsibilities of owning the product, such as the
burden of maintenance or the risk of losing the financial investment. But these benefits usually
come at a premium.
 Proponents of product as a service say it can improve customer satisfaction while boosting a
manufacturer's revenue streams with monthly recurring revenue, making cash flow more steady
and predictable.
 Product as a service has also been touted as a potential revenue boon because the need for
aftermarket service extends throughout a product's lifecycle, with revenue that can surpass the
earnings from selling the product. Advocates also claim the profit margin of service is several
times that of product sales, an assertion backed by studies by the Wharton School and
consulting firm Accenture. IT researcher IDC, which has covered the trend extensively, predicted
that manufacturer service revenue will be double that of product revenue by 2020.
 Products and Services that meet or exceed customer expectations result in customer
satisfaction. Quality is the expected product/service being realized.

5.List down distinguishing characteristics of service

 There are four characteristics of service:

  Intangibility; it means that a service cannot be seen, touched, tasted, or smelled.
Inseparability refers to the fact that the production of a service cannot be separated from its
consumption by customers.
 It refers to the lack of palpable or tactile property making it difficult to assess service
quality. According to Zeithaml et al., “Because services are performances, rather than
objects, they cannot be seen, felt, tasted, or touched in the same manner in which goods
can be sensed.”
 It is used in marketing to describe the inability to assess the value gained from engaging in
an activity using any tangible evidence.
 Inseparability; it means that the production and consumption of a service can't be
separated from the provider of that service. It also requires that a customer is physically
participating in the consumption of the service.
 Inseparability is the characteristic that a service has which renders it impossible to divorce
the supply or production of the service from its consumption. Other key characteristics of
services include perishability, intangibility and variability (or heterogeneity).
 Service inseparability is defined as the inability of the service to be separated from its
provider through its production or consumption
 Variability; it expresses the notion that a service may vary in standard or quality from one
provider to the next or from occasion to the next.
 Perishability ; expresses the notion that a service cannot be made in advance and stored

6.What is Market Segmentation and Basis for Markat Segmentation?

 markat segmentation is a markating strategy in which select groups of consumers are identified
so that certain products and product lines can be presented to them in a way that appeals to
interests.
 marke segmentaion can help you to targat just the people most likely to became satisfied
consumer of your content.
 market segmentaion is a marketing terms that refers to aggregating prospective buyers in to
groups or segments with common need and who respond similarly ti a marketing action.

Basis for Markte segmetaion

 Geograpic Segmentaion: is one of the simplest methdos of segmenting the markat. people living
in one region of the country have purchasing and consuming habit which differts forms those
living in other region.

Exampel: life style products sell very well in metro cities.

 Demograpic segmetaion: demograpic variables such as age,

Occpation education, sxe and income are commonly used for segmention markat.

 age:advertistments teenagers adults retired

 occupation educaion: advertisement agrclture ,indstry trade students ,services sector , house-
holds , institutions
 sex:mael and female.
 income levle:advertistments.
 Psychographic segmentation:under this methood consumers are classified in to market
sements on the basis ot their phychological make-up. personality attitude and life
style ,according to attituded to wareds life peolpe may be classified as traditionalists achievers
e.t.c
Rogers has identified five(5) groups of consumer personalities according to the

way they deopt new product.

1) Innovators.

2) Early adopters .

3) Early majority.

4) Late majority.

5) Laggards.

 Behavioristic segmentation:in this methods consumers are classified in to market segmentation

not the basis of their knowledge ,attitude and use of actual products and product attributes.

Any of the following varables might be used for this purpose.

* purchase occasion: buyers may be differentiated on the basis of when they

use a product or service.

* benefits sought: the major benfit sought in a product is used as the basis of

classity consumers.

* user status: potential buyers may be classified as regular users, occasional

users and non-users.

 Volume segmentation:consumer aer classified light medium and heavy users of product.
marketetrs can decide product features and advertisting stratagies by finding common
characteristics among heavy users
 Product-space segmentaion: here the buyers are asred to compare the existing brands accrding
to their perceived similarity and ,inrelation to their ideal brands

the distinctive characteristics of each group are ascertained.

  Benefit segmentaion:consumer behaviour depends more on the benefit sought in product
service that on demographic factors

each market segmentaion is identified by major benefits it is seeking.

11.what is placing list criteria for effective placing?

 Place in marketing mix refers to the geographical location in which the company sells its
products and provides its services.
 Place refers to where consumers buy your product, or where they discover it. Today's
consumers may learn about products and buy them online, through a smartphone app, at
retail locations, or through a sales professional.
 Place: A geographical location like a city, state, or even an amusement park.
 Marketing: Set of tactics a business uses to promote and sell its products in the market.
 In simple terms, place marketing is the process of marketing a place. Destination marketing
is used to promote a place for potential visitors to increase the odds of them visiting the
marketed place. City marketing, region marketing, country marketing all fall under place
marketing.
 Criteria for effective placing
 RELEVANCE
 The extent to which the intervention objectives and design respond to beneficiaries , global,
country, and partner/institution needs, policies, and priorities, and continue to do so if
circumstances change.
 COHERENCE
 The compatibility of the intervention with other interventions in a country, sector or institution.
 EFFECTIVENESS
 The extent to which the intervention achieved, or is expected to achieve, its objectives, and its
results, including any differential results across groups.
 Note: Analysis of effectiveness involves taking account of the relative importance of the
objectives or results.
 EFFICIENCY
 The extent to which the intervention delivers, or is likely to deliver, results in an economic and
timely way.
 IMPACT
 The extent to which the intervention has generated or is expected to generate significant
positive or negative, intended or unintended, higher-level effects.
 SUSTAINABILITY
 The extent to which the net benefits of the intervention continue, or are likely to continue.
 Note: Includes an examination of the financial, economic, social, environmental, and
institutional capacities of the systems needed to sustain net benefits over time. Involves
analyses of resilience, risks and potential trade-offs. Depending on the timing of the evaluation,
this may involve analysing the actual flow of net benefits or estimating the likelihood of net
benefits continuing over the medium and long-term.