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In marketing for products, there are basically four P’s Product, price, place and promotion. When we talk about marketing for services, we have to keep in mind three more P’s; processes, physical evidence and People. Now let have a look at each one:
· Product: This is the actual product or service that you are offering and has features that have some value for the customer
· Price: The price of the product is set according to the target customers and their purchasing power at a level to get the most benefit.
· Placement: This has to do with the positioning, you promote your product and you create a certain image in the customer’s mind about the company ad the product and service.
· Promotion: In promotion, all the promotional tools like advertising, sales promotions, discounts, sponsorships are included.
· Processes: Delivery of services involves certain procedure and they are designed to be efficient so that they are convenient for the customers
· Physical evidence: it refers to the facility where the service is delivered, for example the furniture and décor says a lot about the restaurant
· People: These are the people who interact with the customers and represent the company.
Marketers play with these elements to come up with a suitable marketing mix.
· Product: This is the actual product or service that you are offering and has features that have some value for the customer
· Price: The price of the product is set according to the target customers and their purchasing power at a level to get the most benefit.
· Placement: This has to do with the positioning, you promote your product and you create a certain image in the customer’s mind about the company ad the product and service.
· Promotion: In promotion, all the promotional tools like advertising, sales promotions, discounts, sponsorships are included.
· Processes: Delivery of services involves certain procedure and they are designed to be efficient so that they are convenient for the customers
· Physical evidence: it refers to the facility where the service is delivered, for example the furniture and décor says a lot about the restaurant
· People: These are the people who interact with the customers and represent the company.
Marketers play with these elements to come up with a suitable marketing mix.
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