Marketing Strategy for Services

In: Business and Management

Submitted By avmjag
Words 1401
Pages 6
Assignment #3: Marketing Strategy for Services Aurora Morrison Marketing Management – MKT 500 Dr. Stephen R. Hiatt February 18, 2010

Marketing Strategy for Services

Target Market(s) and Segment Determination.
When considering the target market for a particular product or service, one should take into consideration market segmentation. Market segmentation’s process “is an intuitively appealing process” (Winer, 2007) that aids in finding segments of the market of interest for a firm’s product. Moreover, market segmentation guides, and helps develop products specifically for particular markets that are being targeted. (Winer, 2007)
However, when describing the target market(s) for products and services a firm should first be aware of certain aspects of the marketing segments. For instance, what is the marketing segment size? Are there a significant number of customers for the product or service? Will there be significant sales revenue that will become a potential profit in the market segment? Thus, begging the question of: is the market segment even worth targeting? Other aspects must also be taken into consideration when aiming for a target market; such as, the targeted market’s growth rate. Here, marketing managers would certainly opt for a growing market segment as this will indicate possible future revenues in the target market. Additionally, one must be aware of the possibility of other environmental factors that may be associated with the target market. This includes elements of regulatory, economic, social, cultural, and other “exogenous factors” (Winer, 2007). Lastly, market managers evaluating a market segment for a target market should…...

Similar Documents

Service Marketing

...a) How has the development of self-service technologies affected services marketing strategies? Give TWO explanations. When developing a service marketing strategies we need to extend the marketing mix by adding three additional Ps associated with service delivery – process, physical environment and people. Collectively, the total seven elements of service marketing represent the ingredient required to create viable strategies for meeting customer needs profitable in a competitive marketplace. An important part of process designed is to define the role of customer should play in the production of services. Self-service technologies (SST) are part of the service marketing strategy as it is the service delivery “process”. Process refers to the design and management of customer service processes, including managing demand and capacity and related customer waits. Creating and delivering products elements requires design and implementation of effectives processes. With SST, customer is part of the co producer of the strategy, operational inputs and outputs tend to vary widely compare to manufactured goods and this has made customer service process management a challenge. For example, manufactures goods can be produced at a distance factory, under controlled condition, and check for quality before it reached the customer. For service however, it is delivered face to face and consumed as it is produced, this has make it difficult for service Besides that, SST also involved...

Words: 2722 - Pages: 11

Services Marketing

...Starbucks: Delivering Customer Service Case Study, BEP 430 Marketing 20030059 Dong-ock Kim1, 20030071 Min-geuk Kim2, 20040054 Keehyung Kim3, 20040535 Yohan Jo4, 20076006 Huang Qiuling5, 20076035 Dorjsuren Bayarmaa6 Marketing Team A1 2 3 4 5 6 erst_licht99@hotmail.com1, kmg0702@hanmail.net2, keehyoung@gmail.com3, zukjimote@gmail.com4, sharlin_huangqiuling@hotmail.com5, gordok_88@yahoo.com6 Professor: Wonjoon Kim Date submitted: May 7, 2007 TO: Day, vice president of administration in North America, Starbucks FROM: Dong-ock Kim, Min-geuk Kim, Keehyung Kim, Yohan Jo, Huang, Qiuling, Dorjsuren Bayarmaa RE: Starbucks: Delivering Customer Service DATE: May 7, 2007 Market Analysis Starbucks provides the highest-quality coffee what it believes in the world. It has hundreds of product lines and the sales of beverage take the largest percent. Despite of Starbucks’ overwhelming presence and convenience, customers think there was just a little of image and product differentiation between Starbucks and the smaller coffee chains. However, Starbucks has an uncomplicated distribution strategy, and it tries to make customers get entrance to Starbucks products easier and provide more convenience to customers. Moreover, it has company-operated stores located in hightraffic and high-visibility and non-company retail channels. In addition, Starbucks has four major competitors. Minneapolis-based Caribou Coffee which provides the look and feel of an Alaskan lodge has more than 200......

Words: 1800 - Pages: 8

Services Marketing

...Services marketing “service watch assignment” Article headline: Fairland’s Finest (Great security service management by Beagle Watch) Summary and key points of article: * Author ‘Jeanrique Snyman’ writes about how Beagle Watch was featured on the news for their top notch security services particularly in the Fairland’s area. * What was specifically impressive was Beagle Watch’s ability “to catch fleeing criminals before they were able to get away.” * Dave Casey spoke at the launch of Beagle Watch’s ‘tactical response unit’, the unit has been specifically set up to respond to “life threatening situations”. * This tactical response unit was trained by ‘SBV’ in advanced firearms, SBV was rated among the top five cash-in-transit companies in the world by the ‘Lloyds of London’. How this article relates to key concept in chapters 1&2: 1) Features of the security management service; Beagle Watch has a feature called variability. This means that the service can be varied to meet the specific needs of a client. For example clients can customise their service depending on whether the service is being used residentially or for business. 2) The role of other customers in service encounters; Due to the fact that Beagle Watch is doing such a great job at catching fleeing criminals, satisfied clients will tell friends and family members about how their first service encounter was. This is a great form of free advertising thanks to referrals. 3) The role of other customers...

Words: 401 - Pages: 2

Service Marketing

...Administration (Marketing Management) 2nd Year Services Marketing Maximum Marks: 70 Duration: 03 Hours Instructions: 1. This paper is divided into 3 sections – A, B and C. 2. Section A consists of 10 questions of 1 mark each. All questions in Section A are compulsory. 3. Section B consists of 7 questions of 3 marks each. You must attempt ANY FIVE questions. 4. Section C consists of 5 questions of 15 marks each. You must attempt ANY THREE questions. ------------------------------------------------------------------------------------------------------------------------------- SECTION – A (All questions are compulsory) Write short notes on the following: 1. Word of Mouth 2. Service marketing triangle 3. Service channel 4. Supplementary services 5. Service Quality 6. Service Encounter 7. 7 P’s 8. New product Development 9. Packaging of Services 10. Service Perishability SECTION – B (Attempt any five questions) 11. Explain in detail the impact of technology in services. 12. Discuss the characteristics of service marketing. 13. Explain, how can the various gaps of service quality be closed? 14. Write a note on the marketing management of financial services. 15. Discuss the difference between perception of service quality and customer satisfaction. 16. What are the steps involved in preparing Blue Print? 17. Explain the factor affecting pricing of services. SECTION – C (Attempt any three questions) 18. Explain the characteristics of......

Words: 4473 - Pages: 18

Marketing Strategy of Various Telecommunication Service Provider

... |Supplies* | |[pic] | | |Then, double-click on the result row to select G/L account number 740000. | | |[pic] |740000 | |Back on the first line, choose Debit as D/C and enter 80 as Amount in doc.curr. Then, scroll to the right | | |until you see the Cost center column and enter NAIS1000 (Internal Services). |Debit | | |80 | | |NAIS1000 | |On the second line, enter 740000 as G/L acct again, choose Debit as D/C and enter 95 as Amount in doc.curr. | | |Then, scroll right until you see the Cost center column again and enter NAIT1000 (IT costs). |740000 | | ...

Words: 2247 - Pages: 9

Marketing of Financial Services & Market Retention and Extension Strategy of Prime Bank Limited

...findings and achievements, in the proceeding one phase. In this connection, I was assigned to Prime Bank Ltd.(PBL) SBC Tower Branch, Credit & General Banking Department for my practical orientation. The topic “Marketing of Financial Services and Market Extension & Retention Strategy of Prime Bank Limited” was selected by the Human Resource Division of Prime Bank Limited. This report covers the details of Prime Bank’s practices about Marketing Activities emphasizing “Marketing of Financial Services and Market extension & retention Strategy of prime bank limited. 1.2 Objective of the Report- General Objective: The general objective of the report is to know about the management system and Service marketing activities applied to extend & retain market of Prime Bank Limited as a private commercial bank as well as its formation, and its functional, operational, and financial aspects. Specific Objective: The Specific objectives of this report are as follows: * To relate the theoretical leanings with the real life situation. * To get an overview of the bank. * To provide an overview of various functions performed by the bank. * To have a clear idea about the nature of the marketing activities performed by Prime Bank Limited. * Current Market Performance. * To Identify the Target Market. * To understand the competitors position. * To understand with day to day......

Words: 14607 - Pages: 59

Service Marketing Strategy Project

...STEP I I want to gain marketing insights and learn about new marketing strategies from a data-driven company. I think marketing and strategy is an integral part of any business today, so it takes everything from the scratch to execution, without a marketing strategy, a product can never be a success. Also during my undergrad studies, I came across a course known as entrepreneurship management, which generated a spark in me to learn more about marketing management and strategy. Although having a limited internship experience in data driven marketing, it would be a great opportunity for me to learn something about strategies for different customer segments and analysis of various markets through the marketing courses in my MBA curriculum and apply it to real life situations. STEP II My dream industry would be a company which is dealing in data driven marketing strategies in the sectors of health care consulting and energy auditing. To be precise, I want a job in a data driven marketing industry. STEP III: The job titles for which I would be eligible after I graduate from IIT Stuart school of Business as an MBA in Marketing and Business Analytics would be-: * Marketing/ Marketing Research Analyst * Business Development Executive * Marketing sales Representative * Marketing Account Executive * Business Analyst All these job titles match up my field of interest i.e. marketing. Also When I visited networking events, specifically the ‘Microsoft......

Words: 778 - Pages: 4

Service Marketing

...SERVICES MARKETING : CHAPTER – 2 Consumer Behaviour in Services Marketing INTRODUCTION : In this chapter we’ll study Consumer Behaviour (CB). This is defined as the actions & beliefs that guide a person to purchase a particular product or service. The emphasis on services by companies across the worlds has lead to a growth in the expectations of customers today. The customer seeks customised services at his doorstep & is himself involved in defining the kind of service he expects. The purchase decisions of customers are not made in isolation, but rather they are influenced by environmental factors such as culture, social class, family & other institutional factors. The study of CB requires inputs from various disciplines, such as sociology, psychology & economy. CB deals with the study of the factors that influence a customer in purchasing a product, service and the process that he goes thro’, to evaluate the product/service prior to & even after its purchase & use. Difference between Characteristics of Goods & Services : There are three basic attributes on the basis of which the differentiation of evaluation of goods & services take place. They are Search, Experience & Credence (SEC). As explained below : 1. Search qualities : This is a characteristic that can estimated before the purchase or consumption of a product. This is the quality on the basis of which some goods/services can be searched. Goods have a higher degree of this search qualities as compared to......

Words: 4829 - Pages: 20

Service Strategy

...The evolution of customer relationships As we know building relationship with customer is not a thing that we can achieve just in a day, it needs a long time to make that happen. So, generally speaking, the marketing exchange relationships btw providers and customers gonna experience 4 steps from strangers to acquaintance to friends to partners. Today, I’m goona follow this structure to analyses and let u guys know how translink building relationships with customers. Even that I know probably half of the people doesn’t into translink at all. As a division of department of transport and main roads, it's a public transport system that service in queensland and aim to provide a single integrated transport network accessible to everyone. Vision: making travel easy; purpose: lead, plan, specify and provide mass transit for the people in south east queensland. Customers as strangers Strangers are those customers who have not yet had any transaction( interaction ) with a firm and may not even be aware of the firm. Take me as an example, I remembered the first time that set my foot on Brisbane was around 2 years ago, at that time, I have no idea about translink. My homestay dad and housemate told me that I need to buy a go card to take public transportation, which is easy and convenient. My housemate took me had the first experience by public transportation from my place to uni. And she told me I need to learn how to take bus. Believe it or not, at that time, I thought what?! I’m...

Words: 1450 - Pages: 6

Service Marketing

...The main achievement of Jyske Bank was their ability to improve quality service and to deliver a service matching perfectly customers’ expectations. The gap model of service quality, developed by V.A Zeithmal, A. Parasuraman and L.L Berry, in Delivering Quality Service: Balancing Customer Perceptions and Expectations, will help us to understand how Jyske Bank managed to close the gap between customers’ expectations and perceptions (the customer gap). Briefly, the gap model states that an organization will improve its quality service and its services marketing (closing the customer gap) by closing the four provider gaps, which are: 1) Not knowing what customer expect 2) Not selecting the right service quality designs and standards 3) Not delivering to service designs and standards 4) Not matching performance to promise Jyske Bank managed to close the first gap thanks to a good marketing research orientation. They conducted surveys to detect customers’ expectations. Thus they highlighted that customers’ expectations had changed: factors like price, product or location had become “basics” for customers, who focused more on differentiating factors like bankers’ behavior and interest toward customers. Jyske Bank also implemented a good upward communication. Thanks to their re-organization of the structure (dissolution of headquarters), which leaded to less layers between top management and front-line employees, and thanks to a good intern communication between managers......

Words: 1303 - Pages: 6

Services Marketing

...THE MARKETING PLAN IMPROVING YOUR COMPETITIVE EDGE A Marketing Plan is a written strategy for selling the products/services of a new business. It is a reflection of how serious a company is in meeting the competition head on, with strategies and plans to increase market share and attract customers. An effective Marketing Plan is backed by carefully collected market, consumer and competitor information, sometimes citing professional advice. Why Prepare a Marketing Plan? A good Marketing Plan will help you to improve your odds against more experienced competitors and newly emerging ones. The Plan enables you to recognize and take action on any trends and consumer preferences that other companies have overlooked, and to develop and expand your own select group of loyal customers now and into the future. The Plan also shows to others that you have carefully considered how to produce a product that is innovative, unique and marketable- improving your chances of stable sales and profits - reasons for investors to financially back you. CONTENTS OF A MARKETING PLAN Title Page Include the name of the company, period of time that the contents of the marketing plan covers, and completion date. Use a clean and professional format with examples of the company logo and product designs and packaging types. Table of Contents List all the contents of the marketing plan in the order they appear, citing relevant page numbers. List tables, graphs and diagrams......

Words: 2994 - Pages: 12

Service Marketing

...www.ccsenet.org/ijms International Journal of Marketing Studies Vol. 2, No. 2; November 2010 Impact of Service Orientation on Frontline Employee Service Performance and Consumer Response Rong-Da Liang Department of Marketing and Logistics Management, National Penghu University No.300, Liuhe Rd., Magong City, Penghu County 88046, Taiwan, R.O.C Tel: 886-6-926-4115 Ext: 5522 E-mail: rdliang@npu.edu.tw Hsing-Chau Tseng Graduate School of Business and Operations Management, Chang Jung Christian University 396, Chang Jung Rd., Sec.1, Kway Jen, Tainan 71101, Taiwan, R.O.C Tel: 886-6-278-5123 Ext: 2020 E-mail: hsingchau@mail.cjcu.edu.tw Yun-Chen Lee (Corresponding author) Graduate School of Business and Operations Management, Chang Jung Christian University No. 396, Chang Jung Rd., Sec.1, Kway Jen, Tainan 71101, Taiwan, R.O.C Tel: 886-937-366-869 Abstract As product and price become less important, managers search for new ways to differentiate themselves in a buyer-seller relationship. Increasingly, businesses have to focus on service orientation to differentiate themselves from their competitors. As consumer loyalty depends primarily upon rendering quality service, the delivery process among business service orientation, frontline service employee performance and consumer response deserves more attention. This article explores some of the ways in which service orientation can be used as an appropriate alternative to the more traditional business methods. This study......

Words: 2363 - Pages: 10

Service Marketing

...Individual Assignment (70%) | Module’s Information: | Module | MKT3213 Services Marketing (4cr) | Session | APR 2016 | Programme | B.A.(HONS) IN MARKETING | Lecturers | Syed Izzaddin Syed Jaafar | | Email: syedizzaddin.jaafar@newinti.edu.my | Room: Room 5, Level 7, Block A | Coursework Type | Individual Assignment | Percentage | 70% out of 100% | Hand-out Date | WEEK 2 | Due Date | WEEK 12 | Topic (state Company and Service) : | Student’s Declaration: | I declare that: 0 I understand what is meant by plagiarism. 1 This assignment is all my own work and I have acknowledged any use of the published or unpublished works of other people. 2 I hold a copy of this assignment which I can produce if the original is lost or damaged Name | ID | Word Count | Signature | 1. | | | | | Learning Outcomes Assessed: | | By the end of the course, students will be able to: LO1 Examine the extended marketing mix in relation to services, its limitations, and its validity LO4 Critically review marketing concepts and techniques used and adapted within the service sector LO5 Evaluate the implementation of the marketing mix within specific service sector situations | Penalty for late submission: | Coursework submitted up to one (1) week after the published deadline will receive a maximum numeric grade of 40%. Work submitted later than one (1) week after the deadline will be awarded a fail grade (0%).Lecturer has and......

Words: 577 - Pages: 3

Services Marketing

...Services Marketing Name: Instructor: Task: Date: A service is an act, performance, process or activity that occur during interactions with a person or, machine that provides full satisfaction of a customer’s needs. This is because the customers ideally buy a performance which ought to be staged performed and managed. Contemporarily, there are diverse services (Gilmore, 2003). These include business to business and consumer services. Examples of services include those offered by restaurants, airlines, legal services, personal services, accountancy, banking and finance among others. Service marketing is a mode of marketing that focuses principally on marketing of services. The marketing approach for products is much easier and comprehensible than that of the services. Companies that offer both services and products must apply the use of both marketing approaches (Gilmore, 2003). An instance of a computer vending company encompasses the sale of computers and offering of services such as aiding customers make choices and repair. To appeal to its customers, a company must offer the respective marketing for its products and supporting services. The core goal of a company when marketing services is to get professional personnel that can get into business with the affiliation in a specified location but not to get clients purchasing the given product. For instance, a restaurant offers its services both in-site and in the to-go form. Therefore, to market its......

Words: 2388 - Pages: 10

Services Marketing

...Services have special characteristic and service quality can vary. Therefore, satisfaction is harder to achieve and service recovery and customer’s retention is key service management tasks. ervices have special characteristic and service quality can vary. Therefore, satisfaction is harder to achieve and service recovery and customer’s retention is key service management tasks. ------------------------------------------------------------------------------------------------------------------------------------- Abstract: Customer expectations play a crucial role in shaping satisfaction evaluation. The expectations are formed through past experiences, brand image, word of mouth, advertising or promotions. Customer expectations need to be thoroughly explored by the management for several reasons, it gives them accurate picture of the customer wants, and how the expectations are formed, how the company can influence or manage the expectation. The expectations can also change with cultural roots of the customer. In today’s global market it is beneficial to develop and market the company to diverse market segment. Introduction: In today’s fast paced world the biggest challenge faced by service industry is to retain its customer loyalty. It is easy to see why customer loyalty is of utmost importance, simply put it guarantees future revenue and shareholder value. Customer loyalty is strongly linked to customer satisfaction and service quality. In order to be competitive......

Words: 2671 - Pages: 11