More often than not all customers can be sure that every bottle of Coke he/she buys, even in a life-time of purchases, will not vary. A product may be capable of being reused for a certain time. The Entrepreneur website defines product development as "The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product." Individual product decisions also include product support services. Available online April 8. Product Marketing: Product marketing is related to products which are tangible, storable, repeatable (replication), measurable, quality controlled by data and possible to patent. December 2007. Customers respond to enthusiastic sales staff who are passionate about their products and eager to share the benefits with them. It applies to individuals with a broad knowledge of the promotion of products and services specific to an organisation. Service marketing is marketing based on relationship and value. A marketing plan helps you promote products and services in your business that meet the needs of your target market. However it adds 3 more P’s which are required for optimum service delivery. Product. You need to make sure you don’t mislead your customers when you advertise your products or services. Advertising. Many small businesses come up with a fabulous business idea but then fail to market it successfully. For example, the purchase of a hotel room includes the guest room, fitness center, pool, restaurants, valet service, concierge, housekeeping service, etc. These characteristics according to LOE 2009 are: Intangibility – services cannot be referenced using the five senses of touch, smell, hearing, feeling and taste. Central to any definition of a service product, from a marketing viewpoint, is the linkage that must be established between the service products from the consumers’ or users’ viewpoint. When it comes to marketing a service it can at times be more challenging than marketing a product. Prior to this, services were considered just an aid to the production and marketing of goods and hence were not deemed as having separate relevance of their own. So is describing why your products and services are needed if no market currently exists. The model is an extension of Product Marketing Mix (also known as the 4 P’s of Marketing). Examples are soap, toothbrush, etc. You could be offering the best new product or service around, but if you don’t promote it properly, you’re likely to miss out on opportunities or even end up losing money down the line. Definition and characteristics of Services . Developing a marketing strategy that includes the components listed below will help you make the most of your marketing investment, keep your marketing focused, and measure and … Services marketing is a specialised branch of marketing. Services Marketing Mix. P. 2.. material) since you can touch it or own it. augmented product: The supporting services surrounding the product, such as after-sales service for a machine, or parking spaces for a department store. Product refers to what you are selling, including all of the features, advantages and benefits that your customers can enjoy from buying your goods or services. This can be a minor part of the product or a major part of the total offering. Product/Service Innovation Neon Memories Diner attracts prospective customers by offering an exciting and unique dining experience. It requires research, time and commitment, but is a very valuable process that can greatly contribute to your business success. In service marketing, it’s critical to focus on building relationships with customers, differentiating your offerings from competitive businesses and building a loyal consumer base. In marketing term, product is a good or services that satisfy the customer needs. 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