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7 P's of services Marketing

This document discusses the key characteristics and 7 P's of services marketing. It begins by defining services and explaining their intangible nature. The main characteristics of services are described as intangibility, heterogeneity, perishability, and inseparability. The 7 P's framework is then explained as an expansion of the traditional 4 P's of marketing (Product, Price, Place, Promotion) to also include People, Process, and Physical Evidence which are especially important for services marketing. Each of the 7 P's is then defined and discussed in terms of its role and importance in services.

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Healthcare Marketing•
SERVICES MARKETING Characteristics & 7 P’s Subject: Marketing Management Unit: Services Marketing Rameez Shah 1st Semester MBA HCA 2015-16 Ashoka Institute of HC Management
Definition___
Services Marketing Services- Are deeds, performances & processes provided or coproduced by one entity or person for another entity or person. American Marketing Association “Activities, benefits and satisfactions which are offered for sale or are provided in connection with the sale of goods.”
Characteristics of Services • Intangibility • Heterogeneity • Perishability • Inseparability (Simultaneous production & consumption) • A service once consumed cannot be returned • Controlling the quality of services is difficult • Services cannot be made available in advance • Time utility is critical
. • A marketing expert named E. Jerome McCarthy created the Marketing 4Ps in the 1960s. This classification has been used throughout the world.
The additional 3 P’s of service marketing, and the 4 Cs theories were developed in the 1990s as experts realised that business had to become more customer- centric. 1. Customer Value 2. Cost 3. Convenience 4. Communication Which were directly co-related with the 4P’s; Product, Price, Place and Promotion respectively.
Product • A product is a bundle of utilities; an item that is built or produced to satisfy the needs of a certain group of people. • The product can be intangible or tangible as it can be in the form of services or goods. • There is no point in developing a product or service that no one wants to buy. • Successful companies find out what customers need or want and then develop the right product with the right level of quality to meet their expectations, both now and in the future. • The perfect product provides value for the customer. • Regularly check what your customers think of your product and your supporting services. • Beware the product quality trap – don’t take it too far by trying to sell a Rolls-Royce when the customer really wants a Maruti 800.
.• A product is only worth what customers are prepared to pay for it. • The price needs to be competitive. • Profit. Pricing is the only element of the marketing mix that generates revenue — everything else represents a cost. • Price positions in the marketplace. • The more charge, the more value or quality customers expect for their money. This is a relative measure. • Existing customers are generally less sensitive about price than new customers — a good reason to look after them well.
Place • Position and distribute the product in a place that is accessible to potential buyers. • The product must be available in the right place, at the right time and in the right quantity, while keeping storage, inventory and distribution costs to an acceptable level. • Place also means ways of displaying product to customer groups. This could be in a shop window, but it could also be online. • Mobile is an increasingly important purchasing channel for consumers, so it’s high time to optimize website. • Google search now penalises websites that are not optimised for mobile, potentially making it more difficult for consumers to find you.
Promotion Promotion is the way a company communicates what it does and what it can offer customers
• Many customers cannot separate the product or service from the staff member who provides it, so your people will have a profound effect-positive or negative on customer satisfaction. • Superior after sales support and advice adds value to offering, and can give a competitive edge. These services will probably become more important than price for many customers over time. Employees “Recruiting” “Training” “Motivation” “Rewards” “Teamwork” Customers “Education” “Training”
Process • Ensure that your systems are designed for the customer’s benefit, not the org’s convenience. • Answers of following question defines all :  Do patients have to wait?  Are they kept informed?  Is your website fast enough and available on the right devices?  Are your people helpful?  Is your service efficiently carried out?  Do your staff interact in a manner appropriate to your pricing? • Patients trying to reach your Hosp. by phone are a vital source of income and returning value; but so often they are left on hold. Many will give up, go elsewhere and tell their friends not to go in this hosp. – just because of the poor process.
Physical Evidence • Facility design Other tangibles 1. Equipment Reports 2. Signage Business cards 3. Employee dress Statements Guarantees • Clean, Tidy, Well Decorated place.
7 P's of services Marketing
7 P's of services Marketing