Question Tag: Service Marketing

The 7 Ps of Marketing:

1. Product:
   A product is anything that can be offered to a market for attention, acquisition, use, or consumption. It can be a physical or non-physical item that has been manufactured for sale by an organization. In the context of services, the product is intangible and involves the service offering itself.
   (2 marks)
2. Price:
   Price refers to the economic value attached to a product. It represents the monetary payment expected by marketers for the delivery of goods or services. Pricing strategies must consider factors such as cost, competition, and customer perceived value.
   (2 marks)
3. Place:
   Place is the channel of distribution used by marketers to make goods and services available to purchasers or end-users. This element focuses on ensuring that products are accessible to the target market through appropriate distribution channels.
   (2 marks)
4. Promotion:
   Promotion encompasses the various tools and strategies that marketers use to communicate their products to the target market. It includes advertising, sales promotions, public relations, and personal selling. Effective promotion is key to creating awareness and generating demand.
   (2 marks)
5. People:
   People refer to the individuals and groups involved in the delivery of products or services made by an organization to the target market. In service marketing, people are often seen as a key differentiator, as the quality of service is heavily influenced by the interactions between customers and service providers.
   (2 marks)