Service Marketing Mix.
Services Marketing Mix refers to the combination of marketing activities an organization engages in to promote and sell intangible services, as opposed to tangible products.
7 P’s of Service Marketing Mix
Product
Just like the goods marketing mix, product is something which satisfies the needs and wants of the customer. It is the actual item which is held for sale in the market. Product mix constitute the combination of all the products for sale in the market.
Suppose a saloon provides services like haircut, manicure and pedicure. The combination of all these is its product mix.
Life cycle of services are same as that of product as it start from the day it was first thought till the time it is finally removed from the market.
Price
Price is the actual amount which the customer pays for the product. But unlike Goods pricing, pricing of services are a bit different and a bit difficult. Price of a service include the actual costs of goods used (if any), Process costs (labour costs + overheads) and profits.
Just like goods, businesses can decide from one of these practices for pricing
- Penetration Pricing (low price kept to capture market share)
- Skimming Pricing (high price initially then lowering of price)
- Competition Pricing (pricing at par of competition)
Pricing decides position of the product among the competition.
Place
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