MKT 401 Marketing Strategy Chapter 11: A Comprehensive Lecture Notes
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Course
MKT401
Institution
Universität Mannheim (UMA)
Book
Marketing Management
Welcome to this comprehensive collection of lecture notes on marketing strategy MKT 401 in UniMannheim! These notes cover a wide range of essential concepts and techniques, including target market segmentation, the marketing mix, SWOT analysis, competitive analysis, customer personas, brand messagi...
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MKT 401 – Lecture Notes
Chapter 11
11. The Marketing Mix in Service Marketing
The marketing mix is a concept that refers to the four key elements of a marketing
strategy: product, price, promotion, and place. These elements, also known as the
"Four Ps," are used by marketers to create a comprehensive marketing plan and reach
their target audience.
In service marketing, the marketing mix takes on a slightly different form, as services
are intangible and cannot be touched, tasted, or seen in the same way that physical
products can. This can make it more challenging for marketers to effectively
communicate the value and benefits of a service to potential customers.
Product
In service marketing, the product element of the marketing mix refers to the service
itself, as well as any tangible goods that may be associated with it. For example, a hotel
might offer a service of overnight accommodation, as well as tangible goods such as
towels, linens, and toiletries.
It is important for service marketers to clearly define their service offering and
communicate its unique features and benefits to potential customers. This can be
done through the use of service blueprints, which outline the specific steps and
processes involved in delivering a service, as well as any tangible goods that may be
associated with it.
, Price
The price element of the marketing mix refers to the cost of a product or service to
the customer. In service marketing, pricing can be a complex process, as services are
often intangible and difficult to value.
Service marketers must consider a number of factors when setting prices, including
the cost of delivering the service, the value that the service provides to customers, and
the prices of competing services. In addition, service marketers must consider the
pricing strategies that are most appropriate for their service offering, such as value-
based pricing, penetration pricing, or premium pricing.
Promotion
The promotion element of the marketing mix refers to the marketing communications
and tactics that are used to reach and persuade potential customers. In service
marketing, promotion can be particularly challenging, as it can be difficult to
effectively communicate the intangible nature of a service to potential customers.
Service marketers can use a variety of promotion tactics to reach their target audience,
including advertising, personal selling, public relations, and online marketing. It is
important for service marketers to choose the right promotion tactics based on the
characteristics of their service offering and the needs and preferences of their target
audience.
Place
The place element of the marketing mix refers to the channels and locations through
which a product or service is made available to customers. In service marketing, place
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