SM - Service marketing management process.pptx

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1. 1 SERVICES MARKE TING MANAGEMENT PROCESS BBA V SEMESTER SERVICE MARKETING

2. Introduction Marketing management process for services 2

3. Setting marketing objectives Analyzing marketing opportunities Researching and selecting target market Designing marketing strategy Organising , implementing and controlling marketing efforts

4. INTRODUC ti ON 4 Service marketing management represents marketing concept in action. The service firm must be customer oriented & must develop a competitive marketing strategy, that strategy formulation consists of two steps:

5. Identifying target markets and their needs Developing a marketing mix that satisfies the unique needs of these target markets 5

6. seTting marketing objectives 6 Developing a marketing strategy requires market planning and market planning is usually preceded by market analysis. Before making any strategic plan the manager has to go through some self questioning. The answers of these critical questions are the beginning of the development of strategic plan.

7. The questions may be: What is the specific type of service business? Who are customers, how can they be identified, & what benefits are they seeking? How can the business be defended from competitors? 7

8. How can competitive advantage and more cost efficient operations be achieved? What efforts must be used to develop and test new product service offerings? What role can be assigned to planning and research? 8

9. The marketing information for planning purposes can be gathered through marketing research and marketing intelligence. Market research is more structured and quantifiable while marketing intelligence gathering concentrates on intangible ideas and trends. 9

10. ANALYZING MARKETING OPPORTUNITIES 10 Analyzing market opportunity is to identify the markets and determine the changing needs of customers and their bases for choosing among the many alternatives offered.

11. Marketing orientation requires organizations to monitor their environment to adjust their offering so that customer needs are fulfilled. There are some other imp. f actors to be considered to analyzing the marketing opportunities, they are: 11

12. The internal environment The immediate external environment The uncontrollable external environment: Economic Factors Social Factors Political and legal factors Technical factors 12

13. SELECTING TARGET MARKET 13 The process of identifying and evaluating marketing opportunities gives rise to many new ideas, each of these opportunities must be studied relevance to the company’s resources. This steps involves: Segmenting & Targeting Positioning

14. Services marketing can not be separated from market segmentation. There are some segmentation methods which are used by service organization: Demographic variant Psychographic variant 14

15. After this process market targeting is focused, deciding on which of the market segment to target is a challenging one & after this process the service provider decides upon the number of segments to serve such as : 15

16. Undifferentiated marketing – e.g. Mass banking Differentiated marketing – e.g. bank products for products for corporate clients and individual clients Concentrated marketing – e.g. special agricultural banks or industrial credit banks. 16

17. DEVELOPING TH E SERVICE MARKETING MIX The marketing mix which is the essence of every marketing strategy & includes tangible dominant products, they are: Service Product Place People 17

18. Price Demand oriented method Cost oriented method Competitor based pricing Process Physical Evidence 18

19. Organising , Implementing and Controlling Marketing Effort The service firm must mobilize its people and resources e.g. money equipment, physical facilities within the organization to put the strategic plan to work. Once the plan is executed, activities concerned with customer feedback and sales forecast are organised. This is done to evaluate the effectiveness of marketing plan. 19

20. This interdependence between marketing, operations, & human resources is termed as service management trinity. 20

21. THANK YOU