service marketing mix
by omar ali
Q: I have questions if you could help me with short answer please.
1- describe the service marketing mix with a special reference to banking industry?
2- how has use of technology in service improved of service delivery to the ultimate customer?
3- Discuss the important of physical evidence and example for the following?
- Financial institutes
- Educational institutes
- Hotels and restaurant
A: Hi Omar,
Thank you for getting in touch and sorry for the delay! (Most people send questions in through my contact form)
Over and above the "4Ps" of the traditional marketing mix - Product, Price, Place and Promotion - the Service Marketing Mix includes the 3 extra "Ps" of People, Process and Physical Evidence. I have a popular article about the 7Ps here: http://www.sales-and-marketing-for-you.com/marketing-mix-structure.html
In banking and any other service industry you do not have a product and your #1 asset is your relationship and dealing with people. In finance this is especially important because you want people to trust you with that which is most valuable to them: their money!
Technology has allowed business and life in general to be improved on Planet Earth, as I am sure you will agree. With regards to serving the "utlimate customer", technology allows us to identify who they are and where they are. We also have unprecedented means of connecting with customers in every part of the globe. Finally, we are able to serve them better, especially at an organizational level through enhanced service and support technology, automation and facilitating their needs through a streamlined and proven process handled by our people
Physical evidence is important in any business. In a purely service transaction, the way you dress becomes physical evidence, for example. In finance, where would we be without brochures to explain complicated details? In education, you have course catalogues and marketing items liked branded novelties (T-shirts, gifts). In the food industry, simply ask yourself: are you likely to eat in a place that does not appeal to your eyes and sense first? As well, the most sophisticated and best restaurants and hotels combine good service with a good environment that is achieved in everything from furniture to food to fancy artwork
I hope that help and good luck!