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Basics of Service Markets, Consumers and Products
Rating: 5.0 out of 5(1 rating)
97 students

Basics of Service Markets, Consumers and Products

‘Services’ are inherently intangible, are consumed simultaneously at the time of their production
Created byManagement Study Guide
Last updated 10/2024
English
English [Auto],

What you'll learn

  • Learn the importance of interplay between service markets and consumers.
  • Learn the driving force behind consumers.
  • Learn how marketing of services is different from that of products.
  • Understand the challenges of service industry.
  • Characteristics and Different Types of Services
  • Importance of Services Marketing
  • 7 Ps of Services Marketing
  • Importance of Value Addition in Service Industry
  • How to Keep Competitive Edge in Service Industry

Course content

2 sections • 17 lectures • 54m total length

  • Introduction3:20

    Explore the basics of service markets, consumers and products, including services marketing, the seven p's, pricing, service encounters, value, and maintaining service quality.

  • Define Services0:39

    Define services as activities, benefits, and satisfactions offered for sale or with goods; they are intangible, consumed at production, non-storable, non-resellable, and unique, such as a pedicure or manicure.

  • Differentiate between Goods and Services0:34

    Differentiate between goods and services by comparing tangible, storable goods with fixed ownership transfers to intangible, simultaneous services that cannot be stored or transferred.

  • Explain What is meant by Services Marketing2:37

    Explore services marketing as the distinctive marketing of services versus tangible products. Learn how the service sector's growth since the 1980s spurred differentiation, relationship marketing, and customer retention.

  • Explain How Marketing of Services is Different1:58

    Highlight how marketing of services differs by emphasizing service differentiation, relationships, and retention. Argue that intangibility makes trust crucial, customize offerings, and emphasize long-term customer relationships for repeat sales.

  • Explain the Characteristics of Services9:43

    The lecture explains the characteristics of services: tangibility, heterogeneity, variability, perishability, separability, and simultaneity, with examples like spa massages, air hostesses, car repairs, ATM withdrawals, and dining.

  • Explain the Types of Services0:40

    Identify the main types of services: core services and supplementary services, and explain how core services fulfill the primary transaction while supplementary services accompany tangible products, such as home delivery.

  • Describe the Importance of Services Marketing1:00

    Explore the rise of services marketing in a growing service economy and its link to economic progress. See how goods and services interconnect on the goods-services continuum.

  • Differentiate between Software Products and Services1:20

    Differentiate software products from software services: products are licensed intellectual property developed over years for a niche, delivering value-adding outcomes; services are client-driven projects with time-and-material or fixed-cost pricing.

  • Explain the 7 P’s of Services Marketing3:39

    Explore the seven p's of services marketing, detailing product intangibility and customization, pricing challenges, place, promotion, people, process, and physical evidence to differentiate service offerings.

  • Explain the Factors to Set Price for a Service2:34

    Set prices for a service by considering target segment and price elasticity of demand, and weigh costs, competition, society and law, variant prices, discount policy, and consumer behavior.

  • Explain What is meant by a Service Encounter5:05

    Explain what a service encounter is and how it shapes customer impressions. Compare proactive and reactive quality maintenance, with gap analysis, staff training, and service metrics.

  • List the Benefits of Maintaining Service Quality3:08

    Maintaining service quality lowers costs, reduces inefficiencies, supports process standardization, improves customer satisfaction and on-time delivery, shortens service cycles, enables expansion, and drives growth through digitalization and customer centricity.

  • Describe Importance of Value Addition in Service Industry7:56

    Explore how value addition drives service industry growth by delivering customer delight through customer-centric service, technology-enabled standardization, and continual innovation to achieve competitive leadership.

  • Explain How to Keep Competitive Edge in Service Industry4:27

    The service industry sustains competitive edge by managing intangibles—customer experience and personalized service—while aligning delivery processes to goals like fast or home delivery, aided by technology and feedback.

  • Explain the Challenges of Services Marketing5:59

    Explore how services marketing faces evolving challenges as services become intangible yet standardized, with automation, service cycles, scripts, and outsourcing shaping separability and information-based offerings.

Requirements

  • No prior knowledge or experience is needed.
  • A laptop or a PC with good internet connection and basic understanding of English.

Description

BASICS OF SERVICE MARKETS, CONSUMERS AND PRODUCTS – LEARN WHAT DRIVES CONSUMER BEHAVIOR.

Are you an Entrepreneur/Student/Working Professional craving to learn about the difference products and services - THEN YOU ARE IN THE RIGHT PLACE.

Recall any service that you have availed in the last six months. Based on your service encounter, answer the following questions:

  • What service did you avail?

  • What was good about the service encounter?

  • What was bad and needs improvement in this service?

  • Would you repeat this service provider?

This course teaches you how to answer the above questions.

Every business knows that in order to thrive, it needs to differentiate itself in the mind of the consumer. Marketers have realized the importance of service differentiation as a sustainable strategy for competing for a portion of the customer’s wallet.

IT HAS FOUND OUT THAT 95% OF CUSTOMERS STOP USING A COMPANY’S SERVICE SOMEBODY FROM THAT COMPANY WAS RUDE TO THEM.

JUST CLICK ON THE ENROL BUTTON AND START READING AND UNDERSTAND THE DIFFERENCE BETWEEN THE TWO TO SURVIVE IN THE MARKET.

Who should take this course?

Are you struggling to analyze the strategies and policies of the service industry and product manufacturing industry then this course is relevant for you.  Students pursuing Management Studies, people interested to become entrepreneurs, Undergraduates, business people can enroll in this course and gain in-depth knowledge on both service and manufacturing industry.

Why you should take this course?

By taking this course, you will be able to see the practical side of the strategies, policies and the focus that drive the service industry is very different from that of the product manufacturing companies.  You can get a good insight about the difference between goods and services and how marketing of services is different from marketing of products.

Knowledge about both services and products is very essential for all the entrepreneurs.  Lack of understanding between services and products will ruin the very existence of an organization.

What you will learn by taking this course?

This is a comprehensive course which explains each and every topic in detail. You will learn the basic concepts, advanced topics, theories and techniques with relevant case studies and real life examples. The following will be taught to you in this course:-

  • Differentiate between Goods and Services

  • What is meant by Services Marketing

  • How Marketing of Services is Different

  • Characteristics of Services

  • Types of Services

  • Importance of Services Marketing

  • Differentiate between Software Products and Services

  • 7 P’s of Services Marketing

  • Factors to Set Price for a Service

  • What is meant by a Service Encounter

  • Benefits of Maintaining Service Quality

  • Importance of Value Addition in Service Industry

  • How to Keep Competitive Edge in Service Industry

  • Challenges of Services Marketing

How this course is structured?

This course is structured in self paced learning style.  The entire course is split into 15+ video modules covering all the basic and advanced concepts as the course progresses.   All the advanced concepts are explained using case studies and real life examples so that you can understanding it easily.  Relevant usage of images/pictures and animations used throughout the course adds value to the content.  All concepts are explained using simple English.   You will feel as if you are attending a real class.

What are the pre-requisites for taking this course?

Basic understanding of English and uninterrupted internet connection is enough for taking this course.


How this course will benefit you?

After learning this course, you will get a clear idea about the policies, procedures, strategies etc. involved in Service and Product manufacturing industry.  The last module throws light on the challenges faced in Services Marketing and how to overcome them.

Who this course is for:

  • Professionals in service and marketing sector
  • Students
  • Working professionals
  • Entrepreneurs

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