BSBMKG502 - ESTABLISH AND ADJUST THE MARKETING MIX 8. Consider a product or serv
ID: 355299 • Letter: B
Question
BSBMKG502 - ESTABLISH AND ADJUST THE MARKETING MIX 8. Consider a product or service with which you are familiar. Describe the product or service
For the product or service you have described: You have been asked to help design the research procedures that will enable data collection and analysis of the effects of the different components of the marketing mix on each other and of their importance to the customer base. Nominate the sources of data (primary and/or secondary) you would choose to access and explain why you would use those sources. What data would you collect? What procedures would you follow to analyse it? How would you use the results? (300 words) Where necessary conduct your own research and remember to cite and reference appropriately.
Explanation / Answer
Services are radically different from products and need to be marketed very differently. So the classical 4 P structure of the Marketing Mix needs to be modified suitably to incorporate the 8 Ps for services marketing, which was previously known as the 7 Ps only.
Services can range from financial services provided by the banks to technology services provided by the IT company or hospitality services provided by hotels and restaurants or even a blog where an author provides a service (information presentation, interesting reading etc) to his audience. Services marketing are dominated by the 7 Ps of marketing namely Product, Price, Place, Promotion, People, Process and Physical evidence.
While everyone knows about the 7 Ps of services marketing, the 8th P of Services Marketing has emerged in research very recently. The 8th P is Productivity and Quality.
In integral services management, improving productivity is a requisite in cost management; but quality, as defined by the customer, is essential for a service to differentiate itself from other providers.
It has been recognized that overall profitability of a firm may be greatly impacted by focusing on not only at the top-line by improving sales but also focusing on the bottom-line by lowering over-all cost of delivering services. In services management, often the variable costs are a lot more than fixed costs, and so incremental costs, if managed properly can have a huge impact on productivity. So for services, a firm may greatly benefit through proper re-engineering of processes and remodeling the same if required to improve productivity at each stage.
It has also been established in research that process improvements deliver better standardization and hence better quality of services. Quality perception is a crucial differentiating factor on services management and for long-term sustainability of the same. Business Process Remodeling can lead to major process efficiency improvements which again can impact overall quality as is actually delivered by the firm and is also perceived by the customers/clientele.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.