Service Marketing and Product Marketing Essay Example | Topics and Well Written Essays - 750 words

Service Marketing and Product Marketing - bear witness ExampleExample, if a car manufacturer sells extended warranty work against a car sit the merchandise aspects of such work atomic number 18 related with the performance of the product in the market member and thus if the product is already marketing successfull, the associated service packages can be sold without many problems. However, if services are sold independent of products then their marketing strategies need to be different. Coviello and Brodie et al. (2002. pp42) presented an empirical generalization that the companies selling products engage with their customers in more transactional manner whereas the companies selling services engage with their customers in more relative manner. In fact if the work done by these researchers is analyzed closely, it reveals that the fundamental difference lies in the way of life the methodology of marketing is chosen - whether for products or for services. The researchers pre sented four methodologies of marketing - Transaction Marketing, Database Marketing, Interaction Marketing and web Marketing. The choice of markets depends upon the way cash f number 1 is expected from the consumers to the firm - one time or recurring. well-nigh(prenominal) marketing strategy targeting regular cash flow from consumers will prefer relationship marketing. Some marketing strategists prefer to adopt pluralistic approach of accompanying both relationship & transactional marketing depending upon the demands of the market segments. Example, low cost products & services may be promoted more through transactional marketing while premium products & services may be promoted more through relationship marketing. Database & network marketing are relatively abstruse and hence are of lesser preference among marketing professionals.Is Product or Services marketing fundamentally relatedCoviello and Brodie et al. (2002. pp42) argued that empirically the services & product marketin g areas have been treated differently. The engagement channels are more in services marketing than products marketing. Moreover, usage of IT enabled tools result in more impact on customers in the services marketing than product marketing. This is because the expectations of customers from services are more complex than from products. Krishnan and Ramaswamy et al. (1999. pp 1197-1200) presented a elaborated research on customer satisfaction in banking & financial services industry. They presented that unlike manufacturing industries that produce fully tangible products, the financial services industry offers productized services that are delivered through multiple channels to the customers and hence the span of customer expectations widens given that their frequency of interactions with the companies are much more. In case of products, a consumer may call the service lines only if a fault or defect is detected or else some usability features are not clear. These transactions are on e time in nature that may pass along few times in a year. However, in services industries the customers interact with the companies too often whereby their dwell in every interaction counts in building the perceptions. Hence, in case of service