Thursday, May 20, 2021

Marketing of products and services

 Marketing of products and services 

Product marketing refers to the process in which the marketing activities are aligned to promote and sell a specific product for a particular segment.

Service marketing implies the marketing of economic activities, offered by the business to its clients for adequate consideration.

The obvious difference between product and service marketing is that products are tangible, and services are intangible. 

Products – Tangible products are often thought to be easier to market as they can be shown, demonstrated, touched, displayed and are easier for your audience to understand in terms of value or whether they are needed. Whether this is true or not is difficult to call, especially when you consider the blurred lines of the B2B technology world, where products and services are becoming more and more entwined.

Regardless, the aim of your marketing strategy should include finding the right market for your product and promoting it in a way that gets the best response from your target audience. It’s important to remember that your product stays the same regardless of who you are targeting and can be returned if the customer is dissatisfied.

Services – Services, being intangible, can be harder to show value. You can’t see or touch a service. Often, then, the goal of marketing services is to create good relationships with your target audience, developing and building trust. You are essentially selling yourself. 

A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals. Although it seems like the main distinction between the two concepts is founded on their tangibility, that is not always the case. In most cases services are intangible, but products are not always tangible.

One thing to keep in mind is that products and services are closely aligned. In fact, a majority of products carry with them an element of service. For example, when a consumer buys a car, the product comes with a lot of other service responsibilities, such as tune-up and maintenance. Nonetheless, there is a clear difference between the two concepts, and it’s imperative for one to understand their working definitions.

Assessing the quality of a tangible product is very easy. Since most products are countable, touchable, and visible, a consumer can assess its durability by examining it. A good case in point is when an individual is buying a home. The buyer will check every nook and cranny of the house, including the attic, basement, foundation, each individual room, and more. In contrast, a service is not something that one can feel or try out before paying for it. Say an individual needs a professional inspector to identify any hidden issues before deciding to purchase a home. Just how experienced is the inspector with regard to plumbing, roofing, and other structural matters? In a nutshell, the client lacks sufficient knowledge about the inspector’s expertise until the task is already in progress. The customer can read online reviews, ask for the inspector’s credentials, as well as before and after pictures of his previous work, but there’s no definite way of evaluating the quality of a service until it’s rendered.

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