Indian Retail Industry-Pantaloon Retail (India) Ltd. Part VII

7 Ps of Service Marketing

Many theories have been proposed to define the process of service marketing. Among these, the most significant theory is ‘service marketing mix’ that comprises 7 Ps that includes Product, Price, Place, Promotion, People, Process and Physical Evidence.

Product: Earlier, the notion was that a good product is capable enough to sell itself in the market. However, in today’s competitive world, no product is perceived as bad product. Organizations are even offering the right to the consumers to return the products, if it fails to satisfy them. Therefore the product must be developed in accordance with the customers’ requirements. The characters must be chosen cautiously to satisfy the target consumer base.

Price: Price is a significant determinant that establishes consumer demands. The marketing manager is the one who decides the pricing strategy of a product. The decisions must be consciously taken so as to be ahead in the competition by attracting more consumers towards the organization. Competing on price level is very much popular in retail marketing. Customers are still sensitive to price discounts and special offers. Price also has a strange perception on the consumers’ minds; something, which is expensive, must be good. Volume discounts and wholesale pricing can be used in retail marketing and also as a potential pricing strategy. Some organizations offer discounts on cash or early payments. Many products and services have seasonal pricing. Businesses can compete on the basis of price discrimination.

Read the full post(Requires Facebook Login)