Marketing Essay

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Services Marketing The Service Marketing Mix Lecture Overview Determining the Service Price • Why do Service Prices Vary? • Pricing objectives / Strategies • Pricing and Demand • Pricing Methods Promoting a Service • Tangibilising the Service • The Role of Promotion • The Promotional Mix • Promoting Services via The Internet Objectives • Explain how the differences between goods and services affect pricing strategy • Discuss the relationship between pricing and demand • Understand yield management and how it relates to price elasticity • Explain what is distinctive about marketing communication strategy for services • Describe the marketing communications mix for services • Discuss potential uses of the Internet as a communication channel Determining the Service Price Introduction Pricing service offerings is often a confusing issue for both the service organization and its customers. Organisations find it difficult to determine the costs of providing an intangible offering. Similarly, customers face uncertainty regarding whether the price they pay for the service is, in fact, reasonable. The fact price is designated by different labels in different service industries adds to this confusion. For example, a membership fee is paid to a fitness club, a finance charge to a credit company, a premium to an insurance company, a fare for transportation, rent for housing, commission to a stockbroker and a rate for telephone services. This session explores the challenges and opportunities service organizations face regarding

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