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    Marketing Chapter 13-14

    Uploaded by

    Ranjan Dwivedi
    The document discusses services marketing and pricing strategies. Regarding services marketing, it notes that the service sector makes up over half of GDP in several South Asian countries. It also discusses key characteristics of services and challenges in marketing them, such as intangibility. Strategies mentioned include standardizing quality and matching supply with demand. When it comes to pricing, the document outlines several steps in setting prices like determining objectives and costs, and selecting a pricing method. Price is important as it generates revenue, but non-price factors also influence modern marketing. Firms may need to change prices due to factors like excess capacity or cost inflation, carefully managing customer perception.

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    Download as DOC, PDF, TXT or read online from Scribd

    Marketing Chapter 13-14

    Uploaded by

    Ranjan Dwivedi
    152 views3 pages
    The document discusses services marketing and pricing strategies. Regarding services marketing, it notes that the service sector makes up over half of GDP in several South Asian countries. It also discusses key characteristics of services and challenges in marketing them, such as intangibility. Strategies mentioned include standardizing quality and matching supply with demand. When it comes to pricing, the document outlines several steps in setting prices like determining objectives and costs, and selecting a pricing method. Price is important as it generates revenue, but non-price factors also influence modern marketing. Firms may need to change prices due to factors like excess capacity or cost inflation, carefully managing customer perception.

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    The document discusses services marketing and pricing strategies. Regarding services marketing, it notes that the service sector makes up over half of GDP in several South Asian countries. It also discusses key characteristics of services and challenges in marketing them, such as intangibility. Strategies mentioned include standardizing quality and matching supply with demand. When it comes to pricing, the document outlines several steps in setting prices like determining objectives and costs, and selecting a pricing method. Price is important as it generates revenue, but non-price factors also influence modern marketing. Firms may need to change prices due to factors like excess capacity or cost inflation, carefully managing customer perception.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    152 views3 pages

    Marketing Chapter 13-14

    Uploaded by

    Ranjan Dwivedi
    The document discusses services marketing and pricing strategies. Regarding services marketing, it notes that the service sector makes up over half of GDP in several South Asian countries. It also discusses key characteristics of services and challenges in marketing them, such as intangibility. Strategies mentioned include standardizing quality and matching supply with demand. When it comes to pricing, the document outlines several steps in setting prices like determining objectives and costs, and selecting a pricing method. Price is important as it generates revenue, but non-price factors also influence modern marketing. Firms may need to change prices due to factors like excess capacity or cost inflation, carefully managing customer perception.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    CHAPTER: - 13

    THE NATURE OF SERVICES: - In 2004, the share of service sector in the GDP
    of India and Bangladesh, Pakistan and Sri Lanka was 52%, 53% and 55%
    respectively.

    Service industries are everywhere: - The government sector, with its courts,
    employments services, hospitality, loans agencies, military services, police and fire
    department, postal services, regulatory agencies, and schools, is in the service
    business.

    1) Marketing strategies for service firms

    2) Managing service quality

    3) Managing service brands

    4) Managing product- support services

    SUMMARY: - A service is any act or performance that one party can offer to
    another that is essentially intangible and does not result in the ownership of
    anything. It may or not be tied to a physical product. Services are intangible,
    inseparable, variable, and perishable. Each characteristic poses challenges and
    requires certain strategies. Marketers must find ways to give tangibility to
    intangibility to increase the productivity of service providers to increase the
    standardize the quality of service provide and to match the supply of service with
    market demands. Even product- based companies must provide post purchase
    service. To provide the best support, a manufacturer must identify the service
    customer value most and their relative importance. The service mix include both
    pre sale service (facilitating and value- augmenting services) and post sale services
    (customer service departments, repair and maintenance services). Customer
    expectation plays a critical role in their service experience and evaluations.
    Companies must manage services quality by understanding the effect of each
    service encounter.

    CHAPTER: - 14

    UNDERSTANDING PRICING: - Price is not just a number on a tag. Price comes


    in many forms and performs many functions. Rent, tuitions, fares, fees, rates, tolls,
    retainers, wages, and commissions all many in some way be the price you pay for
    some good or services. It’s also made up of many components.

    SETTING THE PRICE: -

    Step 1: - Selecting the pricing objective: - survival, maximum current profit,


    maximum market share, maximum market skimming, product quality leadership,
    other objectives.

    Step 2: - Determining demands: - price sensitivity, estimating demand curves, price


    elasticity of demand.

    Step 3: - Estimating cost: - accumulated production, target costing.

    Step 4: - Analyzing competitor’s costs, prices, and offers.

    Step 5: - Selecting a pricing method: - markup pricing, target return pricing,


    perceived value pricing, value pricing, going rate pricing, auction type pricing.

    Step 6: - Selecting the final prices: - company pricing policies, gain and risk
    sharing pricing, impact of price on other parties.

    SUMMARY: - Despite the increased role of non price factors in modern


    marketing, price remains a critical element of the marketing mix. Price is the only
    elements that produce revenue, the other produce costs. After developing pricing
    strategies, firms often face situation in which they need to change prices. A piece
    decrease must be brought about by excess plants capacity, declining market share,
    a desire to dominate the market through lower costs, or economic recession. A
    price increase might be brought about by cost inflation or over demand. Companies
    must carefully manage customer perceptions in raising prices.

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