Product and Service Marketing
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Find Out The Difference
|Basis for Comparison||Product Marketing||Service Marketing|
|Meaning||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.|
|Marketing mix||4 P's||7 P's|
|Who comes to whom?||Products come to customers.||Customers come to service.|
|Transfer||It can be owned and resold to another party.||It is neither owned nor transferred to another party.|
|Returnability||Products can be returned.||Services cannot be returned after they are rendered.|
|Tangibility||They are tangible, so customer can see and touch it, before coming to the buying decision.||They are intangible, so it is difficult to promote services.|
|Separability||Product and the company producing it, are separable.||Service cannot be separated from its provider.|
|Customization||Products cannot be customized as per requirements.||Services vary from person to person, they can be customized.|
|Imagery||They are imagery and hence, receive quick response from customers.||They are non-imagery and do not receive quick response from customers.|
|Quality comparison||Quality of a product can be easily measured.||Quality of service is not measurable.|
What’s going on in your marketplace? What are the best target markets for your product or service? Where are your current customers located? What is your competition doing? Discovery is all about doing your research and performing a detailed market, customer and competitive analysis.
All of the information you gather in step #1 is then used to help make your decisions as you create your marketing plans – your roadmap to success. How will you go to market? What is your overall marketing strategy and what are your individual campaign strategies?
This, of course, is the “meat” of the marketing process. Implementation is where you put your targeted, cost-effective marketing campaigns into action. Do you have the resources to complete the implementation in-house, or do you need to bring in third-party vendors to get the job done?
The measurement phase of the marketing process is where you take a close look at the results of the campaign in order to refine your strategies before moving forward. Measuring results enables you to make intelligent decisions regarding how to allocate resources for the next go-round.
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develop a targeted strategy and plan that’s just right for you.