Service Marketing
What makes Services Marketing more challenging and tough than product marketing? Discuss.
Definition: Service
Any act of performance that one party can offer another that is essentially intangible and does not result in the ownership of anything; its production may or may not be tied to a physical product. Dominant component is intangible.
US is the world’s first service economy. More than 75% of the workforce in the private sector is employed in the service industry. Accounts for more than $3bn in output and contribute 60% of GNP. 60% of services are consumed by the final consumer. The increase in the service sector is a result of long term growth in the US economy deriving demand for additional services like; Travel , Financial services, Entertainment, Personal care etc.
There are five characteristics to a service;
1. Lack of ownership: You cannot own and store a service like you can a product. Services are used or hired for a period of......
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