Services are radically different from products and need to be marketed very differently so the classical 4 p structure of the marketing mix needs to be modified suitably to incorporate the 8 ps for services marketing, which was previously known as the 7 ps only. The 7 ps model, also known as the services marketing mix, goes beyond the four basic marketing principles for product marketing services have unique characteristics, for example intangibility, heterogeneity, inseparability and perish-ability. The service marketing mix consists of 7 p’s as compared to the 4 p’s of a product marketing mix simply said, the service marketing mix assumes the service as a product itself however it adds 3 more p’s which are required for optimum service delivery. The original four p’s of marketing detail the important components of product marketing academics and marketing practitioners point out that services differ from products they are intangible. Marketing strategy in insurance companies case: china life insurance company limited in shifang 222 marketing mix 17 explains the theory of strategic management and marketing strategy the third chapter exhibits the analyses of social environment, and competition in china’s life insurance business 6.
Services marketing is a specialised branch of marketing banking or insurance, with different fees for varying levels of access services: unique characteristics since then there have been a number of different proposals for a service marketing mix (with various numbers of ps – 6 ps, 7 ps, 8 ps, 9 ps and occasionally more). The marketing mix is a set of tools that a hospital can use to create the characteristics of the services offered to the patient tools in the marketing mix can be used to develop long-term. Defined marketing mix as controllable variables used by organisations to satisfy target market kotler and armstrong (1989:p45) define marketing mix as “ the set of controllable marketing variables that the firm blends to produce the response of wants in the target market.
Therefore the marketing mix has seen extended and adapted to create the services marketing mix, also known as the 7p’s or the extended marketing mix – physical evidence, process and people physical presence as does a product for example, motor insurance may have a certificate, but the financial service itself cannot be touched ie it. As any marketing student can tell you, the four ps in the marketing mix are product, price, placement and promotion typically, when talking about the four ps in marketing class, the discussion is on how they apply to marketing for consumer products. The marketing mix is a term coined by neil borden in a 1948 article called, “the concept of the marketing mix it describes the various elements that together make up the strategic marketing. Chapter-1: basic of marketing of service self assessment questions 8 which of the following businesses would be characterized as a pure service a insurance b farming c mining d there is no such thing as a pure service 19 the service marketing mix is also known as an extended marketing mix and is an. Extension of the 4ps - 7ps services marketing framework by booms and bitner the 4ps marketing mix which represents p roduct, p rocess, p ricing and p romotion, have been most widely employed as a model for product marketing.
If you are stuck with a solution service marketing mix, challenges faced by the service industry homework problem and need help, we have excellent tutors who can provide you with homework help our tutors who provide solution service marketing mix, challenges faced by the service industry help are highly qualified. The marketing mix of lic discusses the 4 p's of life insurance corporation of india which is one of the top lic companies in indiathis largest company of insurance is an indian state owned company and has its headquarters in mumbai, indiathe promotional strategy of lic- life insurance is very simple& straightforward. The insurance business deals in selling services and therefore due weightage in the formation of marketing mix for the insurance business is needed the marketing mix includes sub-mixes of the 7 p’s of marketing ie the product, its price, place, promotion, people, process & physical attraction.
International journal of marketing, financial services & management research vol1 issue 11, november 2012, issn 2277 3622 the study is designed to evaluate the marketing strategies in life insurance service sector & how the product mix services or schemes should be motivational. The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design the service marketing mix consists of 7 p’s as compared to the 4 p’s of a product marketing mix. Marketing intangible products and product intangibles freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting.
A leading food service client wanted to understand the problems related to marketing spend and further leverage the use of a robust marketing mix modeling to stimulate customer outcomes the outcome gained a 360-degree approach to the market effectiveness and enhanced the roi. Therefore due weight-age in the formation of marketing mix for the insurance business is needed the marketing mix includes sub-mixes of the 7 p's of marketing ie the product, its price, place. Marketing mix of aia insurance analyses the brand/company which covers 4ps (product, price, place, promotion) and explains the aia insurance marketing strategy the article elaborates the pricing, advertising & distribution strategies used by the company. The insurance business deals in selling services and therefore due weightage in the formation of marketing mix for the insurance business is neededthe marketing mix includes sub-mixes of the 7 p’s of marketing ie the product, its price, place,promotion, people, process & physical attraction.
These changes have helped banks tackle the challenges of services marketing the promotion or communication mix in banking refers to varied strategies like personal selling, advertising, discounts, and publicity etc used by present day banks to promote their service offerings. Marketing mix for insurance companies the marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. The fourth p in the marketing mix is the place where your product or service is actually sold develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Insurance comes under the service sector and while marketing this service due care show more more about geico insurance and how its marketing mix operates in the insurance industry.