Services marketing Dec 2024

Description

Services Marketing

December 2024 Examination

 

 

1. “Along with the 4P’s of marketing products, 3Ps- processes, people and physical evidence play a crucial role in the marketing of services.” Justify with business examples how services are different and the implications it has in the marketing of services? (10 Marks)

Ans 1.

Introduction
In today’s competitive business landscape, the marketing of services requires a distinct approach compared to product marketing. While traditional product marketing relies on the 4P’s – Product, Price, Place, and Promotion – the service sector necessitates the inclusion of three additional P’s: Processes, People, and Physical Evidence. Services, by nature, are intangible, heterogeneous, perishable, and inseparable from the provider. These unique characteristics demand a more personalized marketing strategy, focusing on the experience and relationship between the service provider and customer. For instance, a company offering financial consultancy services or healthcare solutions needs to market not only the service itself but also the processes

 

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2. You are a very good baker. Your friends have been suggesting, to make cakes and sell. You are convinced and to begin with you plan to start off from home. How will you differentiate your services from others? (10 Marks)

Ans 2.

Introduction
Starting a home-based baking business can be an exciting and rewarding venture, especially when driven by passion and a strong skill set. In a market where baked goods are widely available, differentiation becomes key to ensuring success. As a home baker, the challenge lies not only in offering delicious cakes but also in providing a unique experience that sets your services apart from the competition. Differentiation can stem from multiple aspects, including product quality,

 

 

3. You have opened a new tea and coffee store. It also has snacks and other condiments. Although the business volumes have been growing, what you really aspire for is a loyal customer base. The customer loyalty is important as you plan to expand your services to other parts of the city.
4. How will you build a service brand in an environment like this? (5 Marks)

Ans 3a.

Introduction
Building a strong service brand in a tea and coffee store is essential for establishing a loyal customer base, especially when expansion is in sight. A service brand is more than just a logo or tagline; it embodies the overall experience, perception, and values that customers associate with the business. To cultivate loyalty, your brand must consistently provide quality products, excellent customer service, and an inviting atmosphere. In an industry where customers have

 

1. How will build a loyal base of customers? (5 Marks)

Ans 3b.

Introduction
Building a loyal customer base is crucial for the long-term success of any business, including your tea and coffee store. While attracting new customers is important, customer retention is often more valuable as it leads to repeated sales and positive word-of-mouth marketing. A loyal customer base not only provides consistent revenue but also helps in building brand advocacy, making your business more sustainable. Loyalty can be achieved by consistently meeting or exceeding customer expectations through excellent service, personalization, rewards, and engaging