Difference between Product Marketing and service marketing

Marketing AIM IS TO FUFIL the needs and wants of the target population. The two most important activities undertaken by the business is production or procurement of products and its distribution to the end user PROCUREMENT OF RAW MATERIALS AND ITS CONVERSION INTO FINISHED PRODUCT IS EASY. THE DISTURSEMENT OF PRODUCT IS NOT EASY AND CREATING A PLACE FOR THE PRODUCT. THIS IS WHEN MARKETING COMES IN TO HELP GET THE INFORMATION OUT ABOUT YOUR PRODUCT.

BASIS FOR COMPARISON Product 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. Marketing Mix: 5 p’s Sells; Relationship Service marketing Meaning: Service marketing implies the marketing of economic activities, offered by the business to its clients for adequate consideration. Marketing Mix; 7 P’s Sells - Relationship

comparison Product Who comes to whom? -Products come to customers. Transfer: It can be owned and resold to another party. Return ability-Products can be returned. Service Who comes to whom??- Customers come to service. Transfer: It is neither owned nor transferred to another party. Return ability- Services cannot be returned after they are rendered.

Camparsion Product Tangibility-They are tangible, so customer can see and touch it, before coming to the buying decision. Separability- Product and the company producing it, are separable Customization-Products cannot be customized as per requirements. Service Tangibility-They are intangible, so it is difficult to promote services. Separability-Service cannot be separated from its provider. Customization-Services vary from person to person, they can be customized.

Comparison Product Imagery-They are imagery and hence, receive quick response from customers. Quality comparison-Quality of a product can be easily measured. Service Imagery-They are non-imagery and do not receive quick response from customers. Quality comparison-Quality of service is not measurable.

Definition of Product Marketing The entire process, right from the market analysis, to delivering product to the customer and receiving feedback, is called product marketing. The process is aimed at finding out the right market for its product and its placement in such a way that it gets good customer response. It entails promotion and sale of a product to its target audience, i.e. prospective and existing buyers.

Definition of Service Marketing When a person or business entity promotes services it offers to its customers or clients, it is known as service marketing. It is aimed at providing solutions to the problems or difficulties of the clients. It includes both business-to-business (B2B) and business-to-consumer (B2C) marketing.  It is intangible, consumed at the time of its production, can’t be inventoried and resold. 

Key Differences Between Product Marketing and Service Marketing The process in which the marketing activities are aligned to promote and sell a specific product for a particular segment is called product marketing. The marketing of economic activities, offered by the business to its clients for adequate consideration, is known as service marketing. In a product marketing, only 4 P’s of the marketing mix are applicable which are product, price, place and promotion, but in the case of service marketing, three more P’s are added to the conventional marketing mix, which are people, process and physical existence.

Key differences When a product is marketed, the company offers value, as it fulfils customer’s requirements. Conversely, when service is marketed by a company, it offers a relationship to its clients. In product marketing, products reach the buyers, as they can be transported from one place to another through various distribution channels. Unlike service marketing, where customers come to the services or the service provider visit customer because services cannot be transported, they are location based.

Key Differences Products are tangible in nature, they can be felt and touched, which make its promotion easier. On the other hand, services are intangible, people can only experience it, and so marketing of services is a bit difficult. If the quality of a certain product is not up to the mark, or it does not fulfil the desired requirement, it can be returned to the seller. However, it is impossible in the case of services, because once the services are delivered, they cannot be taken back. So, the marketing of services, should be done keeping the returnability factor in mind.

Key Differences In product marketing, the product can be separated from its producer, and so they are durable and can be inventoried. On the contrary, in service marketing, services can not be separated from its source, i.e. service provider. Hence the production and consumption of services are simultaneous; they are perishable. Product offered by a company under a particular segment are standardised; they cannot be changed or altered as per customer’s requirement. In contrast, services offered by a company are highly variable and can be easily customised as per the requirements.

Key differences It is a human tendency, that we respond quickly, to what we see and it is a major pro, of product marketing that it grabs our attention, and encourages sales. As against this, services can’t be seen it can only be experienced and so the response it a little slow, while marketing services. In product marketing, the quality of the product can be measured by making a comparison between various products, but this is just opposite in service marketing, where the measurement of services is not possible.

conclusion Demonstration of product or service is one of the best ways to promote it. Further, word of mouth also helps in marketing them. Sources: Key differences. Nov. 25, 2016

Questions: Is service marketing different from product marketing? If so, give 5 ways it is different. What are the 7p’s of service marketing? What is a service product in marketing? What are the similarities between products and services?