7 P's of Marketing

This video is on 7 Ps of Marketing.
What is a Service Product?
A service ‘product’ is a bundle of features and customers benefits. A customer has various needs attached to a service ‘product’.
To understand a service ‘product’, it is necessary to understand different levels of product within a service.
According to Philip Kotler, a marketer needs to think through five levels of the service ‘product’
The five levels of the product constitute a customer value hierarchy.
Product Levels in Services
Core Product
This refers to the basic product. Here, the focus is on the purpose for which the product is intended.
Generic Product
This represents all the qualities of the product.
Expected Product
This refers to all the benefits consumers expects to get when they purchase a product.
Augmented Product
This refers to all the additional factors which set the product apart from competition, that is, its brand identity and image.
Potential Product
This refers to the augmentations and transformations that the product may undergo in the future.
Product Levels Example - Hospitality Service [5 Star Hotel]
Core product - Rest and sleep
Basic product - Hotel room, bed, bathroom, towels, desk, closet.
Expected product - Clean bed, fresh towels, working lamps and the relative degree of quietness.
Augmented benefits - Supply of food that suits customer health, Tablet based control, Voice-activated controls
Potential product - Smart mirrors, Keyless entry, Underwater hotels
New Service Development Stages
1. Idea Generation
The ideas can be generated through internal sources like sales staff, front line employees and market research department and external sources like customers, experts in the field, market information system and trade journals, seminars and conferences.
2. Idea Screening
 In this stage those ideas are identified that are promising and have potentials to be successful.
 The evaluation committee screens various service ideas rigorously in order to ensure that the ideas are consistent with the company’s mission, image and capability.
3. Concept Testing
 Concept testing involves translating the service idea into service concept with specific need satisfying aspects.
 Testing is done through presenting the idea to a consumer panel with the help of brochure, literature and other visual presentations to test the reactions of the group.
4. Business Analysis
 At this stage the financial and marketing feasibility is carried out to find the practicality of the project.
 The firm will proceed to develop the new service only if the information, on the above aspect is complete and viable.
New Service Development Stages
Stages in New Service Development
Service Development
The business proposal must then be converted into the actual service that will be delivered to the customer. All tangible elements and service delivery process must be designed.
Launch
The final stage of the new service development process is launching the service. The life-cycle of the service begins. The new service will now start earning revenue for the firm.
Market Testing
Market testing helps the service firm to ‘re-mix’ the marketing mix elements in order to reduce the risk of launch.
Product Example - Luxury Travel
Luxury tour operator witnesses increased demand for Around-the-World Journeys by Private Jet
Luxury tour operator Abercrombie & Kent (A&K) is witnessing growing demand for its around-the-world journeys by private jet. The 24-day journey starts at $153,900 per person, double occupancy.
“Since the return to travel, we have seen an increase in demand for longer, more immersive trips-especially our Private Jet journeys, which were the first and fastest to fill,” said Ann Epting, Senior Vice President.
The journey has space for 48 guests who will discover some of the world’s most fascinating places alongside experts for their deep understanding of the cultures.
The itinerary concludes on May 29, 2023, begins in Seattle and includes Kyoto, Japan; Kathmandu and Mount Everest, Nepal; Paro, Bhutan; Agra, India; Abu Dhabi, Petra and Wadi Rum, Jordan; Taormina, Sicily; and Boston.
The Oberoi Hotel, Mumbai
The Oberoi in Mumbai hotel has a marble flooring procured from the Greek island of Thassos.
Post the renovation in 2010; the check-in counter was removed, and Tiffin, the restaurant was renamed ‘Fenix’, (reference to the mythological Phoenix who rose from the ashes).
Kandahar, the restaurant serving Northwest Frontier cuisine, was changed to Ziya.
This video is on the 7 Ps of Marketing and it has the following sub-topics.
Time Stamps
0:21 - Service Product
5:18 - Understand the Pricing of Services
11:02 - Promotion of Services
17:46 - Place (How do you distribute Services)
24:10 - How do you manage People (Employees) in Services
30:29 - Physical Evidence
38:31 - Understanding Service Process

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Sir you are an awesome teacher 😊