Services - Management Science II Dr. S.Bharadwaj MODULE 1...

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Management Science II Dr. S.Bharadwaj Indian Institute of Technology Madras MODULE 1 Services – 4 Ps 4 Ps What are the 4 Ps of Marketing? Who coined the term? Why are 4 Ps important? 4 Ps are Product, Price, Promotion & Place McCarthy coined the term Marketing is all about management of 4 Ps 4 Ps define an offering’s positioning What is positioning? 4 Ps – Product We use the term “product” in a generic way, “offering” is a better term What are some main differences between a physical product and a service? 4 Ps – Product Vs. Service Service is intangible – no ownership of anything at end Service is inseparable from production Hence, not possible to store it Cannot inventory it 1
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Management Science II Dr. S.Bharadwaj Indian Institute of Technology Madras ence time is important Services need to be delivered real time Customers involved in production of service Achieving a standardised offering is hard There is variability Services maybe high on credence qualities Distribution possible through other sources Importance of the human element greater 4 Ps – Product Okay, so how do some of these differences impact the first P? Which ones do you think affect the first P more? It is very important to “manage the evidence” “tangibilise the intangible” Manage the servicescape How? First, see whether service has any tangible parts at all
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This note was uploaded on 03/04/2011 for the course HR 303 taught by Professor Sanghamitra during the Fall '05 term at Indian Institute of Technology, Chennai.

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Services - Management Science II Dr. S.Bharadwaj MODULE 1...

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