FREE IGNOU MMPM 005 Study Material Download The Indira Gandhi National Open University (IGNOU) offers a Master of Business Administration (MBA) program through distance learning. IGNOU free MMPM 005 Study Material Download.
FREE MMPM 005 Study Material Download Hardcopy : The study material for the program is provided to students in the form of self-learning study modules. The modules are designed to provide students with a comprehensive understanding of the various concepts and topics covered in the MBA Marketing of Services program.
Course Code : MMPM 005
Programme Name : Marketing of Services
FREE IGNOU MMPM 005 Study Material
Marketing of services is the process of promoting and selling services to customers. Services are intangible, meaning they cannot be seen, touched, or held, unlike physical products. This poses unique challenges when it comes to marketing, as it can be difficult to communicate the value and benefits of a service to potential customers.
The key elements of marketing of services include:
- Understanding the target market: Identifying the needs, preferences, and pain points of the target market is crucial in developing a service that meets their needs.
- Developing a unique value proposition: Creating a clear and compelling message that communicates the unique value and benefits of the service is important in differentiating it from competitors.
- Service design and delivery: The design and delivery of a service must be carefully planned to ensure that it meets the needs of the target market and provides a positive customer experience.
- Promotion and communication: Marketing communication strategies must be developed to reach the target market and communicate the service’s value proposition.
- Pricing: Determining the right price for a service can be challenging, as it often requires balancing the cost of delivering the service with the perceived value to the customer.
- People and physical evidence: Services are delivered by people and the physical evidence, such as the environment and equipment, in which they are delivered can affect the customer’s perception of the service.
- Continual improvement: Continual evaluation of the service delivery and customer feedback is essential to improve the service quality and customer satisfaction.
Marketing of services also involves building relationships with customers, as services often involve ongoing interactions and ongoing delivery. In summary, Marketing of services is the process of identifying, communicating and delivering the value of services to the target market, with the goal of building customer loyalty and increasing revenue.
Service Marketing Mix
The service marketing mix, also known as the 7 Ps of service marketing, is a framework used to define and analyze the elements that are necessary to successfully market a service. The 7 Ps consist of:
- Product: The service itself, including its features, benefits, and any tangible components that are part of the service delivery.
- Price: The cost of the service, including any discounts or promotions that may be offered.
- Place: The location where the service is provided and how it is accessed by customers.
- Promotion: The methods used to communicate the service to potential customers, including advertising, public relations, and personal selling.
- People: The individuals involved in delivering the service, including staff, employees, and partners.
- Process: The systems and procedures used to deliver the service, including booking and payment processes.
- Physical evidence: The tangible elements of the service that customers can see, touch, or experience, such as the physical environment or equipment used in service delivery.
The service marketing mix helps service providers to analyze and understand the unique characteristics of services, and develop strategies to effectively market and deliver them to customers. It also helps to align the service offering with the target market’s needs and preferences, as well as to create a consistent and positive customer experience throughout all touchpoints of the service delivery process.
IGNOU MMPM 005 FREE Study Material
Strategic Issues
Strategic issues are major problems or opportunities that an organization faces, which have a significant impact on its long-term performance and success. These issues can be related to a wide range of areas, such as:
- Market competition: The organization may be facing increased competition from new entrants or existing players in the market, which can impact its ability to grow and maintain market share.
- Technological change: Advances in technology can create new opportunities and threats for an organization, such as the emergence of new products or services, or the obsolescence of existing ones.
- Economic conditions: Economic downturns or changes in interest rates can have a significant impact on an organization’s revenue and profitability.
- Social and environmental factors: Changes in consumer preferences, population demographics, or regulations can affect an organization’s ability to operate and grow.
- Organizational structure and culture: The organization may be facing internal issues such as lack of alignment among the employees, lack of clear vision and mission or poor communication that can negatively impact its performance.
- Supply Chain and logistics: The organization may be facing issues related to its supply chain and logistics, such as difficulties in sourcing raw materials, disruptions in transportation or logistics, or problems with inventory management.
Strategic issues require careful analysis and decision-making to address and overcome. They may require the organization to make significant changes to its business model, product offerings, or operations. It is important to prioritize the strategic issues, and develop a comprehensive plan to address them in order to achieve long-term success.
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