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Module 1: Understanding Service Products

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Understanding Service Products - Lesson Summary

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In this module, you learned about the new perspectives on marketing in the service economy by understanding the service products.
You learned the concept of service marketing, need for studying services, powerful forces that are transforming service market, factors that stimulate transformation of service economies role of B2B services in economic development and the concepts of outsourcing and offshoring.
You then learned the definition of services from historical perspective, service products, customer and sale services, categories of services, the marketing challenges that are posed by services, tangible and intangible products and services, types of qualities that are used to evaluate goods and services, 7 ‘P’s of services marketing and how the traditional marketing mix is applied to services.
You discovered the components of traditional (place and promotion) and extended marketing mix as applied to services and also how integrating various functional areas can help in catering to the needs of customers in a better way.
Finally, you learned about the various stages of service consumption and how the multi-model attribute is used to evaluate and choose between alternate service offering with respect to service and risk attributes.