sneha final

8/7/2019 sneha final

1/60

Icici bday ad


2/60

2

Service MarketingService MarketingTriangleTriangleCustomers

CompetitionCompany


3/60

Customer Needs And Expectations

Management Definition Of These Needs

/Translation Into Design Design Specs

/Execution Of Design Delivery Specs

Customer Perceptions Of Product Execution

Customer Experience Relative To Expectations

Advertising And Sales Promises

Customer Interpretation Of Communication

.1 The knowledge Gap

.4 The internal communicatio

.6 The interpretation Ga

.2 The standards Gap

.3 The delivery Gap

.5 the perception Gap

.7 The service Gap

CUSTOMER

MANAGEMENT

THE GAPS MODEL OF SERVICE QUALITY

4


4/60

4

Classification of Services

Pure Tangible Product

Materials / Components

Computers

Major Product withMinor Services

Product = Service

Major Service with

Minor Product

Business Hotels

Good Transportation

Banking Pure IntangibleService


5/60

..What is a product ??

A product is any thing that can be offeredto a market for attention,acqusition,useor consumption that might satisfy a

want or need. it includes physicalobjects , services , persons , places ,organizations and ideas.


6/60

6

Types of Products

ConsumerProducts

IndustrialProducts

PRODUCTS

Services


7/60

Service product

A service product typically consist of acore product bundled with a variety ofsupplementary service elements. The

core element respond to thecustomers need for a basic benefitwhile supplementary services facilitateand enhance use of the core services.

For e.g.-financial products


8/60

VARIOUS FINANCIAL PRODUCTS


9/60

:FINANCIAL PRODUCT AN INTRODUCTION Financial products refer to those instruments that help

you save, invest, get insurance or get a mortgagethey act as an investment avenue and provide therequired financial security to the investors based onthe risk-return profile of the financial products.

In the past, traditional financial products were offered inIndia through government initiatives by Public SectorBanks (PSBs) (deposit account, credit account), LifeInsurance Corporation (LIC), and postal department(recurring deposit, National Saving Certificate, Kisan

Vikas Patra). However, in recent years with the advent ofliberalization of financial services industry, diversefinancial products have been introduced throughparticipation of private and foreign entities in additionto the public sector enterprises.


10/60

Banks (financial products of

banks)

Core products

Insurance (LICs mainfinancial products)

Core products

deposits policies

advances annuities

International banking Credit facilities to individualand companies

consultancy consultancy

Miscellaneous such as-travelers check & sales of draft


11/60

.Product concept

the product concept holds thatconsumers will favor those products thatoffer the most quality , performance ,

and features. Management in theseproduct - oreintedorganizations focustheir energy on making good products

and improving them over time.

-P.Kotler


12/60

..Concept of financial product

The consumer will favor those financialproducts that offer most

quality performance &

features


13/60

Sbi dadi ad


14/60

PRODUCT LEVEL


15/60

Five Levels Of Product (NEW)

CoreBenefit

Expected

ProductCoreProduct

BasicProduct

AugmentedProduct

BasicFeatures

CommonAttributes

LatestStyle

Warranty

A.S.S

Paymentterms /Credit

Product Differentiation

BrandPersona

CRM / Services

BrandName

LoyaltyClub

Superior

valuePotentialProduct

Brand

Image

Status


16/60

Delivery&processadditional

services

Productlevels


17/60

Core Product The basic benefit that

the customer is buying.

Marketers must seethemselves as providersof benefit.

This central componet address two.questions

What is the buyer realypurchasing?

What business are we ?


18/60

Supplementary productThese element augment the core

product, both facilitating its use and

enhancing its value and appeal. The

extant and level of supplementaryservice often play a role and

differentiating and position the core

product. Adding supplementaryelements can add value to the core

product and enable the service

provider charge a higher price.


19/60

SUPPLYMENTORY SERVICES OFBANKSThere are following supplymentory

sevices provided by banks.

Deposits

Advances(loans)international banking

Priority banking

Personnel bankingConcuseltency etc.


20/60

AXIS BANKS CONCERTANCY ADD


21/60

Delivery process


22/60

Additional services


23/60

financial product levels of axis bank india


24/60

Product and service

decisionBranding

Product mix decisionsCustomer service strategiesProduct life cycle

New product development

Innovation, diffusion and adaptation


25/60

25

Product and Service Decisions

IndividualProduct

Product Line

Product Mix

Product attributes

Quality, features,style and design

BrandingPackaging

LabelingProduct supportservices

KeyKeyDecisionsDecisions


26/60

26

Branding Strategy Brands are powerful assets that must becarefully developed / managed.

Brands with strong equity have manycompetitive advantages:High consumer awarenessStrong brand loyaltyHelps when introducing new productsLess susceptible to price competition


27/60

s.n. Brand Positioning Brand Nameselection

Brand Sponsorship Brand Development

1 Product attributes Good BrandNames

Manufacturer brands Line extensions

2 Benefits Private (store) brands Brand extensions

3 Beliefs and values Licensed brands Multibrand

4 Co-branding New brands

Steps in branding


28/60

:Article Differentiation is theKey in Financial Services Branding

By: Anish V. Koshy

Anish V. Koshy presently handles content managementfor the website, Intranet and internal newsletterdevelopment as well as advertising with

i-flex solutions limited, Bangalore, India asAssistant Manager - Corporate Communications.


29/60

ew ways o crea e e ran svalue in any financial servicesorganization

v Explore and identity the company's core values

.and reasons for existence Scan the heritage of, .its past the founder's vision and thoughts Run

.through its internal publications

v

v Activate the most important value the company: ,owns to its consumer It may be reliability it,may be expertise or flexibility and it may be a

.niche area of operation Use it as a.sledgehammer

vv Create an icon or a visible package that can

.spell out the financial service offered


30/60

Few ways to create the brandsvalue in any financial servicesorganization

v

v Link the organization with a cause that it can

.

identify with

v .Be visible Be where decision makers voice their.opinions Try to match your offering with the

.

theme of the eventv

v . .Ride on your people achievement Invest in them The,value of good resourceful employees is more than

.anything a company can want

vv Differentiate yourselves on the basis of unique

,emotional values instead of focusing onfunctional category values


31/60

31

vHMT vs. Titan

vHLL vs. Nirma

vBajaj vs. Honda

Market leadership today cannot be taken for granted.New and more efficient companies are able to upstage

leaders in a much shorter period.

Why Market Leaders or bigWhy Market Leaders or bigbrands Suffered ?brands Suffered ?


32/60

Product and service

decisionBranding

Product mix decisionsCustomer service strategiesProduct life cycle

New product development

Innovation, diffusion and adaptation


33/60

33

WORKFLOW of product mix decisions

Product ItemProduct Item

Product LineProduct Line

Product MixProduct Mix

A specific version of a productthat can be designated as a

distinct offering among an organizations products.

A specific version of a productthat can be designated as a

distinct offering among an organizations products.

A group of closely-relatedproduct items.

A group of closely-relatedproduct items.

All products that anorganization sells.

All products that anorganization sells.


34/60

Product mix decisions

Product-mix decisions are concernedwith the combination of product lines

offered by the company. Management of

the companies' product mix is theresponsibility of top management


35/60

Managing the product mix for acompany is very demanding and

requires constant attention. Topmanagement must provide accurateand timely analysis (BCG) of their

company's product mix so theappropriate adjustments can be madeto the product line and individualproducts.


36/60

PRODUCT MIX Is the set of all product lines.

P.Mix Width: How many different product lines thatthe company has. P. Mix Length: Total no. of items or brands in the p.

Line. P. Mix Depth: refers to how many different variants

are offered in each product category. (variants &SKUs)

The Consistency of the product mix refers to howclosely related the P.Lines are in end use,

production requirements, distrbn. Channels etc. The above four factors determine the companys

product Strategy.


37/60

PRODUCT MIX DECISIONS A product line is a group of products that are

closely related because they perform asimilar function, are sold to the same groupof customers, are marketed through thesame channels.

Company can expand its business

By adding new lines (mix widening),

By adding new brands (lengthen) and By adding new variants (deepening of Product

Mix).

PRODUCT MIX DECISIONS


38/60

PRODUCT MIX DECISIONS

Decision to pursue more product line or less

depending on whether it wants to acquire a strongreputation in one field or participate in severalfields.

A Product Mix consists of various product lines. It isthe assortment of items that a Co. is offering for

sale.

4 classifications based on profitability Core products Staples Specialty items Convenience items


39/60

39

Product Mix

Width how many product lines a company has Length how many products are there in a product line

Depth how many variants of each product exist within aproduct line

Consistency how closely related the product lines are inend use


40/60

40

Gillettes Product Lines & Mix

Blades and Writingrazors Toiletries instruments Lighters

Fusion 5 bladeMach 3 TurboMach 3 Series Paper Mate CricketSensor Adorn Flair S.T. DupontTrac II Toni S.T. Dupont Atra Right

GuardSwivel SilkienceDouble-Edge Soft and Dri

Lady Gillette FoamySuper Speed Dry LookTwin Injector Dry IdeaTechmatic Brush Plus

Width of the product mixWidth of the product mix

Dept h

o

fthep

roductlin

es

Dept h

o

ft h

eprodu

ctlin

es


41/60

investments deposits loans cards Demat

services

Nri services Any-where

banking

Mobile

banking


42/60

formulates corporate objectives

product line.


43/60

43


IndividualProduct

Product Line

Product Mix

Product line lengthLine stretching:

adding productsthat are higheror lower pricedthan the existing

lineLine filling: adding

more itemswithin the

present priceran e



44/60

44


IndividualProduct

Product Line

Product Mix

Product line width:number of

different productlines carried bycompany

Product line depth:

Number ofdifferent versionsof each productin the line

Product line

consistency



45/60

45


IndividualProduct

Product Line

Product Mix

Product attributes

Quality, features,style and design

BrandingPackaging

LabelingProduct supportservices



46/60

46

Brand Strategy

Brand Positioning Brand Name

Selection

BrandSponsorship

BrandDevelopment

Three levels ofpositioning: Product

attributes Least

effectiveBenefits

Beliefs andvalues

Taps into



47/60

47

Brand Strategy


Selection

BrandSponsorship

BrandDevelopment

Good Brand Names: Suggest something

about the productor its benefits

Are easy to say,recognize andremember

Are distinctive Are extendable

Translate well intoother languages

Can be registered

and legally



48/60

48

Brand Strategy


Selection

BrandSponsorship

BrandDevelopment

Manufacturer brands

Private (store) brands

Costly to establishand promote

Higher profit margins

Licensed brands

Name and characterlicensing hasgrown

Co-branding Advantages /

disadvantages



49/60

49

Brand Strategy


Selection

BrandSponsorship

BrandDevelopment

Line extensions Minor changes to

existing products

Brand extensions Successful brand

names helpintroduce newproducts

Multibrands Multiple product

entries in aproduct category

New brands New product


Th 4 P & 4C


50/60

50

The 4 Ps & 4Cs

Marketing

Mix

Product

PricePromoti

on

Place

Customer

Solution

Customer

Cost

Communication

Convenience


51/60

51

Core Concepts of Marketing

Need food ( is a must )

Want Pizza, Burger, French fry's ( translation of a needas per our experience )

Demand Burger ( translation of a want as per ourwillingness and ability to buy )

Desire Have a Burger in a five star hotel


52/60


53/60

53

Customers - Problem Solution

As a priority , we must bring to our customersWHAT THEY NEED

We must be in a position to UNDERSTANDtheirproblems

Or in a new situation to give them a chance toAVOID the problems

D i f C S i f i


54/60

54

Drivers of Customer Satisfaction

Many aspects of the firms value proposition contribute

to customer satisfaction: The core product or service offered Support services and systems

The technical performance of the firm

Interaction with the firm and it employees

The emotional connection with customers

Ability to add value and to differentiate as a firmfocuses more on the top levels

A l i Of C i i


55/60

55

A nalysis Of Competition

Who are your competitors?Whatare their strengths and weaknesses?

Whathave been their strategies?

How are they likely to respond to yourMarketing plan?


56/60

56

The Give and Get of Marketing


57/60

57

Stages of Customer Interaction


58/60

58

Strategic Planning

Strategic Planning is the managerial process ofcreating and maintaining a fit between theorganizations objectives and resources and theevolving market opportunities.

Also called Strategic Management Process

All organizations have this

Can be Formal or Informal

The Marketing Mix


59/60

59

The Marketing Mix

The conventional view of the marketing mix consisted of

four components (4 Ps): Product, Price, Place/distribution and Promotion.

Generally acknowledged that this is too narrow today;now includes ,Processes, Productivity[technology ]People [employees], Physicalevidence

Marketers today are focused on virtually all aspects ofthe firms operations that have the potential to affectthe relationship with customers.

2.GenericProduct- the basic version - can be the initial product offering.


60/60

3. Expected Product-conditions (attributes) that consumers normally expect.

Minimumlevels of offerings.

4. Augmented product:One that includes additional services and benefits thatdifferentiates firms offer from competitors.

5. Potential Product:

Encompasses all augmentations and the transformations that theproduct will undergo in the future

sneha final

Documents