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Services marketing class lectures_26519477-Services-Marketing-5-Product-Development-Demand-and-Capacity

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SERVICES MARKETING : CHAPTER – 5 Products & Packaging, and Demand & Capacity Planning PRODUCTS & PACKAGING FOR THE SERVICES Service Product Level : A “Product” is generally referred to as any goods or services, or in fact any of the ten entities that can be marketed. In the context of service marketing product means any service in its presentable form- simple or in combination with some frills. These extra things are generally referred to as the packaging of services, and the final presentable offering is known as a product. E.g., Financial Products, Insurance Products, Banking Products, etc. On the basis of the amount or the extent of packaging, we have four levels of products : 1. The Core Product : This is the basic minimum service which satisfy the need of the customer. 2. The Actual Product : This is the Core service with some tangible aspects of the service. 3. The Augmented Product : This is the actual product with some additional benefits that the customers need and the company satisfies them by superior service offers. 4. The Potential Product : Finally the company can still go further by finding out any potential or hidden areas of additional benefits & features (that can add value to the service offering) that can satisfy the customers. Ex. Core = A person hires a tax consultant for tax computation; Actual = the consultant may file the tax returns in addition; Augmented = the tax consultant may advise for tax savings & various investment methods available; Po ...
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