There are different types
of marketing that are involved in business strategies and industries. Product
Marketing and Service Marketing are two of them, and they differ on various
grounds due to dissimilarities in their characteristics. A clear definition
with sufficient examples would make this difference clear.
Product Marketing
To begin with Product
Marketing, it is firstly the tangible product that is marketed. These are
products that can be touched, seen and felt in consciousness. Their
performance, thus, can be calculated, and estimated up to the optimum value by
the receptive audience. The market audience is thus aware of its performance.
It can be denoted by 4Ps, namely- the product, the pricing, the place and the
promotions. Product marketing is then, a continuous procedure towards attaining
maximum gain that deals with product handling by the existing customers and
prospect customers. It sells value based on their productivity and accessibility,
and includes the concept of returning as well.
The entire process is aimed at finding out the right market for demand from the consumer about the product and involves extensive designing, development and pricing. Moreover, the process of pitching a new product requires a certain amount of communication, advertising, positioning and distribution.
Example: Marketing of
books, mobiles, clothes etc.
Service Marketing
Service marketing is
essentially the marketing of intangible assets- i.e. those products that cannot
be touched, seen or felt. It is mostly based on an exchange of values,
segments, plans and demands. It might be from a business to a customer or from
a business to another business. Such type of marketing can be explained in the
form of 7Ps, divided into two parts, where the first four being product, place,
promotion and pricing. The last four are people, process, physical evidence and
provider. In Service Marketing, there is no concept of return policy, so the
transfer cannot be replaced once placed. This type of marketing is essentially
non-imagery so there is no question of quick response from the customer as
such. Moreover, here the quality of service cannot be measured like in Product
Marketing.
This type of marketing is
aimed at solving problems and providing solutions about a specific product or
design. It requires a definite amount of consideration and cannot be resold
after the transaction is done. Each transaction is unique and offers a
rendering that cannot be retraced back.
Example: Marketing of
beauty parlors, coaching centers, health services, professional services,
business strategies, professional settlements etc.
