Services Marketing Master Case Study Example | Topics and Well Written Essays - 1500 words

Services Marketing Master - Case Study Example Thus, companies should focus on establishing and implementing an efficient marketing needs which considers the needs of its various customers. Companies provide either tangible or intangible products to their clientele. Tangible offerings are often classified as goods while intangible ones are services. In coming up with an efficient marketing mix, the nature of a company's products should be taken into account. Goods require the identification of four Ps which go into the marketing mix. These essential elements are product, price, place, and promotion. Services, however, are very much different from tangible products as they have four special characteristics: intangibility, inseparability, variability, and perishability. Thus, these also necessitate the application of an extended marketing mix which further incorporates people, physical evidence, and process to the four Ps (The Services Marketing Mix n.d.). This section will briefly outline and define these essential concepts is developing a marketing mix. For further clarification, the discussed elements will be applied to the operation and marketing activities of Cutting Edge Hair and Beauty Salon. Product. ... Instead of looking at the capabilities of a business organisation, it first opts to deeply consider its target market, locating their unsatisfied needs and preferences. From here, the company develops solutions and offer them to the customers as their products. As competition heats up in the global market, companies are further differentiating their products to their competitors. Nowadays, it is notable how market players differentiate their products from the common offering. In the hospitality industry, Ritz-Carlton Hotel Company is not just giving customers a place to stay but the Ritz-Carlton experience which "enlivens the senses, instills well being, and fulfills even the unexpressed wishes and needs of our guests." The service offered by the Cutting Edge Hair and Beauty Salon is fully and directly expressed in its mission statement: "It is our goal to provide superior hairdressing in an efficient, profitable manner within the confines of a caring, quality environment." However, we can see that the company is far from a typical player in the same industry as it continuously tries to impart excellent service. The saloon can be seen to offer high-end luxurious service. These efforts, which will be discussed below, help the company in improving its overall product image. Price. The price of a company's product is often dependent on its chosen pricing strategy as well as the image that it wants to project in the industry. As companies incur costs from their operations, it is important that they also charge their customers an amount for their services. Prices often determine whether the company pursues more for less or more for more strategies. High prices may enhance the image of a service offered to the