Services Marketing

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Textbook:
Pages : 536; Paperback;
210 X 275 mm approx.

Workbook:
Pages : 283; Paperback;
210 X 275 mm approx.

Chapter Code : SMC06

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Textbook Price: Rs. 900;
Workbook Price: Rs. 700;
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Market Segmentation and Targeting : Overview

Companies have realized that though no two customers have the same preferences or needs at the same time, some of their purchasing patterns are similar. Therefore, marketers identify groups of customers who exhibit similar needs and offer products and services to these groups. Marketers call these groups segments. They segment customers on the basis of geograhics, demographics, psychographics, or on behavioral characteristics.

After segmenting the market, marketers analyze each segment on factors like profitability, compatibility, competitive advantage, and growth potential. A thorough analysis of these factors gives the marketer an idea of whom to target or which customer segment to target. There are five strategies to target a market segment.

These are single-segment strategy, selective specialization, product specialization, market specialization, and full-market coverage. Further, marketers develop various marketing mixes for different target segments by adopting any of these targeting strategies.

A new topic called mass customization has evolved from the customers'desire to purchase products or services that can satisfy their individual needs.

Companies enjoy the advantages of mass production by adopting mass customization. At the same time, they satisfy the needs of individual customers. Companies that want to survive in the global environment have no other way but to accept and adopt mass customization to some extent, depending on their operations and resources. Marketers are developing new standards in customization to delight their customers.

Chapter 6 : Overview

Market Segmentation in Services
Undifferentiated Marketing Approach
Differentiated Marketing Approach
Concentrated Marketing Approach

Bases for Market Segmentation
Demographic Segmentation
Geographic Segmentation
Psychographic Segmentation
Behavioristic Segmentation
Benefit Segmentation
Purchase Occasion Segmentation
User Status Segmentation
Usage Rate Segmentation
Loyalty Segmentation
Buyer Readiness and marketing Factors

Requirements for Effective Segmentation
Measurability
Accessibility

Substantiability
Actionability

Process of Market Segmentation
Identifying Customer Segments
Developing Measures for Structural Attractiveness
Selecting Customer Segments

Market Targeting in Services
On What Basis do Marketers Target the Identified Segments
Segment Size and Growth potential
Targeting Strategies

Mass Customization
What are the Factors that Companies Need to Consider Before Adopting Mass Customization
What are the Various Approaches to Mass Customization

1] Understanding Services
2] The Nature of Services Marketing
3] Consumer Behavior
4] Customer Expectations and Perceptions
5] Listening to Customers
6] Market Segmentation and Targeting
7] Positioning and Differentiation of Services
8] Managing Demand and Capacity
9] The Marketing Mix Elements
10] Product : Packaging the Service
11] Pricing Services
12] Promotion and Communication of Services
13] Place in Services
14] People in Services
15] Process in Services
16] Physical Evidence
17] Relationship Marketing
18] Internal Marketing
19] Supplementary Services
20] Developing and Managing the Customer-Service Function
21] Marketing Planning for Services
22] Service Quality
23] Globalization of Services
24] Tourism & Travel Services Marketing
25] Marketing of Financial Services
26] Communication and Information Services Marketing
27] Media Services Marketing
28] Professional Services Marketing
29] Marketing of Education Services
30] Charities Marketing