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MARKETING OF FINANCIAL
SERVICES




                By : Rachana Rai
BANK MARKETING
 Provides services
 Aimed to satisfy customer’s needs and
wants
 Needs and wants may be non financial in
 nature
 Competitive element, efficiency and
effectiveness
 Organizational objectives are still the
driving force
       Commercial objective to make profit
       Social Objectives
• Banking marketing concept emerged in the west in
  1950’s in the form of advt & promotion.

The evolution of bank marketing in india can be
  classified in 3 phases:
1.TRADITIONAL BANKING PERIOD:
            bankers were concerned with maintenance of
  a/c’s & transaction of buss’ with customer in lines with
  the rules & regulations. In spite of this, a strong bond
  between banker-customer existed with some selected
  customers. It was also called “CLASS BANKING”
2.     DEVELOPEMENT BANKING PERIOD:
               14 major commercial banks in 1969 was
     nationalised. The socio-economic objective of
     nationalisation drove the public sector banks to
     expand banking activities & extend it to larger groups
     of customers. Thus called “MASS BANKING”.
               Bankers adopted selling concept to mobalise
     deposits, they didn’t find the needs of the customers
     but offered what was available.
               However, in 1972 SBI came out with market
     segmentation scheme & innovative loan plans.
3.   BANK MARKETING PERIOD:

• What caused banking marketing?
a.Rising customer needs & expectation due to
   improvement in general standard of living.
b.Entry of foreign & private sector banks in India.
c.Economic liberalization of Indian economy.
d.Phenomenal growth of competition due to economic
   liberalisation.
e.Rise in the Indian middle class with considerable
   resources.
f. Government intervention in protecting the interest of
   consumers.
Blending of 7 p’s with financial services:
PRODUCT:
•    convenience of paying dues.
• Keeping records.
• Transferring funds.
• Various deposits.
• Loans & advances.
• Consultancy services.
• International banking,
• Safe deposits
• Credit card.
• So on…..
Bankers have to identify the core &supplementary
 product services as it has more market
 implications.

Core product: it’s the fundamental benefit that the
 customer buys from the bank. Customers donot buy
 product but buy benefit. A particular bank
 differentiates itself from other bank through
 augmented product.
Augmented product: a basic product with which
 some ancillary is attached to it. Eg: Suvidha a/c with
 CITIBANK, ATM card is free.
   Bankers need to add more innovative services with their
      product in order to have competitive advantage.
   Product related strategy include:
   i. Introduction of new schemes: DEMAT a/c.
   ii.Modification of product through technological
      development: online banking.
   iii.Change in the product line or package: from corporate
      banking to personal banking, or deleting an existing
      service line.
PRICE:
• In India, banks adopt administered pricing structure
  to some extent as the deposit & lending rates are
  prescribed by RBI.
PROMOTION:
• All the promotional tools are essential right from the
  stage of new product. The objective is to make the ppl
  aware of new product, to persuade customers, to
  remind customers, build image of the bank.
• An advertisement in banking is a promise. Eg:
  newspapers, radio, television, magazines & hoardings.
  Sales promotion: brochures , calenders, diaries,
  penstand.
• Publicity : customers tends to believe a news item
  rather than an advertisement. WOM an important
  promotional tool.
PLACE:

• Making the banking service available & accessible to
  the customer. Selection of suitable location for the
  branch. Should have sound availability of
  transportation, communication, electricity & other
  necessary facilities for the smooth functioning of the
  branch
PEOPLE:
• Banking product cannot be separated from the ppl
  who markets them.
• Banks adopts internal marketing in order to make the
  whole business customer- oriented.
• The product is known to the employees before they are
  effectively marked to the customers.
PROCESS:
• Accounting procedure for putting through a
  transaction. Through automation of transactions,
  accounting procedures & data handling.
 Eg: loan application , clearance of cheque.
PHYSICAL EVIDENCE:
• Imaginative designs of bank brochures , flashy cheque
  books.
• Attractive brand names, logos, symbols.
• Customers perception of service quality.
HOSPITAL SERVICES
• ISO 9002 certification: quality assurance is a
  structured & user friendly set of systems, which
  make the most complex tasks easy & efficient. Its
  makes the senior management free from evryday
  stress in observing & monitoring task which
  have to be completed on daily basis.
PRODUCT:


A.   Emergency services.
B.   Ambulance services.
C.   Diagnostic services.
D.   Pharmacy services.
E.   Casualty services.
• Generally the service offering in a hospital comprises
  of the following levels:

a.Core level: basic treatment facility & services , like,
  diagnostic services, emergency services, casualty
  services.

b. Expected level: cleanliness & hygiene levels .

c.Augmented level: dress code of a staff, AC, renouned
  consultants.
PRICE:

• Usually depends on treatment & facilities offered to
  the patient.
• It doesnot believe in profit maximization but aims at
  providing quality service to the customers at a
  reasonable price.
PROMOTION:
• Transmission of message to present, past & future
  customers. Includes advertising, sales promotion,
  personal selling & publicity.
• Relies on favourable WOM & doesnot depend on
  extensive advertising.
• Conducts campaigns in rural areas.
• Advertises in health & fitness magazines.
PLACE:
• Refers to the contact point of between the service
  provider & the customer.
• Accessibility & availability are the 2 main issues:
   Accessibility refers to the ease & convenience with
  which a service can be purchased, used or received.
   Availability: refers to the extend to which a service is
  obtainable or capable of being purchased , used &
  received.

Hospital must be ideally located.
PEOPLE
 The behavior & attitude of the personnel providing
 services will influence the customers overall
 perception of the service.
Staff in the hospital must be trained to provide quality
 patient care with human touch using state of art
 technology.
Warm ambiences with cheerful & efficient staff help
 make the experience of the public a memorable one.
• The objective of providing quality service to
  the patients can be achieved by:
a.Motivating employees to be efficient, dedicated & loyal
  to the organisation.
b.Provide on-the job training to ensure continuous
  improvement in health care.
c.Utilizing services of professionally competent medical
  consultants.
d.Use of latest technology.
PROCESS
• Its a set of activities that take an input, convert it &
  add value to the input & finally create an output.
  Processes are designed by blue prints, which sets a
  standard for action to take place & to implement the
  service.
• In a hospital the process is divided into 4 phases:
                     JOINING PHASE


               INTENSIVE CONSUMPTION PHASE


                    DETACHMENT PHASE


                       FEEDBACK
JOINING PHASE-
• Arrival of patient.
• Registration.
INTENSIVE CONSUMPTION PHASE-
• Diagnosis.
• Treatment.
• Information about further action.
DETACHED PHASE-
• Discharge of the patient.
• Payment.
FEEDBACK-
• Fill an evaluation form, get patients suggestions, &
  make improvements.
PHYSICAL EVIDENCE
• Is the environment in which the service is delivered
  with tangible commodities & where the firm & the
  customer interact.
• The dress code of the staff, trained to be
  understanding, warm & comforting because the
  customers are usually disturbed or unhappy.
• Should be well organised, segregated into different
  departments, air conditioned with good lighting, well
  ventilated.
• A good atmosphere will make the customers feel the
  difference.
TOURISM
MARKETING
PRODUCT:
• Panoramic view of the location.
• Travel to the destination .
• Accommodation & facility.
• Entertainment.

     It’s a composite product- combination of
 attraction, facilities & transportation. Each of the
 components has its own significance in the product
 mix.
ATTRACTION OF THE DESTINATION:
i. Natural sites- hill stations, beach so on.
ii.Places of historic interest- monuments, archaeological
   sites, museums.
iii.Events- trade fairs, music festivals, traditional
   festivals.
iv.Cultural attraction- folklore, art, theater.

FACILITIES: make tourist stay & enjoy the attraction
i. Accomodation.
ii.Food.
iii.Local transport.
iv.Recreational facilities.
ACCESSIBILITY: tourist arrives at the location-
i. Infrastructure- roads, airport & railways.
ii.Equipment- size & speed of vehicle.
The three levels of service package for tourism products
 are:
CORE PRODUCT: comprises of essential need or
 benefit sought by the customer. Eg: relaxation, fun or
 entertainment.
TANGIBLE PRODUCT: comprises of formal offer of
 the product as given in the brochure stating what will
 be provided . Eg: breakfast, television, telephone,
 swimming pool, Gym so on.
AUGMENTED PRODUCT: provides vital opportunity
 to the service providers to differentiate their own
 products from competitors. Augmented product must
 be designed & developed around the core product. Eg:
Complimentary wine, free entrance ticket so on.
PRICE
• Pricing of tourist product is a complex matter because
  of its composite nature. Geographical location of the
  destination affects the pricing decision.
• An important way in which the travel & tourism
  business responds to their highly complex pricing
  circumstances, is to operate prices at 2 levels.
1.1st level corresponds with the marketing strategy,
  which concerns with product positioning, value for
  money & long run return on investment.
2.Corresponds to the marketing operation or tactics
  where the prices are manipulated to match the
  current demand & competition.
COST BASED PRICING:
     for a buss’ to survive in the long run, the average
 prices charged must be sufficient to cover fixed &
 variable cost & assure a reasonable ROI. There exist a
 high level of fixed cost in tourism pdts & services, the
 org’ thus resorts to price fixation at marginal cost to
 attract more visitors when the capacity is
 underutilized.
DEMAND BASED PRICING:
          Tourism is greatly affected by seasonal
 characteristics. High dd=high pricing & vice versa.

COMPETITION BASED PRICING:
        fear of customers switching the
 product.

Travel & Tourism prices are often subject to government
 regulation. For reasons of public health & safety, to
 ensure consumer protection, Governments in all
 countries frequently intervene or influence pricing
 decisions.
PROMOTION:
Advertising & sales promotion activities in tourism can
 be very effective when supplemented by publicity,
 personal selling & Public relation. PR & publicity
 include regular articles & photographs of the tour
 attraction, use of TV, radio holiday programme &
 travel journalists for promotion.


WOM promotion is important tool in tourism
Giving incentives to customers-
• Price cuts.
• Discount voucher.
• Free gifts.
• Price draw. They are used for a short period of time
  during off season.

Brochures: includes picture & words & positioning of
 the product & the organisation.
PLACE
• Infrastructural facilities, transportation,
   communication are important for the development of
   the tourist center.
• The uniqueness of tourism industry is the
   predominant position of intermediaries.
• 2 major functions performed by the distribution
   system :
i. To extend the no. of points of sale, away from the
   location at which services are performed or delivered.
ii.To facilitate the purchase of service in advance.
• The middlemen may be tour operators, who are whole
  sellers, buys tourism products in bulk & makes them
  available to travel agents who are the retailer.
• The range of tourist products which are bought by the
  tour operators are airline seat, hotel accomodation,
  bus for local sight seeing, they may sell it directly to
  the customers.
PEOPLE
• The sales personnel are responsible for dealing with
  the customers behind the counter.

• The airline & transportation crew, Resort or Hotel
  representative, Tourist guide- elements of tourism
  marketing.

• Contact personnel must be trained on interpersonal
  skills as well as product knowledge.

• The IATA( International Air Travel Association) & non
  IATA agents provide self assessment of their staff.
• The assessment is made on 6 selective functional
   areas:
i. Customer service.
ii.Liaison with customers.
iii.Counter sales.
iv.Product knowledge.
v.Market intelligence.
vi.Development of new customers.
PROCESS
The operation process of tourism firm will depend on the
size of the firm. The steps involved in the delivery of
tourist product are:
1.Provision of travel information- information should be
provided at a convenient location where the potential
tourist seeks clarification about his proposed tour.
2.Preparation of itineraries- a series of operation that are
required to plan a tour.
3.Liaison with providers of services-contracts have to be
entered with the providers of various services including
transportation companies, hotel accommodation so on.
4. Planning & Costing tours- this will depend on the
   tour selected as well as individual requirements.
5. Ticketing- the computerized reservation system.
6. Provision of foreign currency & insurance.
PHYSICAL EVIDENCE
• Tourist attraction is an experience which can be
  tangibilised with the help of tangible items, like,
  comfortable seats while travelling, layout & design of
  the resort/ hotel, the sign posts that indicate
  directions, route maps, rules & regulations, sign
  regarding the public utilities.

• Provide an elaborate brochures.
MARKETING
         OF
EDUCATIONAL
SERVICES
• Education is a service that is geared primarily to the
  consumer market, therefore, it can be classified as a
  consumer service rather than an industrial service.
INTANGIBLE
• It can be monitored by judging service content
  (curriculum, course material, student workload,
  faculty members).


• EDUCATION CANNOT BE SEEN OR TOUCHED & IS OFTEN
  DIFFICULT TO EVALUATE: marketer has to build “service
 differentiation” in the basic product to enable competitive
 positioning.
PERISHABILITY
• PRODUCTION & CONSUMPTION ARE
  SIMULTANEOUS ACTIVITIES:
      face to face teaching necessitates simultaneous production &
 consumption. However, the open & distance learning systems which makes
 use of technology have made it possible for the production & consumption of
 the service to be carried out at different times, designed to meet the
 challenge posed by the perishable character of services.

• NO INVENTORIES CAN BE BUILD UP: unutilized services
 cannot be stored if there are no students. Better match between supply &
 demand would need to be made. Course design & course offered needs to be
 preceded by a need analysis of the target population before the decision to
 launch them is made.
INSEPARABILITY
• Transfer of knowledge is directly from the provider to
  the learner. However, open learning systems have
  overcome the characteristics of inseparability.

HETEROGENEITY
• The course can be of same standards but different
  institutions faculty performance differs. The
  heterogeneous characteristic necessitates carefull
  personnel selection, planning, constant & careful
  monitoring of standards which can provide cues to the
  prospective customers to aid choice of institutions.

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Marketing of financial services

  • 2. BANK MARKETING Provides services Aimed to satisfy customer’s needs and wants Needs and wants may be non financial in nature Competitive element, efficiency and effectiveness Organizational objectives are still the driving force Commercial objective to make profit Social Objectives
  • 3. • Banking marketing concept emerged in the west in 1950’s in the form of advt & promotion. The evolution of bank marketing in india can be classified in 3 phases: 1.TRADITIONAL BANKING PERIOD: bankers were concerned with maintenance of a/c’s & transaction of buss’ with customer in lines with the rules & regulations. In spite of this, a strong bond between banker-customer existed with some selected customers. It was also called “CLASS BANKING”
  • 4. 2. DEVELOPEMENT BANKING PERIOD: 14 major commercial banks in 1969 was nationalised. The socio-economic objective of nationalisation drove the public sector banks to expand banking activities & extend it to larger groups of customers. Thus called “MASS BANKING”. Bankers adopted selling concept to mobalise deposits, they didn’t find the needs of the customers but offered what was available. However, in 1972 SBI came out with market segmentation scheme & innovative loan plans.
  • 5. 3. BANK MARKETING PERIOD: • What caused banking marketing? a.Rising customer needs & expectation due to improvement in general standard of living. b.Entry of foreign & private sector banks in India. c.Economic liberalization of Indian economy. d.Phenomenal growth of competition due to economic liberalisation. e.Rise in the Indian middle class with considerable resources. f. Government intervention in protecting the interest of consumers.
  • 6. Blending of 7 p’s with financial services: PRODUCT: • convenience of paying dues. • Keeping records. • Transferring funds. • Various deposits. • Loans & advances. • Consultancy services. • International banking, • Safe deposits • Credit card. • So on…..
  • 7. Bankers have to identify the core &supplementary product services as it has more market implications. Core product: it’s the fundamental benefit that the customer buys from the bank. Customers donot buy product but buy benefit. A particular bank differentiates itself from other bank through augmented product.
  • 8. Augmented product: a basic product with which some ancillary is attached to it. Eg: Suvidha a/c with CITIBANK, ATM card is free. Bankers need to add more innovative services with their product in order to have competitive advantage. Product related strategy include: i. Introduction of new schemes: DEMAT a/c. ii.Modification of product through technological development: online banking. iii.Change in the product line or package: from corporate banking to personal banking, or deleting an existing service line.
  • 9. PRICE: • In India, banks adopt administered pricing structure to some extent as the deposit & lending rates are prescribed by RBI.
  • 10. PROMOTION: • All the promotional tools are essential right from the stage of new product. The objective is to make the ppl aware of new product, to persuade customers, to remind customers, build image of the bank. • An advertisement in banking is a promise. Eg: newspapers, radio, television, magazines & hoardings. Sales promotion: brochures , calenders, diaries, penstand. • Publicity : customers tends to believe a news item rather than an advertisement. WOM an important promotional tool.
  • 11. PLACE: • Making the banking service available & accessible to the customer. Selection of suitable location for the branch. Should have sound availability of transportation, communication, electricity & other necessary facilities for the smooth functioning of the branch
  • 12. PEOPLE: • Banking product cannot be separated from the ppl who markets them. • Banks adopts internal marketing in order to make the whole business customer- oriented. • The product is known to the employees before they are effectively marked to the customers.
  • 13. PROCESS: • Accounting procedure for putting through a transaction. Through automation of transactions, accounting procedures & data handling. Eg: loan application , clearance of cheque.
  • 14. PHYSICAL EVIDENCE: • Imaginative designs of bank brochures , flashy cheque books. • Attractive brand names, logos, symbols. • Customers perception of service quality.
  • 16. • ISO 9002 certification: quality assurance is a structured & user friendly set of systems, which make the most complex tasks easy & efficient. Its makes the senior management free from evryday stress in observing & monitoring task which have to be completed on daily basis.
  • 17. PRODUCT: A. Emergency services. B. Ambulance services. C. Diagnostic services. D. Pharmacy services. E. Casualty services.
  • 18. • Generally the service offering in a hospital comprises of the following levels: a.Core level: basic treatment facility & services , like, diagnostic services, emergency services, casualty services. b. Expected level: cleanliness & hygiene levels . c.Augmented level: dress code of a staff, AC, renouned consultants.
  • 19. PRICE: • Usually depends on treatment & facilities offered to the patient. • It doesnot believe in profit maximization but aims at providing quality service to the customers at a reasonable price.
  • 20. PROMOTION: • Transmission of message to present, past & future customers. Includes advertising, sales promotion, personal selling & publicity. • Relies on favourable WOM & doesnot depend on extensive advertising. • Conducts campaigns in rural areas. • Advertises in health & fitness magazines.
  • 21. PLACE: • Refers to the contact point of between the service provider & the customer. • Accessibility & availability are the 2 main issues: Accessibility refers to the ease & convenience with which a service can be purchased, used or received. Availability: refers to the extend to which a service is obtainable or capable of being purchased , used & received. Hospital must be ideally located.
  • 22. PEOPLE  The behavior & attitude of the personnel providing services will influence the customers overall perception of the service. Staff in the hospital must be trained to provide quality patient care with human touch using state of art technology. Warm ambiences with cheerful & efficient staff help make the experience of the public a memorable one.
  • 23. • The objective of providing quality service to the patients can be achieved by: a.Motivating employees to be efficient, dedicated & loyal to the organisation. b.Provide on-the job training to ensure continuous improvement in health care. c.Utilizing services of professionally competent medical consultants. d.Use of latest technology.
  • 24. PROCESS • Its a set of activities that take an input, convert it & add value to the input & finally create an output. Processes are designed by blue prints, which sets a standard for action to take place & to implement the service. • In a hospital the process is divided into 4 phases: JOINING PHASE INTENSIVE CONSUMPTION PHASE DETACHMENT PHASE FEEDBACK
  • 25. JOINING PHASE- • Arrival of patient. • Registration. INTENSIVE CONSUMPTION PHASE- • Diagnosis. • Treatment. • Information about further action. DETACHED PHASE- • Discharge of the patient. • Payment. FEEDBACK- • Fill an evaluation form, get patients suggestions, & make improvements.
  • 26. PHYSICAL EVIDENCE • Is the environment in which the service is delivered with tangible commodities & where the firm & the customer interact. • The dress code of the staff, trained to be understanding, warm & comforting because the customers are usually disturbed or unhappy. • Should be well organised, segregated into different departments, air conditioned with good lighting, well ventilated. • A good atmosphere will make the customers feel the difference.
  • 28. PRODUCT: • Panoramic view of the location. • Travel to the destination . • Accommodation & facility. • Entertainment. It’s a composite product- combination of attraction, facilities & transportation. Each of the components has its own significance in the product mix.
  • 29. ATTRACTION OF THE DESTINATION: i. Natural sites- hill stations, beach so on. ii.Places of historic interest- monuments, archaeological sites, museums. iii.Events- trade fairs, music festivals, traditional festivals. iv.Cultural attraction- folklore, art, theater. FACILITIES: make tourist stay & enjoy the attraction i. Accomodation. ii.Food. iii.Local transport. iv.Recreational facilities.
  • 30. ACCESSIBILITY: tourist arrives at the location- i. Infrastructure- roads, airport & railways. ii.Equipment- size & speed of vehicle.
  • 31. The three levels of service package for tourism products are: CORE PRODUCT: comprises of essential need or benefit sought by the customer. Eg: relaxation, fun or entertainment. TANGIBLE PRODUCT: comprises of formal offer of the product as given in the brochure stating what will be provided . Eg: breakfast, television, telephone, swimming pool, Gym so on. AUGMENTED PRODUCT: provides vital opportunity to the service providers to differentiate their own products from competitors. Augmented product must be designed & developed around the core product. Eg: Complimentary wine, free entrance ticket so on.
  • 32. PRICE • Pricing of tourist product is a complex matter because of its composite nature. Geographical location of the destination affects the pricing decision. • An important way in which the travel & tourism business responds to their highly complex pricing circumstances, is to operate prices at 2 levels. 1.1st level corresponds with the marketing strategy, which concerns with product positioning, value for money & long run return on investment. 2.Corresponds to the marketing operation or tactics where the prices are manipulated to match the current demand & competition.
  • 33. COST BASED PRICING: for a buss’ to survive in the long run, the average prices charged must be sufficient to cover fixed & variable cost & assure a reasonable ROI. There exist a high level of fixed cost in tourism pdts & services, the org’ thus resorts to price fixation at marginal cost to attract more visitors when the capacity is underutilized.
  • 34. DEMAND BASED PRICING: Tourism is greatly affected by seasonal characteristics. High dd=high pricing & vice versa. COMPETITION BASED PRICING: fear of customers switching the product. Travel & Tourism prices are often subject to government regulation. For reasons of public health & safety, to ensure consumer protection, Governments in all countries frequently intervene or influence pricing decisions.
  • 35. PROMOTION: Advertising & sales promotion activities in tourism can be very effective when supplemented by publicity, personal selling & Public relation. PR & publicity include regular articles & photographs of the tour attraction, use of TV, radio holiday programme & travel journalists for promotion. WOM promotion is important tool in tourism
  • 36. Giving incentives to customers- • Price cuts. • Discount voucher. • Free gifts. • Price draw. They are used for a short period of time during off season. Brochures: includes picture & words & positioning of the product & the organisation.
  • 37. PLACE • Infrastructural facilities, transportation, communication are important for the development of the tourist center. • The uniqueness of tourism industry is the predominant position of intermediaries. • 2 major functions performed by the distribution system : i. To extend the no. of points of sale, away from the location at which services are performed or delivered. ii.To facilitate the purchase of service in advance.
  • 38. • The middlemen may be tour operators, who are whole sellers, buys tourism products in bulk & makes them available to travel agents who are the retailer. • The range of tourist products which are bought by the tour operators are airline seat, hotel accomodation, bus for local sight seeing, they may sell it directly to the customers.
  • 39. PEOPLE • The sales personnel are responsible for dealing with the customers behind the counter. • The airline & transportation crew, Resort or Hotel representative, Tourist guide- elements of tourism marketing. • Contact personnel must be trained on interpersonal skills as well as product knowledge. • The IATA( International Air Travel Association) & non IATA agents provide self assessment of their staff.
  • 40. • The assessment is made on 6 selective functional areas: i. Customer service. ii.Liaison with customers. iii.Counter sales. iv.Product knowledge. v.Market intelligence. vi.Development of new customers.
  • 41. PROCESS The operation process of tourism firm will depend on the size of the firm. The steps involved in the delivery of tourist product are: 1.Provision of travel information- information should be provided at a convenient location where the potential tourist seeks clarification about his proposed tour. 2.Preparation of itineraries- a series of operation that are required to plan a tour. 3.Liaison with providers of services-contracts have to be entered with the providers of various services including transportation companies, hotel accommodation so on.
  • 42. 4. Planning & Costing tours- this will depend on the tour selected as well as individual requirements. 5. Ticketing- the computerized reservation system. 6. Provision of foreign currency & insurance.
  • 43. PHYSICAL EVIDENCE • Tourist attraction is an experience which can be tangibilised with the help of tangible items, like, comfortable seats while travelling, layout & design of the resort/ hotel, the sign posts that indicate directions, route maps, rules & regulations, sign regarding the public utilities. • Provide an elaborate brochures.
  • 44. MARKETING OF EDUCATIONAL SERVICES
  • 45. • Education is a service that is geared primarily to the consumer market, therefore, it can be classified as a consumer service rather than an industrial service.
  • 46. INTANGIBLE • It can be monitored by judging service content (curriculum, course material, student workload, faculty members). • EDUCATION CANNOT BE SEEN OR TOUCHED & IS OFTEN DIFFICULT TO EVALUATE: marketer has to build “service differentiation” in the basic product to enable competitive positioning.
  • 47. PERISHABILITY • PRODUCTION & CONSUMPTION ARE SIMULTANEOUS ACTIVITIES: face to face teaching necessitates simultaneous production & consumption. However, the open & distance learning systems which makes use of technology have made it possible for the production & consumption of the service to be carried out at different times, designed to meet the challenge posed by the perishable character of services. • NO INVENTORIES CAN BE BUILD UP: unutilized services cannot be stored if there are no students. Better match between supply & demand would need to be made. Course design & course offered needs to be preceded by a need analysis of the target population before the decision to launch them is made.
  • 48. INSEPARABILITY • Transfer of knowledge is directly from the provider to the learner. However, open learning systems have overcome the characteristics of inseparability. HETEROGENEITY • The course can be of same standards but different institutions faculty performance differs. The heterogeneous characteristic necessitates carefull personnel selection, planning, constant & careful monitoring of standards which can provide cues to the prospective customers to aid choice of institutions.