Best Answer

1) Marketing Definition

MARKETING includes identifying unmet needs; producing products and services to meet those needs: and pricing, distributing, and promoting those products and services to produce a profit.

Marketing is an integrated communications-based process through which individuals and communities discover that existing and newly-identified needs and wants may be satisfied by the products and services of others.

Marketing is defined by the American Marketing Association as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. [1] The term developed from the original meaning which referred literally to going to market, as in shopping, or going to a market to buy or sell goods or services.

The Chartered Institute of Marketing defines marketing as "The management process responsible for identifying, anticipating and satisfying customer requirements profitably."[2]

Marketing practice tended to be seen as a creative industry in the past, which included advertising, distribution and selling.

Four Factors That Distinguish Services Marketing

It's been called "selling the invisible"-delivering intangible services as a core "product" offering. But invisibility, or intangibility, is just one factor that distinguishes services marketing from product marketing. Along with inseparability, variability, and perishability, these four characteristics affect the way clients behave during the buying process and the way organizations must interact with them.

Differences between service marketing and product marketing

1. When you are marketing a service, you are really marketing relationship and value. This relationship and value needs to be marketed differently than if you are marketing actual products.

2. Another major difference between marketing services and marketing products is that when a buyer purchases a service, the buyer is purchasing something that is intangible, instead of a tangible product, like a computer or a sprinkler system or a web page.

3. Consumers' concept of a service is often times based on just the reputation of only one single person. Instead of building a reputation based on the quality of a number of different products, a service is built on how well a particular person delivers on a service, such as how well a stock advisor does with your stock portfolio.

4. It is pretty easy to compare the quality of different products. It's easy for you to see if one computer works more quickly than another computer, or if one TV has a better picture than another picture, or if your child can break a toy more easily than another toy. However, it is much more difficult to compare the quality of similar services that are provided.

5. Products are returnable. However, services are not returnable. How to market services

Generally speaking, marketing a product requires what are known as the "4 P's": Product, Price, Place, and Promotion. Marketing a service adds three more "P's" to the traditional "4 P's": People, Physical evidence, and Process. Service marketing also includes marketing what is known as the servicescape, which is the aesthetics of your business place: the outside of your business building, the inside of your business building, and the way that the employees look.


Services marketing

Services marketing is marketing based on relationship and value. It may be used to market a service or a product.

Marketing a service-base business is different from marketing a goods-base business.

There are several major differences, including:

  1. The buyer purchases are intangible
  2. The service may be based on the reputation of a single person
  3. It's more difficult to compare the quality of similar services
  4. The buyer cannot return the service

The major difference in the education of services marketing versus regular marketing is that instead of the traditional "4 P's," Product, Price, Place, Promotion, there are three additional "P's" consisting of People, Physical evidence, and Process.[1] Service marketing also includes the servicewomen referring to but not limited to the aesthetic appearance of the business from the outside, the inside, and the general appearance of the employees themselves. Service Marketing has been relatively gaining ground in the overall spectrum of educational marketing as developed economies move farther away from industrial importance to service oriented economies. What is marketing? Marketing is the flow of goods and services from the producer to consumer. It is based on relationship and value. In common parlance it is the distribution and sale of goods and services. Marketing can be differentiated as:

  • Marketing of products
  • Marketing of services.

Marketing includes the services of all those indulged may it be then the wholesaler retailer, Warehouse keeper, transport etc. In this modern age of competition marketing of a product or service plays a key role. It is estimated that almost 50% of the price paid for a commodity goes to the marketing of the product in US. Marketing is now said to be a term which has no particular definition as the definitions change everyday.

Product marketing

Product marketing deals with the first of the "4P"'s of marketing, which are Product, Pricing, Place, and Promotion. Product marketing, as opposed to product management, deals with more outbound marketing tasks. For example, product management deals with the nuts and bolts of product development within a firm, whereas product marketing deals with marketing the product to prospects, customers, and others. Product marketing, as a job function within a firm, also differs from other marketing jobs such as Marcom or marketing communications, online marketing, advertising, marketing strategy, etc.

A Product Market is something that is referred to when pitching a new product to the general public. The people you are trying to make your product appeal to is your consumer market. For example: If you were pitching a new video game console game to the public, your consumer market would probably be the adult male Video Game market (depending on the type of game). Thus you would carry out market research to find out how best to release the game. Likewise, a massage chair would probably not appeal to younger children, so you would market your product to an older generation

User Avatar

Wiki User

โˆ™ 2009-10-12 09:23:08
This answer is:
User Avatar
Study guides

Name the worlds hardest-riddle ever.

What is the practice called in which one level of government gives money to other levels of government to cover the cost of certain services

The evaluation of employees and groups in an organization is part of which element of performance management

Why would an employer encourage an employee to complete a customer service class

See all cards
24 Reviews

Add your answer:

Earn +20 pts
Q: Difference between product market and service market?
Write your answer...
Still have questions?
magnify glass
Related questions

What is the difference between labor market and product market?

Relationship with humal capital & labour market

What is the difference between factor and product market?

The difference between a factor market and a product market is that a factor market is a market where productive resources are bought and sold, while a product market is a market where products offer goods and services for sale.I copied this out of my econ book =)

What is the difference between market size and market share?

market size" is made up of the total number of potential buyers of a product or service within a given market however, market share Out of total purchases of a customer of a product or service, what percentage goes to a company defines its market share by business student disathna

What are the difference between international market and global market?

international market refers to us as a medium of trading your product in another country whiles global market is where your goods ,service, labor and financial market led to business activities in the whole world

What is the difference between resource market and product market?

Wet wipes come in several diffrent flavours.

What is the difference between a labor market and a factory market?

The primary difference between product markets and factor markets is that factors of production like labor and capital are part of factor markets and product markets are markets for goods.

What is the difference between a product led business and a market led business?

bob your maw

What is the difference between market price normal price?

Price is the value or worth of a product or service and when you say price then it vehicle the normal price of a product or a service which a company charges. On the other hand, market price is the price of a product or service which is contained by a marketplace and is resulted through market efficiency, equilibrium and normal expectations. Normal price can be lesser, equal or greater than the market price. If most of the companies in an industry charge open market prices for the products or services then competition is high in that specific industry.

Difference between capital market and commodity market?

Capital market is where share or financial insturments or related products are traded. Commodity market is where commodity or related product or product which have underlying base as commodities are traded

Difference between software service based company and product based company?

A Product based company is one that develops a product with reference to the market and its customer needs and then sells in the market. A Services based company is the one that provides its services to the client for completing his requirements. Product Based company only deals with Product's. Ravi, CEO, SineLogix, Bangalore

What is the difference between customer awareness and brand awareness?

There is a great difference between customer awareness and brand awareness. Customer awareness refers to informing customers about anything in the market whereas brand awareness refers to sensitizing customers about a particular product or service.

When all the product or service brought to market is consumed the price for the product or service is considered to be a?

rising price

People also asked