Marketing of Services

Term paper on

Innovative selling strategies in the service industry

Submitted to:

Mrs Joyeeta Chatterjee

LBSIM

Submitted by: Group 10- Sec A

Apeksha Jain

Monika Somani

Eshani Nanda

Pradip Rangholiya

Kranti P.Singh

Vaibhav Sahu

Service Industry – An Overview:

The service sector of economy, also known as the tertiary sector, is one of the three economic sectors, the others being the secondary sector (mainly manufacturing) and the primary sector (extraction such as mining, agriculture and fishing).

This industry comprises of companies that primarily earn revenue through providing intangible products and services to businesses a s well as final consumers.

The service sector consists of the "soft" parts of the economy such as insurance, tourism government, telecom, software, banking, retail, education, hospitality and social services. In soft-sector employment, people use time to deploy knowledge assets, collaboration assets, and process-engagement to create productivity, performance improvement potential and sustainability. The tertiary sector is the most common workplace. Typically the output of this sector is content (information), service, attention, advice, experiences, and/or discussion (also known as "intangible goods").

Unique characteristics of services:

There are four commonly cited characteristics of services that make them different to market from goods:

Intangibility – Intangible means that which cannot be seen or touched. Intangible services are difficult to sell because they cannot be produced and displayed ahead of time. They are therefore harder to communicate to prospective customers.

Inseparability – This characteristic is interpreted differently by different service marketing marketers, but all interpretations point out that special operations problems exist for the firm's managers. One interpretation of this term is the inseparability of customers from the service delivery process. In particular, many services require...