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Marketing Mix( 7 P’s )

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Introduction Product Price Place Promotion People Process Physical evidence

Content

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7 P’s is known as an extended marketing mix. This is generally using in the service industry.

Introduction

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The product in service marketing mix is

intangible in nature. Service products cannot be measured and also

it won’t be owned to any one.

Online banking Prepaid cards Current & fixed accounts

Product

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Pricing in case of services is rather more

difficult than in case of products. Pricing is important to gain profit for the

business.

Free of charge to open accounts Interest rates Competitive based strategy

Price

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Place in case of services determine where is

the service product going to be located.

HSBC having both physical & electronic channels. Banks and ATM machines are physical channels . Online banking is an electronic channel.

Place

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Promotion is an important part in 7 P’s. It’ll create the brand name of the business in the

consumers mind. People used to buy the products by this.

T.V advertisements Online advertisements Bill boards Hand bills Sales promotions

Promotion

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People are one of the elements of service

marketing mix. People define a service. Employees are the first once who make

contact with the customers.  In service marketing, people can make or

break an organization.

employees behavioral patterns towards the customers.

People

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Service process is the way in which a service

is delivered to the end customer. 

Their procedures are tested before the launch of the new current account package.

Bank personnel are to conduct a test to determine how efficient and effective front line staffs.

Process

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It is generally recognized that physical evidence

can be subsidized into two components. peripheral evidence which can be possessed by

the consumer but has little independent value. essential evidence, which cannot be possessed

by the consumer but has independent value.

The peripheral evidence is the prepaid card  The essential evidence includes bank branches, cash

machines, posters and brochures.

Physical Evidence

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http://www.marketing91.com/service-marketin

g-mix/

http://cloudchronicler.net/2009/10/28/marketing-assignment-a-marketing-plan-for-hsbc-7ps/

Refferences

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