Services Marketing vs Products Marketing
Services is an act or performance that one party can offer to another that is essentially intangible and does not result in any ownership. Services are deeds, processes and performance. It is not a physical good; rather, it is the performance of an act or a deed. The service industry are actually selling an experience.
Examples of Service Industry include
1)Health Care – Hospital, Medical practice, Dentistry, Eye care
2)Professional Services – Accounting, Legal, Architectural
3)Financial Services – Banking, Investment advising, Insurance
Now let us look at how Services Marketing is different from that of Product Marketing. Products are tangible physical goods whereas Services are intangible. Products are a thing whereas Services is an activity or a process. Physical Goods are homogenous most of the time whereas Services are heterogeneous. For Physical Goods, production and distribution are separated from consumption whereas for Services, the production along with distribution and consumption is a simultaneous process. For goods, core value is processed in a factory whereas for services the core value is processed during the buyer-seller interaction. Customers do not participate actively in the production of goods whereas they do participate in the creation of services. Goods can be kept in stock whereas services can’t be. There is transfer of ownership in the selling of a product whereas there is no transfer of ownership in the selling of services.
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