Service Marketing in Education

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SERVICE MARKETING IN EDUCATION SECTOR ANALYSIS OF THE 7 P’s INTRODUCTION Services are very different from products. So the marketing concepts need to be revisited while marketing a service. Services can range from financial services provided by the banks, technology services provided by the IT Company, food and ambiance as a service provided by restaurants or even a blog where an author provides a service (information presentation, interesting reading etc) to his audience. Services marketing are dominated by the 7 Ps of marketing namely Product, Price, Place, Promotion, People, Process and Physical evidence. The 7 P frameworks is one of the most popular framework for deciding a marketing strategy, right from strategy formulation to actual…show more content…
PRICE Price is the most important factor in doing business especially in a service industry. It is because there is a tight competition in a service industry. So marketer need to consider a price that is similar or even lower than the market price. This is to help the industry to penetrate into the market as customer usually will consider price as the most important factor in selecting their service provider. Marketer can increase the price only if the company can provide better service than other competitors. The prices a company sets for its product and services must strike a balance between gaining acceptance with the target customers and making a profit for the organisation. Services being, all the more intangible, the price becomes an important factor for the actual service consumption to happen, after service awareness and service acknowledgement. PRICE-MIX FOR H. R. COLLEGE: * Price of the course: The cost of a regular B. Com course in the college is Rs. 2500 for the 1st year, Rs. 3500 for the 2nd year and Rs. 5000 for the 3rd year. In addition to that, a student who is pursuing B. Com Honours has to pay Rs. 3500 more. * Price of other facilities provided by the college to its target customers, i.e. the students: 1. The library service is offered free of cost to the students. 2. A yearly charge of Rs. 50 is
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