Meaning of Service Marketing
Service marketing is a branch of marketing concerned with marketing of intangible products. This marketing is based on value and relationship. It involves marketing of various economic activities offered by business comprising of both Business-to-Business (B2B) and Business-to-Consumer (B2C) services.
Characteristics of Service Marketing
Promotes Intangible Products
Service marketing aims at promoting intangible products of business in market. It is one which creates wide awareness and informs customers of various economic services. Marketing of services helps in providing full information regarding these services to people and induce them to avail them.
It play an efficient role in boosting the sales and revenue of business organizations. Service marketing helps in acquiring more customers and motivating them to try these economic services. All marketing strategies are designed as per the people’s need which directly affect their mindset and attract them towards business products. It eventually leads to increase the sales of companies.
Bring New Ideas
Marketing is a tool through which business acquires new ideas and concepts from market. It is the medium which enables in knowing all market trends and technological changes. All this information is utilized in framing strategies and producing products in accordance with market needs.
Better Relation With Customers
Improving better relations with customers is another important role played by marketing activities. It is the one through which business interacts with their customers and understand their wants. Proper understanding of customers helps in serving them properly and developing better relations with them.
Marketing activities helps in generation of more employment opportunities in country. There are large numbers of people working with various marketing agencies. There are different peoples which are involved in successful implementation of marketing strategies of company. This way a large portion of society gets employment due to these marketing activities.
Helps In Economic Development
Marketing plays a key role in overall development of an economy. It helps in generation of sufficient funds by increasing sales of business and improving job opportunities. All this revenue is used for infrastructural development and removing poverty from country. It eventually strengthen the economic conditions of country.