Marketing and Marketing Strategies
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Q,1 What is the difference between marketing a physical product (such as an automobile) and a service such as a bank? If you were developing a marketing plan for a service organization, what would be some of the considerations you would incorporate into the plan? Please cite as least two differences.
Q,2 The text refers to developing several different marketing strategies. One that was developed many years ago is the Boston Consulting Group model. It refers to a four-quadrant matrix with the following items: Cash Cow, Rising Star, Question Marks, and Dogs. Please refer to your text for additional details as they give you a visual sample of the matrix to follow.
Please think of a company you are familiar with and select two products they market. Which stages, Cash Cow, Rising Star, Question Mark, and Dog are these products in? Why do you believe these products are in these stages?
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Solution Summary
This solution answers questions involving marketing strategies for products and services.
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Let me elaborate. If you are selling a car for example, you are able to base your marketing campaign on the features and benefits of the car. For example, you can stress how fuel-efficient the car is, what electronic features you can get, what color the model comes in.... You can use it to position your product versus the competitors by saying that yours gets yyy horsepower, or has the biggest cargo space. This gives the consumers something tangible to consider and grasp, and helps them evaluate the competitors against each other.
Now, with a service such as a hair salon, you can't actually touch your haircut - it is intangible. There is no specific way to measure your haircut (there is no scale of measurement to state that one haircut is xxx times better then another haircut). You don't actually own your haircut either - you can't touch and own it like you would a car. As well you go in for your haircut, and then you leave with no physical product in your hand. Therefore, it is hard to actually market you actual product (the haircut).
Therefore, the difference in essence would be to ...
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