Service Marketing in Education
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 implementation.
Education is one of the largest service sector industries in India characterized by a unique set of attributes. * One of the largest service market * Huge Demand-Supply Mismatch * Largely fragmented Industry * Opening up of Regulatory Environment * Higher Rate of Returns * Robust growth rates expected
The 7 P’s of Service Marketing
PRODUCT
Product is your core offering. This is “the thing” that will fulfil the needs of your customer. If your product is faulty, everything else fails. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation.
The Core product and Benefit for the education sector is the course which they provide. In H. R. College of commerce and economics, the core product is the B. Com course which they provide to students who have just cleared their HSC or equivalent examinations. It is a 3 – year course with 900 students in every batch. It is the most sought after course in the college especially by students who wish to pursue Chartered Accountancy. H. R. College is considered one of the best colleges in Mumbai for the particular course.
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 implementation.
Education is one of the largest service sector industries in India characterized by a unique set of attributes. * One of the largest service market * Huge Demand-Supply Mismatch * Largely fragmented Industry * Opening up of Regulatory Environment * Higher Rate of Returns * Robust growth rates expected
The 7 P’s of Service Marketing
PRODUCT
Product is your core offering. This is “the thing” that will fulfil the needs of your customer. If your product is faulty, everything else fails. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation.
The Core product and Benefit for the education sector is the course which they provide. In H. R. College of commerce and economics, the core product is the B. Com course which they provide to students who have just cleared their HSC or equivalent examinations. It is a 3 – year course with 900 students in every batch. It is the most sought after course in the college especially by students who wish to pursue Chartered Accountancy. H. R. College is considered one of the best colleges in Mumbai for the particular course.