Service Sector Marketing Custom Essay

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Assignment extract:

Your service sector marketing report will include – an evaluation of the macro-environmental trends and identification of current and potential target audiences; strategy statement, objectives, positioning, the services marketing mix, implementation, evaluation and contingencies. In addition you will complete a campaign audit and provide recommendations for future services marketing strategy. Research of secondary sources and evaluation of population, incidence statistics, and social trends will comprise a large part of this assessment item.
Process:
Completing this assignment via following the marketing plan provided will ensure you cover all aspects of the services marketing plan. Although the executive summary and introduction are first in the finalised report they are not written until you have completed your effort.

Step 1
Read the case study and assess the current market context by performing an environmental scan on your company. You MUST use relevant information from the case study and undertake additional secondary research to inform this step.
Current Market Assessment
3.1 Market Definition
Overview of the scope of the market
Geographic, industries, key clients
Market boundaries
3.2 Market Analysis
Target Market
o Is the target market a sub-set of a bigger market
o target market segmentation and size
o market share – ours and leaders
Macroeconomic Environment
o brief review of any political, social, economic, technological trends , local, national & international that may impact the solution offering
Market Characteristics past & present
o describe the market place, key drivers
o review changes in the market share, leadership, players, market shifts
Industry Key Success Factors
o e.g. solution quality, pricing, best of breed, product diversity, packaging
o presence clout, advertising strength, knowledge of sales people etc
Assumptions about the future
o both for the company and the market
o anticipated changes in the market, issues that will present in the future
o Growth prospects and outlook
o competitor erosion, new customers, markets or segments
Vertical market opportunities
o discuss opportunities for business in key target industries
o address channel strategies for these markets
o address partner role in other verticals eg Fujitsu for operational services, software houses for application solutions
3.3 Customer Analysis
key current & potential customers
customers in general
o profile of decision makers
o profile of their needs and influences
o profile of decision criteria
cost to customer of switching supplier
“a day in the life of the customer” – what do they really want/need?
3.4 Competitor Analysis
overview of major competitors
competitor objectives, resources and power
strategies, include pricing
anticipated future action
outline potential competition to avoid, and to attack
Solution Position Analysis
o position each major competitor – perceived value differentiation, perceived cost comparison
o does THE FIRM have a niche amongst this competition
Who else may be able to exploit the same advantage?
3.5 Internal Analysis
THE FIRM standing in the market
o history of revenue
o major force?
o Competitive differentiation
o where is our best opportunities
Company mission, vision & strategic objectives
THE FIRMs global objectives in the market
Current offering including product and service range
Brief solution history – principle benefits to the customer
Financial/sales history – show sales, price, gross margins
Coverage of the past activities of all the 7 P”s
3.6 Opportunities Analysis
major market opportunities for THE FIRM – concepts or strategies on which they are based threats to success plot strengths against weaknesses what are the industry benchmark on which to measure success
THIS SECTION FOCUSES ON THE PAST and PRESENT….WE ANALYSE IT TO WORK OUT WHAT NEEDS TO BE CHANGED, DEVELOPED AND/OR MAINTAINED

Step 2: Objectives FOR THE FUTURE BASED ON THE ANALYSIS OF THE PAST
4.0 Market Penetration
Target market size and growth
What is our current penetration and planned growth
Where do we want to be (long term, short term)
4.1 Business Volumes Objectives
Plan for all locations
Links to business unit
Key performance indicators
THIS IS YOUR DEMAND CAPACITY CONSIDERATION SECTION
4.2 Financial Objectives
Projected revenues…three year outlook
Margins to be achieved
Key performance indicators
Critical success factors
USE YOUR IMAGINATION…SHOW YOUR UNDERSTANDING OF WHAT YOU WOULD NEED TO CONSIDER

Step 3 – Marketing Strategy FOR THE FUTURE
The following will give you tips coupled with module content will assist you. Service Marketing Mix/Extended Marketing Mix The Service marketing mix involves analysing the 7″p of marketing involving, Product, Price, Place, Promotion, Physical Evidence, Process and People. To certain extent managing services are more complicated then managing products, products can be standardised, to standardise a service is far more difficult as there are more input factors i.e. people, physical evidence, process to manage then with a product. The service marketing mix comprises off the 7″p”s. These include:
Product
Price
Place
Promotion
People
Process
Physical evidence.
You must do the future strategies for all 7 ps
Marketing Strategy FOR THE FUTURE
5.1 Positioning
Value proposition for the service offerings
statement summarising the value of the OFFERINGS to the customer and THE FIRM”s distinctive competence
distinct definition of the offering to the market and against the competition
Strategic Alliances
definition of the synergy obtained from any alliances or supply chain relationships
5.2 Sales Strategy (Product)
Packaging the Value Proposition
discuss alignment with global strategy if appropriate
package branding and image
define the services
lifecycle issues, gaps & road map
Service Fulfilment Issues
methodology, tools and skills
sales & technical resources
Sales plan issues and recommendations to ensure services receive focus
Role of partners
5.3 Pricing (Price)
Unique features
Special tactics needed for success
Margin objectives
Projected mix of Value Billing
How to maximise value billing
Most desirable contracts
5.4 Services Delivery (Place)
Delivery model
Resource requirements
Special skills requirements
timing estimates
training needed
Any assumptions
People issues or you can discuss these in a separate section on people
5.5 Communications Strategy (Promotion)
Development of the message
o The message that communicates the value proposition (consider target audience: customers, staff and the public)
Method off communications
o PR, trade shows, press, advertising, conferences, launch events, website, direct marketing, seminars, breakfasts, events, direct sales
5.6 Promotional Activities (Promotion)
direct and E marketing activity, events and seminars
o strategy, vehicle & timing, response targets, goals and budget
third party co-marketing
direct sales collateral
o brochures, selling materials
sales plans incentives
Other promotional plans
Objectives of the activities
Lets now look at the remaining 3 p”s:
5.7 People
An essential ingredient to any service provision is the use of appropriate staff and people. Recruiting the right staff and training them appropriately in the delivery of their service is essential if the organisation wants to obtain a form of competitive advantage. Consumers make judgments and deliver perceptions of the service based on the employees they interact with. Staff should have the appropriate interpersonal skills, aptititude, and service knowledge to provide the service that consumers are paying for. Many British organisations aim to apply for the Investors In People accreditation, which tells consumers that staff are taken care off by the company and they are trained to certain standards.
5.8 Process
Refers to the systems used to assist the organisation in delivering the service. Imagine you walk into Burger King and you order a Whopper Meal and you get it delivered within 2 minutes. What was the process that allowed you to obtain an efficient service delivery? Banks that send out Credit Cards automatically when their customers old one has expired again require an efficient process to identify expiry dates and renewal. An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company.
5.9 Physical Evidence
Where is the service being delivered? Physical Evidence is the element of the service mix which allows the consumer again to make judgments on the organisation. If you walk into a restaurant your expectations are of a clean, friendly environment. On an aircraft if you travel first class you expect enough room to be able to lay down!
Physical evidence is an essential ingredient of the service mix, consumers will make perceptions based on their sight of the service provision which will have an impact on the organisations perceptual plan of the service.

To summarise service marketing looks at:
The Characteristics of a service that are:
1. Lack of ownership
2. Intangibility
3. Inseparability
4. Perishability
5. Heterogeneity.
5.10 Key Success Factors (Recommendations and Initiatives)
outline of the key success factors of the project outlining all risks and exposures
both internal and external
how these will be addressed
rewards
near term factors
isolate key decisions/issues that need immediate or near term resolution
long term factors
state consequences of decision postponement
How do we measure the overall success of the program
THIS SECTION ALSO INCLUDES CONTINGENCY PLAN…WHAT IF YOUR PLAN DOESN”T WORK OUT HOW DO YOU CHANGE IT
5.11 Action Program
By month or quarter
Gantt chart approach to milestones
5.12 Controls
Key meetings to monitor progress
Status reporting
Monitoring critical success factors
6. CONCLUSION
7. REFERENCE LIST
8. APPENDIX

Step 4 – Executive Summary – keep in mind, this section in your final report will be placed at the start, before your market assessment.
This is a summary of the plan. It incorporates and presents in a few short paragraphs/tables/bullet lists a summary the overall plan. This should clearly express what the plan offers in terms of return/profitability/goals. Traditionally written after the completion of the Marketing plan.
Conclusions & Recommendations
Should cover:
Summary of the key marketing Objectives
Summary of the Key success factors
Financial Summary including effect on current year plan (at divisional level)
Statement of Recommendations
Outstanding Issues
Issues that need to be addressed as a result of the plan eg organisational changes, changes in responsibilities
Any issues that prevent the completion of any part of the marketing plan. Details of actions which have commenced or are to be initiated to overcome the outstanding issues should be provided together with any request for assistance.
Assumptions
An assumption is an unsupported or undocumented statement made in the business case and may include, for example:
availability of resources (including timing and skills)
Sales support and focus in the form of specific activity and assistance required
Support and assistance from Practice Leaders
Introduction
History of the Initiative and why we should be interested in developing our business in this area (should be a few paragraphs, depending on the size) This is a summary of the service offering WHAT ARE YOU IN BUSINESS FOR CORE AND SUPPLEMENTARY SHOULD BE INCLUDED HERE
Note:
This assessment item must have an Australian focus.

:
1. Report length 3000 (maximum) words for the body of the report. The word length excludes the required one-page stand alone Executive Summary, the reference list (APA style), the title page and the non-assessable cover sheet.
2. The Reference list must be a complete and accurate list of all REFEREED academic works and business materials cited (APA style). All works in the Reference list must be cited in the main report.
3. Ensure you apply theory and keep in mind that this is a practical report.

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