7Ps of Marketing - Characteristics of Services and Goods - Essay Example

Marketers have to create a different marketing mix for consumer goods and services. For example: while creating a marketing mix for financial services such as insurance, marketers cannot use a marketing mix created for a durable product. The marketing mix comprises of the 7Ps of marketing that need to be considered by marketers while they formulate a marketing plan for services and goods.

The creation of a marketing mix starts with the creation of a good or service. In this segment, marketers decide about the various benefits that customers need to be offered. In the case of financial services, marketers have to identify the benefits that need to be offered through a financial service to ensure that the customer purchases the service. Customers are persuaded to purchase those financial services that are secure and highly profitable. The second P of the marketing mix is the price of the product. While deciding about the price of financial goods and services, marketers have to keep in mind that consumers prefer to purchase those financial services that provide security for their money and higher returns (ALLEN, 2008, p.67). For example, shares traded on an everyday basis on the stock market are quite insecure and can cause heavy losses to the consumer, thus consumers prefer purchasing services that provide a fixed return as their capital remains very secure. The place is the third element of the marketing mix. While selecting a place to sell financial services, marketers should keep in mind that consumers prefer purchasing financial services from those places which have performed well in the past. For example, Customers would prefer purchasing insurance policies from companies that have provided high-quality services than those companies that are new.

The fourth P of the marketing mix is the promotion of the financial service, in case of service promotion cannot be done through attractive packaging. Instead financial services should be promoted through word of mouth. For example: while purchasing insurance from any company, an individual consults with friends and family members who have already purchased such services. People are the fifth element of the marketing mix, while selecting who will promote the financial product, marketers have to select those brand personalities that have a positive image in the minds of the consumers and those who are trusted by consumers (LEVENS, 2012, p.45). The physical element is the sixth element of the marketing mix; services should be registered with a physical place if marketers want consumers to trust the service provider. The last P of the marketing mix is the process through which the service is provided; the service should be provided through a legal process otherwise consumers will not avail of those services.

Since services are not homogenous and come in different shapes and sizes, marketers have to plan and create a separate marketing mix for different services to persuade different consumers.