Service Marketing Essay Example | Topics and Well Written Essays - 2250 words

Service Marketing - Essay Example Service marketing in simple terms refers to both the business-to-business (B2B) and business to consumer (B2C) services and involves marketing such services as financial services, telecommunication services, all kinds of hospitality services, air travel, car rental services, professional services, as well as health care services (Lovelock & Gummesson 2004, p. 21). Thus, service marketing is a variety of the expressions and approaches of marketing ideas conducted with the hope of effectiveness in conveyance of ideas to wide range of population of individuals who receive it. As this paper is emphasizing on marketing of services, it is not good to overlook the concept of â€Å"service.† Services are the diverse economic activities offered to people or parties by another person or party. They are often time-based and effective performance brings about the desired outcomes to the objects, recipients, or the other assets of interest for which the purchasers have responsibility. The service customers anticipate value from their access to labor, goods, facilities, professional skills, systems, and networks in exchange for time, money, and effort. However, service customers do not assume ownership of the diverse physical elements involved (Lovelock & Wirtz 2011, p. 35). In the present day, every business entity is interested in promoting its business with such strategies of marketing that will foster its performance via the roof. There are numerous service sector businesses plugged with techniques of product marketing and this is the prime time for them to improve their marketing performance. In fact, services are totally different from products since they are intangible. In addition, the target audience for products and services is different hence the need of applying different strategies of promotion in order to attract potential clients. For effective promotion of services in order to generate significant buzz, service marketers are encouraged to employ 7 Ps i n their strategies of service marketing mix. The 7 Ps marketing mix is an extension of the 4 Ps marketing mix, which are the known as the marketing core strategies. The purpose of this paper is to provide advice to Mr Hirohito in his new venture of starting a high street restaurant in London. The paper shall provide information of how to develop appropriate strategies aimed at extended services marketing mix. It will also provide recommendations for action and preparation and presentation of informed, systematic, and effective marketing report as the basis for marketing decisions. Background Information: Hirohito Yamachu set up Wakaba Ltd, a London-based food company, in 2009 after being made redundant while working as head chef in Bank of Japan’s staff restaurant. The main business of Wakaba Ltd is involved in the supply of ready-to-eat ‘sushi’ meals and cooked Japanese cuisine to staff via company canteens in London City area. Currently, the business prides in its list of clients, which includes J P Morgan, Bank of Japan, Barclays, Chase Manhattan, and City Corp. While working there, his cooking was loved and much favored by the employees of the company unlike most of the other staff canteens. CEOs and senior managers even invited business clients, relations, and friends from outside for lunch in the staff restaurant. In 2008, unfortunately, Hirohito Yamachu became a casualty as the restructuring plan of the company as well as the ensuing BPR exercise reached an agreement of outsourcing in-house catering facilities. Termination of his career made him to establish his own business. Bank of Japan became his first client, as he did not need much introduction or serious marketing efforts. His cooking was done at his home with the aid of some family members