Products are tangible. You can see, hold and own them. Services are intangible and can be experienced. Now you know the differences. Next, know how to price your product by demonstrating and explaining its benefits concerning the consumer's needs. Finally, learn how to price your services by proving that the service is consistent and can offer the quality that meets the consumer's needs.
Products and services are similar because they fulfill consumers' wants and needs.
Marketing a service differs from marketing a product, as the service is based on relationship and value. Even though there are differences between the two, many similarities can be identified. With physical product marketing, you need to consider the 4Ps approach (product, price, place, and promotions). When marketing a service, you need to consider the 7Ps, which include the 4Ps plus people, process, and proof.
To customize a product or a service for your consumer, you must understand what you sell. Is what we sell satisfying, helpful, or valuable to your customer's wants and needs?
These elements of product planning for goods and services can be helpful for your business:
Product idea: Physical good/service, experience, features, benefits, quality level, installation, instructions, product line
Branding: Individual or family, manufacturer of dealer
Packaging: Protecting, promoting, and enhancing product
Warranty: None, limited, full, extended
Product Classes: Consumer product, business product classes
The above elements serve as the basis for decisions about the price, distribution, and promotion of a product or service.
We can help you build the right relationship with your customers, contact us.