recent trends in service markteting

8/7/2019 RECENT TRENDS IN SERVICE MARKTETING

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RECENT TRENDS IN SERVICE

MARKTETING



SERVICE MARKETING•

Services marketing is marketing based onrelationship and value. It may be used tomarket a service or a product.

• Marketing a service-bases business isdifferent from marketing a product-base

business.• There are several major differences,

including:

• The buyer purchases an intangible•

The service may be based on the reputationof a single person

• It's more dificult to compare the quality of similar services

• The buyer cannot return the service

•

http://www.wordiq.com/definition/Marketing

http://www.wordiq.com/definition/Service

http://www.wordiq.com/definition/Product_(business)

http://www.wordiq.com/definition/Product_(business)

http://www.wordiq.com/definition/Service

http://www.wordiq.com/definition/Marketing



Trends in Banking

• The bank which used the righttechnology to supply timelyinformation will see productivityincrease and thereby gain acompetitive edge.

• To compete in an economy which isopening up, it is imperative for theIndian Banks to observe the latesttechnology and modify it to suit their

environment.• Not only banks need greatly enhanced

use of technology to the customerfriendly, efficient and competitive

existing services and business, theyalso need technolo for rovidin



Cont…

• Electronic Payment Services – ECheques

• Nowadays we are hearing aboute-governance, e-mail, e-commerce,e-tail etc. In the same manner, anew technology is being developed

in US for introduction of e-cheque,which will eventually replace theconventional paper cheque

•



• Real Time Gross Settlement(RTGS)

• Real Time Gross Settlementsystem, introduced in India sinceMarch 2004, is a system through

which electronics instructions canbe given by banks to transfer fundsfrom their account to the account

of another bank.• The RTGS system is maintained and

operated by the RBI and provides a

means of efficient and faster funds



• Electronic Funds Transfer (EFT)

•

Electronic Funds Transfer (EFT) isa system whereby anyone whowants to make payment to anotherperson/company etc. can approach

his bank and make cash paymentor give instructions/authorization totransfer funds directly from his own

account to the bank account of thereceiver/beneficiary.

•

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• Electronic Clearing Service (ECS)

• Electronic Clearing Service is aretail payment system that can beused to make bulkpayments/receipts of a similar

nature especially where eachindividual payment is of a repetitivenature and of relatively smaller

amount. This facility is meant forcompanies and governmentdepartments to make/receive largevolumes of payments rather thanfor funds transfers by individuals.



• Automatic Teller Machine (ATM)

•

Automatic Teller Machine is themost popular devise in India, whichenables the customers to withdrawtheir money 24 hours a day 7 days a

week.

• It is a devise that allows customer whohas an ATM card to perform routine

banking transactions withoutinteracting with a human teller.



• Point of Sale Terminal

• Point of Sale Terminal is acomputer terminal that is linkedonline to the computerizedcustomer information files in a bank

and magnetically encoded plastictransaction card that identifies thecustomer to the computer. During a

transaction, the customer's accountis debited and the retailer's accountis credited by the computer for theamount of purchase

•



• Tele Banking

• Tele Banking facilitates thecustomer to do entire non-cashrelated banking on telephone.Under this devise Automatic Voice

Recorder is used for simpler queriesand transactions. For complicatedqueries and transactions, manned

phone terminals are used.



• Electronic Data Interchange(EDI)

• Electronic Data Interchange isthe electronic exchange of businessdocuments like purchase order,

invoices, shipping notices, receivingadvices etc.

• In a standard, computer processed,

universally accepted formatbetween trading partners. EDI canalso be used to transmit financial

information and payments inelectronic form.





HOSPITALITY SECTOR

• Trends that will shape the future of hospitality sector are:1. Low Cost Carriers

2. Budget Hotels3. Service Apartments4. Technology

5. Loyalty Travel



• 1. Low cost carriers: Travelers in

general are more price sensitive toairfare than they are to hotel roomrates.

•

Often a low airfare will stimulatedemand for travel even if hotelprices are increasing.

•

LCCs are a good option for businesstravelers, as they have advantageslike low costs, more options andconnectivity.



• 2. Budget hotels: More than 50 percent of occupancy of a majority of

hotels comes from the business travelsegment.• The average room rate (ARR) realized

from business travelers is normally

higher than from leisure travelers.• Heightened demand and the healthy

occupancy rates have resulted in anincrease in the number of budgethotels.

• Some of the new players entering intothis category of hotels includeHometel, Kamfotel, Courtyard byMarriott, Country Inns & Suites, Ibis

and Fairfield Inn.



• 3. Service apartments: The conceptof service apartments, though a

recent phenomenon in India, is anestablished global concept.• Service apartments are the latest trend

in accommodation, offering thecomfort and convenience of a homewithout the hassles of having tomaintain or look after it.

• Ideally suited for medium-to-longstaying guests, service apartments

are a natural choice for corporateemployees or expatriates relocatingto a particular city, non-residentIndians visiting the country for long

spells and foreigners visiting the cityfor long durations.



• 4. Technology: Travel andtechnology have becomeinseparable. Technology is makingits own advances with high-tech

video conferencing facilities, webcameras and virtual reality mode of conferencing.

•On-line bookings, e-ticketing, Wi-Fi

Internet connectivity, easy accessto information, etc. are just a fewareas where technology hascom letel chan ed the the wa



• 5. Loyalty travel: Today, airline-

credit card company tie-ups havebrought a whole range of benefitsto the travelers.

• These include insurance cover,upgrades, free tickets, access toexecutive lounges, and a host of other goodies



Detariffing

• Tariff means rigidity.It means not onlyrates are fixed,but also the termsand conditions of policies are to be

laid down in tariff.• Detariffing makes insurers free to

decide the premium rates based on

their own guidelines of pricing.•



BANCASSURANCE

• The concept bancassurance is frenchorigin.

• It is an emerging concept in india.

• The insurance policies are availablefrom local bank branch throughbancassurance.

• The scheme depends on banksensuring excellent customerrelationship.

•



MICRO INSURANCE

•LIC launched its first micro insuranceproduct captioned “jeevan

madhur”in sep 2006.

• Its second micro insurance productunder the caption “jeevanmangal”in sep2009.

• The policy is targetted at factory

workers,self help groupmembers,domesticservants,rickshawpullers and otherlow income people.

• It is a low minimum premium of Rs

recent trends in service markteting

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