Marketing Strategy And Marketing Plan Essay

816 Words May 13th, 2016 4 Pages
Every businessperson knows that a good marketing strategy and marketing plan are essential to the success of their business. The marketing strategy outlines what you need to achieve and the marketing plan shows how you are going to achieve those goals by marketing your product or service. So what are the differences between product marketing and service marketing? Prior to this class I did not realize that there was a difference and after reading the textbook service marketing seems to be more challenging than product marketing.
The difference between service marketing and product marketing is marketing of intangible (goods and services) and tangible (goods). When you market a service you are marketing a relationship and the value of that relationship and this requires a different type marketing strategy. This type of service needs to be marketed differently than the traditional product marketing strategies. It’s simple to compare the quality of products than to compare the concept or expectations of a service. However, there is one similarity between the two and that is building a customer base and retaining those customers (Levitt, 1981). Statista reports the distribution of the gross domestic product (GDP) across all economic sectors in the US be: agriculture 1.4%, industry 20.5% 78.1% from the service sector. Due to the large service market in the world, the following concepts and practices are vital in marketing a service. 1). Key differentiator(s) must be…

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