Seven elements of service marketing - Essay Example

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Seven elements of service marketing

The paper will analyze the seven elements of service marketing in Citigroup headquartered in Charlotte, NC, and also outline the competitive advantage the service industry acquires through a successful marketing element.
Service: Most banks are experiencing an era where their revenue is not dependent on the sale of money alone (Once). Services in the financial industry are intangible and involve money in varied attributes such as depositing, lending, and transfer procedures. Citigroup should select the features of the primary service which is the deposit and lending of money and the bundle of supplementary services like the online money transfer with reference to the customer’s desires. All aspects that have the potential to create value for Citigroup services should be bundled together to bring out the best customer experience.
Price: Pricing is an essential feature in the marketing element of the service industry. Citigroup has to settle at prices that are affordable to the customers, and that ensure the bank is operational. Setting the price is centered on the value of the services they offer. In the service industry unlike in the product marketing, a decrease in price does not result in an increase in the customer base. The prices in the banking industry and Citigroup are dependent on the service being provided and assume the names such as interest, expenses, and commission.
Place: The most relevant aspect of banking is the ability to persuade customers that their resources are available whenever they are needed (Once). A bank such as Citigroup has to ensure that their services are visible to potential customers and that existing ones have adequate channels to access their resources. Citigroup can open branches on strategic positions or partner with other financial institutions to gain a greater geographical share.
Promotion: Citigroup has numerous goals that shape the way they ...Show more

Summary

Service marketing entails the placement of emphasis on balancing the right marketing elements. Decisions about the marketing elements…
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