A service is a rendering offered by a person to another.There is no exchange of tangible commodity.Earlier, service was considered as a social service without expecting any returns, over the years it has been commercialized.Now146, it has been seen as an activity performed by one person to another for charge.
There are 3 sectors in an economy which includes services/tertiary sector.It147 comprises of education,insurance,transportation,hospitality,banking etc.Goods and services are something which are being produced in an economy. But the difference is goods are tangible and services are intangible in nature.Example, when a person goes to a doctor, he uses his services and returns with a relief. Here, he didnt get any physical commodity but still consumed a service.When a customer buys a service, he has bought that knowledge ,time and skills of that individual who is rendering that service.
There are two segments in the market from consumer's viewpoint. One is product segment and other is service segment.Main players in the consumers market of the products segment are the industries and business organisations.Service sector has improves with the passage of time as the addition of new players especially from hospitality,tourisms, telecommunications etc.Marketing149 activities have to be initiated in the areas of innovations, customer relationships management,quality improvement and after sales service, so as to promote the business. Marketing of business has become necessary in present business scenario.
Services marketing is a specialized branch of marketing. It is marketing of services which includes marketing of telecommunication, finance, hospitality,tourism, health care etc. Service marketers use 7P's of marketing mix which include product, price, place, promotion, people, physical evidence and process.