Question

Product Marketing-This refers to the marketing of tangible goods, in other words it refers to the marketing of goods which people can see and touch

Service Marketing-This refers to the marketing of intangible goods, in other words we can say offering compensation for something which you cannot see or touch.

Difference between Product Marketing and Service Marketing

• In terms of meaning, product marketing is processes carried out by an organization or a company to promote its product to a market. In contrast service marketing is the service the company offers to its customers.
• The objective of product marketing is to satisfy customer needs while the objective of service marketing is to develop a good relationship with the customers.
• Product marketing depends on the 4Ps of marketing to market its products while on the other hand service marketing tops another 3Ps which include people, physical evidence and process.
• In product marketing customers come to get the products, while in service marketing the customers do Nate take anything since a service is intangible.

It is not necessarily true that the right price is the fair price. Manufactures always set the price the price the price of a product but that does not mean it is the fair price. In my own opinion as a consumer should pay should receive the value of the product he or she has purchased and it should offer satisfaction.

Question:

According to the post, Is there anyway to standardize a service? and  Consider pharmaceutical products. Would you say the price paid for a branded drug is the fair price?

Answer 1

In my opinion, there is no way to standardize a service according to this post. This is because service depends upon the needs and requirements of the customers and vary from one customer to another based upon their specific requirements. Also since a service is intangible, the value of service can only be perceived and not felt like a product, hence the value of service attached to a person varies from one person to another.

I won't say that the price paid for a branded drug is the fair price because the fair price of a branded drug is the one which the customers perceive as the actual price and from which the customers derive the value of that drug. In case of branded drugs, the price paid by the customers is much more than the actual value of that drug, hence the price paid for a branded drug is not the fair price.