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Marketing of Financial Products & Services - Marketing Mix - Physical Evidence, Process & People
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1 1 MoFP for
TKW’s
Lecture – 8 Parveen Sharma
Marketing of
Financial
Products
2 MoFP for
TKW’s
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Contents
Physical Evidence
People
Process
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The additional P’s in Service Marketing
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The need to make highly intangible service offering appear tangible
(Physical Evidence).
Simultaneity or inseparability of service provider from customer (People)
Inability to hold inventory marking it critical for the service process to
flow smoothly to match demand & supply(Process).
MoFP for
TKW’s
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MoFP for
TKW’s
Marketing Mix: Physical Evidence
Customers tend to rely on physical cues to help them evaluate the
product before they buy it. Therefore marketers develop what we call
physical evidence to replace these physical cues in a service
The service environment along with tangible cues is termed as
Physical Evidence.
Physical evidence is the material part of a service.
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MoFP for
TKW’s
Marketing Mix: Physical Evidence
Edelweiss Diversified Growth Equity Top 100(EDGE) Scheme Accolades
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MoFP for
TKW’s
Marketing Mix: Physical Evidence
There are many examples of physical evidence, including some of the following:
The building (prestigious offices or scenic headquarters) including design,
signage, parking, landscaped & environment surrounding building
Interior design of the facility (internal signage, temperature and air conditioning)
Packaging
Internet/web pages
Paperwork (such as invoices, newsletters and dispatch notes & statements)
Brochures
Furnishings
Signage
Uniforms and employee dress
Business cards
Mailboxes
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MoFP for
TKW’s
Physical Environment
Physical Environment
The physical environment is the space by which you are surrounded when you
consume the service.
The physical environment is made up from its ambient conditions, spatial layout
functionality, signs, symbols and artifacts.
Ambience
Ambience is a package of elements which consciously or subconsciously help you
to experience the service such as temperature, color, smell, sound & music.
Ambience can be diverse for different services.
The marketer needs to match the ambience to the service that is being delivered.
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TKW’s
Physical Environment
Spatial Layout
The spatial layout and functionality are the way in which furniture is set up or
machinery spaced out.
Functionality is more about how well suited the environment is to actually
accomplish your needs.
Corporate branding (signs, symbols and artifacts)
Corporate image and identity are supported by signs, symbols and artifacts of the
business itself.
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MoFP for
TKW’s
Physical Environment
Type of physical evidence
Self-service (customer only)
Customer performs most of activities
Very few employees involved
Remote service (employee only)
Virtually no customer involvement
Interpersonal service (both customer & employee)
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MoFP for
TKW’s
Role of Physical Evidence
Facilitator
Enhance performance level of personnel.
Socializer
Helps to convey expected role and relationship in interaction process.
Differentiator
Differentiating service from competitor
Impression
Helps in shaping first impression
Image and Identity
Portrays the corporate image and build corporate image
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Marketing Mix - People
MoFP for
TKW’s
People submix is like handling a piece of
string. If you push it, it will go anywhere. If
you lead it, you can make it go anywhere you
want.
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Marketing Mix - People
MoFP for
TKW’s
An extremely important part of any company is having the right
people to support the company’s products and/or service.
Excellent customer service personnel who can provide support with
clearly known expectations, such as hours of operation and average
response time, is key to maintaining a high level of customer
satisfaction.
Knowledgeable staff adds much value to the product offering.
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Marketing Mix - People
MoFP for
TKW’s
https://www.youtube.com/watch?v=ABoVEWpzqrY
Lets have a look at ICICI Bank – Khaayal Aapka
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Marketing Mix - People
MoFP for
TKW’s
In Services business , the service personal reflects the organizational
realities, it is through the interaction with the staff, the consumers
forms an opinion of the organization.
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Marketing
Marketing Mix: People
MoFP for
TKW’s
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MoFP for
TKW’s
Classification of personnel
Customer Contact employees
also called as frontline staff/ boundary spanner
High Contact Personnel
Low Contact Personnel
Skilled and Professional
Non-Professional
Support Personnel / Non Contact Employee
Who contribute to service delivery but do not come into contact
with customers e.g. Admin staff
Marketing Mix: People
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MoFP for
TKW’s
Marketing Mix: Process
This sub-mix draws our attention on the element helping an
increase/ optimization in operational flow which may be standardized
or customized.
Standardization – concerned with quality promised
Customization – concerned with processing in tune with
requirements of the customer
Involvement of customer
Face to Face
Techno-driven
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MoFP for
TKW’s
Marketing Mix: Process
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Process Orientation
MoFP for
TKW’s
Customer defined business process-
Process innovations and continuous improvement through people
involvement.
Result oriented approach-
Process designed by first planning the desired results.
Financial institutions constantly taking initiatives to offer
the best in class service that seek to enhance customer
experience.
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MoFP for
TKW’s
Marketing Mix: Process
Factors to be considered in Service Process Design
Service itself
Customer participation
Degree of customer contact
Location of service delivery
Complexity of service
Degree of divergence
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MoFP for
TKW’s
People Process & Technology
People: Needs to be aware of advantages/risks and ready to manage them
Process: Inefficient/ Outdated processes
must be replaced with efficient
processes.
Technology: Integrates People &
Process
Aligning People, Process & Technology ensures that FI’s succeed
both in terms of its bottom line & ability to continue its important
mission
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Thank
You MoFP for
TKW’s
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