Marketing Services Versus Products Assignment Example | Topics and Well Written Essays - 500 words

Marketing Services Versus Products - Assignment Example In terms of similarities, the marketing of both products and services require the presence of a market segment. A market segment is that specific group of people with the same line of needs that the marketer tries to satisfy (Perreault Jr., Cannon & McCarthy (2014). According, whether a company is marketing a product or a service, it is important to have a specific market segment that the product or service is prepared for. Another similarity is with the use of strategic option. A strategic option is a specialized approach used by companies to gain competitive advantage over their competitors (Fill, 2002). Kotler & Keller (2012) emphasized that both those in the product sector and those in the service sector have need for strategic options that ensures that they are able to gain competitive advantage within the market segment. The third similarity has to do with the use of a marketing mix. Whether a company is marketing a product or a service, Perreault Jr., Cannon & McCarthy (2014) stressed that using the marketing mix, which are commonly identified as product or service, place, promotion, and price all become applicable. Regardless of the similarities identified above, there are some times that differences are identified when marketing products from services. One such difference has to do with the output of what is marketed to customers. This is because whiles the output of products are tangible, the output of services are abstract or intangible (Kvesic, 2008). What this means is that the actual things that marketers sell to customers as products can be seen, felt and handled but those that are marketed as services cannot be seen or handled. A typical example of a product is a car, while banking is an example of a service. The second difference is seen in terms of branding. The difference in branding can however be associated with the differences in outputs of products and services. Kvesic (2008) explained that whereas the use