ANALYSIS OF THE 7 P’s
Services are very different from products. So the marketing concepts need to be revisited while marketing a service. Services can range from financial services provided by the banks, technology services provided by the IT Company, food and ambiance as a service provided by restaurants or even a blog where an author provides a service (information presentation, interesting reading etc) to his audience. Services marketing are dominated by the 7 Ps of marketing namely Product, Price, Place, Promotion, People, Process and Physical evidence. The 7 P frameworks is one of the most popular framework for deciding a marketing strategy, right from strategy formulation to actual implementation. Education is one of the largest service sector industries in India characterized by a unique set of attributes. * One of the largest service market
* Huge Demand-Supply Mismatch
* Largely fragmented Industry
* Opening up of Regulatory Environment
* Higher Rate of Returns
* Robust growth rates expected
The 7 P’s of Service Marketing
Product is your core offering. This is “the thing” that will fulfil the needs of your customer. If your product is faulty, everything else fails. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation. The Core product and Benefit for the education sector is the course which they provide. In H. R. College of commerce and economics, the core product is the B. Com course which they provide to students who have just cleared their HSC or equivalent examinations. It is a 3 – year course with 900 students in every batch. It is the most sought after course in the college especially by students who wish to pursue Chartered Accountancy. H. R. College is considered one of the best colleges in Mumbai for the particular course. Apart from B. Com, it also provides different courses like B.A.F (Bachelor of commerce in Accounting and Finance), BBI (Bachelor of Commerce in Banking and Insurance), BFM (Bachelor of Commerce in Financial Markets) etc. At NMIMS, the emphasis of the course is to impart to the student’s specialized skill sets in the areas of finance, accounting and taxation with a view to careers in financial services. While there is enough diversity in the knowledge base for the B. Com graduates to excel in any field of enterprise of their choice, the primary focus is for them to function as top notch executives in the financial services industry in different fields of operations.
The Expected Level is the BCom Hons program which accommodates only 60 students and is a comparatively more professional and advanced in nature. It accepts students on their 12th percentage or percentage of any equivalent Examination marks. NMIMS provides a learning ambience that challenges the student’s mind through competitive education emphasizing on inculcating values, and transforming them into socially responsible managers and business leaders. This is a 3-year, full time Bachelor of Commerce, Honours (B.Com (Hons.) program covering 3 subjects each trimester over 9 trimesters; which is 27 subjects in all. 60 Students are taken on the basis of Nmat Entrance test.
The Augmented Level at HR College are the Add-on Courses, Summer School, Intensive Coaching and Remedial Teaching which help in the all round development of the students. NMIMS has entered into Student Exchange Programs with Rotterdam Business School, Netherlands and Hogeschool Utrecht University of Applied Sciences, Netherlands. The agreement covers plans for Student Exchanges on a reciprocal basis between the partner institutions. 2 students are exchanged each year. The Potential Level for HR could be introducing the already existing Student Exchange Program with Dukes College, London in the Bcom Hons Course. For NMIMS,...