Asked by Madeline Winterton on Jun 13, 2024
Verified
Services incorporate the four I's of product marketing. How would each of these four elements apply to a stock brokerage service?
Product Marketing
refers to the process of promoting and selling a product to the consumer, encompassing strategies and tactics used to identify the product's target market, communicate its value, and ensure its distribution.
Stock Brokerage
Firms that act as intermediaries between investors and securities exchanges, facilitating the buying and selling of stocks.
- Understand the notions of intangibility and inseparability in services, and their consequences on the provision and marketing of these services.
Verified Answer
DN
Dr. Nadia FarhanaJun 19, 2024
Final Answer :
The four unique elements of services are: (1) intangibility-a brokerage service is intangible because it cannot be seen, held, or touched before the purchase decision; (2) inconsistency-the quality of a brokerage service will vary because different people, who vary in their job performance, provide this service; (3) inseparability-consumers cannot separate the service (stock purchase) from the deliverer of the service (stockbroker) or the setting in which the service occurs; and (4) inventory-brokerage services have little inventory carrying costs because the brokers work on commission. If a broker does not make any sales, commission costs will be lower.
Learning Objectives
- Understand the notions of intangibility and inseparability in services, and their consequences on the provision and marketing of these services.
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