Service Product Marketing - Research Paper Example

The paper "Service Product Marketing" is an excellent example of a research paper on marketing. Transaction banking is one of the most vital service products that are offered by the National Australia Bank. Research has shown that there are many transaction banking activities which include depositing money, withdrawing money, payment of bills such as water bills, telephone bills, electricity bills and many other transaction banking activities that are carried out by the customers in the same bank.

The transaction banking product offering involves four main activities. The first is the entities. Entities are products themselves and they can either be goods or services. In this study, the product is the service product which is transaction banking. The marketer’s activities are those activities that are performed by the marketer and that affect the entity of the product.

In this study, the marketers are the employees in the bank or the cashiers who have to help the customers in the process of transaction banking. The buyer’s activities are those that are performed by the customers that affect the entity of the product. Interaction between the employees and the customers during transaction banking.

A market segment model is an important tool that is used in the process of carrying out various transactions in the bank because it provides a tool that is used by marketers in studying the entities, activities, and interactions of both the customer and the employees in the National Australian Bank.

 Among many other service products that are offered by the National Australia Bank transaction banking service product is the most common. This is because in day to day activities of the bank customers carry out the transactions of depositing funds, withdrawing funds for personal consumption or for business purposes, paying bills such as electricity bills, telephone bills, paying school fees for their children, buying and selling foreign currencies and many other transactions that take place in the bank. In this regard transaction banking is chosen in this study as the product or an entity.

The product offering which refers to the bundle of activities made by the marketer of the product, in this case, comprises the activities of the bank’s customers in this study they are referred to as the buyers of the transaction banking service product. Included in the bundle are the following four elements, product, product delivery, auxiliary service, and additional marketing.

The product, in this case, refers to transaction banking which is one of the products that is offered by the National Australian Bank. From the buyer's perspective, product delivery refers to the activities that are essential in the process of getting the services. On the other hand, auxiliary service refers to the nonessential activities that are performed by the bank customers but which occur in the process of acquiring the product and lastly additional marketing refers to the activities performed by the buyer that are intended to encourage the consumption of the of an additional related product to transactional banking.