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Word Count: 639
Price is a language to customers If a marketer does not pay attention to the price structure that the market prefers he may be unable to achieve his company goal which is gaining profit Why service pricing is so important to marketers It is significant because service does more than just provide a means to drive sales Marketers can capture and maintain their market share and build sales in the their particular industry In these days as service is becoming the main source of profit for many companies it is playing a more essential role in marketers point of view Thus marketers around the world who has recognize the necessity to value service pricing has grown However service pricing is different from product pricing in many aspects These articles have illustrated the difference between these two elements First of all the major difference is the nature of the two elements service is intangible whereas product is tangible Docters et al 2004 Groth 1995 Berry and Yadav 1996 According to Groth 1995 services cannot be seen by customers therefore customers often hesitate about the service whether matching their needs In contrast customers are more confident as they get to feel the product try it operate it or put it on They can also observe the characteristics of the products that suit more to their preferences As service is intangible customers are more difficult to compare price Unlike the products customers get to compare the cost of the products as they are well categorized Berry and Yadav 1996 In addition Docters et al 2004 say that the intangible nature of services have created more customers demand such as counting units sold which are more complicated to apply on a service than a product Besides that services are usually non- returnable Whereas customers can return reuse resale exchange or alter the product Groth 1995 When marketers fail to meet customer expectation customer probably may
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