The 4 Ps framework, which stands for Product, Price, Place, and Promotion, can be applied to service-based industries in the following way:
Product: In service industries, the product is intangible. It's the service that you are offering to your customers. It's important to understand what your customers need and tailor your services to meet those needs.
Price: This refers to how much you charge for your services. It's important to set a price that reflects the value of your service, but also takes into consideration what your target customers are willing and able to pay.
Place: In service industries, place often refers to where the service is delivered. This could be a physical location, like a salon or office, or virtual, like online consulting services.
Promotion: This is all about how you communicate with your target customers. It includes advertising, public relations, and promotional strategies.
Use our compilation of commonly used Consulting Frameworks to better structure your analysis and com...
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