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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.
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Use our compilation of commonly used Consulting Frameworks to better structure your analysis and communicate the most suitable recommendations. This d...
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- a framework developed by Michael Porter at Harvard Business School, which focuses mainly on an industry analysis for a strategic plan. The 4 Ps – a marketing framework that forms factors around products' and services' marketing workflows and processes. – an organizational model created by Tom Peters and Robert Waterman, which concentrates on a venture's strategic vision and its internal design. (Strengths, Weaknesses, Opportunities, Threats) – a model for ideological and practical analysis of an organization to improve strategic planning operations. (RCA) – a process for identifying "root causes" of problems or events and an optimal approach for effective responses to them. – a process of comparing a company metrics to the metrics of the competition or progressive companies outside the industry. – a framework for following core aspects of business strategy and for facilitating improvement. The BCG Growth-Share Matrix – a quadrant matrix, developed by Boston Consulting Group (BC...
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