Services Marketing Mix

The post-globalisation world has brought the customer in to the focus. Almost in all the major economies barring China, services sector is dominating over the traditional manufacturing sector and is growing phenomenally over the years since the concept of liberalization started to sweep the world economy. The traditional method of marketing strategy, i.e. S.T.P. (Segmenting, Targeting and Positioning) has become obsolete in this fast changing global scenario. Services marketing have become the preferred strategy in this modern era. Indian life insurance industry was under monopoly regime since 1956. Only one public sector company, L.I.C. was catering to the entire customer base. It was following the traditional marketing mix to sell its products giving importance to the product elements and ignoring all other aspects. It was specifically neglecting the P for people. But after the privatization, with more competitors, the market is experiencing a good competition and the customer is getting the utmost importance. The modern life insurance industry has adopted the latest marketing mix in its marketing strategies.