Chapter 12, 13, 16, and 19
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Service | The result of applying human or mechanical efforts to people or objects.
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| Four ways they differ from tangible goods | 1. Intangible.
2. Inseparable.
3. Heterogeneous
4. Perishable
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| Intangibility | The inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed.
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| Inseparability | the inability of the production and consumption of a service to be separated; consumers must be present during the production.
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| Heterogeneity | The variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods.
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| Perishability | The inability of services to be stored, warehoused, or inventoried.
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| Search quality | a characteristic that can be easily assessed before purchase.
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| Experience quality | a characteristic that can be assessed only after use.
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| Credence quality | a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience
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| 5 Characteristics of Service Quality | Reliability. Responsiveness. Assurance. Empathy. Tangibles.
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| Reliability | The ability to perform a service dependably, accurately, and consistently.
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| Responsiveness | The ability to provide prompt service.
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| Assurance. | The knowledge and courtesy of employees and their ability to convey trust.
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| Empathy | Caring, individualized attention to customers.
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| Tangibles | The physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service.
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| Core Services | The most basic benefit the consumer is buying.
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| Supplementary Services | A group of services that support or enhance the core service.
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| Promotion Strategy | Stressing tangible cues. Using personal information sources. Creating a strong organizational image. Engaging in post-purchase communication.
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| Stressing tangible cues. | A concrete symbol of the service offering.
Ex. Hotels turn down the bed covers and put mints on your pillows.
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| Using personal information sources | Someone consumers are familiar with or someone they admire or can relate to personally.
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| Creating a strong organizational image | One way to create an image is to manage the evidence, including the physical environment of the service facility, the appearance of the service employees, and the tangible items associated with a service.
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| Engaging in post purchase communication. | This refers to the follow-up activities that a service firm might engage in after a customer transaction.
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| Internal marketing | treating employees as customers and developing systems and benefits that satisfy their needs.
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| Why is internal marketing important? | Services are performances, so the quality of a firm's employees is an important part of building long-term relationships with customers.
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| Marketing channel | a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user to consumer.
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| Three ways channel members facilitate the distribution process. | Providing Specialization and Division of Labor. Overcoming Discrepancies. Providing Contact Efficiency.
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| Purpose of Place/Distribution | Getting the product where it needs to be, when it needs to be there, in the right condition.
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| Value Delivery Network: How do distribution channels add values? | Faster. Cheaper. Reliability. Responsiveness.
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| Levels of Distribution Intensity | Intensive Distribution. Selective Distribution. Exclusive Distribution.
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| Intensive Distribution | A form of distribution aimed at having a product available in every outlet where target customers might want to buy it.
Ex: Candy, chips, etc which are found in retail store, are sold to retailers in small quantities by food or candy wholesalers.
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| Selective Distribution | A form of distribution achieved by screening dealers to eliminate all but a few in any single area.
Ex. Heelys avoids large companies like Target, and sales to smaller stores.
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| Exclusive Distribution | A form of distribution that establishes one or a few dealers within a given area.
Ex. Rolls-Royce automobiles. Chris-Craft power boats.
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| Promotion | Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
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| Promotional Strategy | a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, and sales promotion.
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| Competitive Advantage | the unique set of features of a company and its products that are perceived by the target market as significant and superior to the competition.
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| Promotional Mix | The combination of promotional tools used to reach the target market and fulfill the organization's overall goals.
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| 4 Parts of the Promotional Mix | Advertising. Public Relations. Personal Selling. Sales Promotions.
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| Advertising | impersonal, one-way mass communication about a product or organization that is paid for by a marketer.
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| Public Relations | The marketing function that evaluates public attitudes, identifies areas within the organization the public may be interest in, and executes a program of action to earn public understanding and acceptance.
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| Publicity | Public information about a company, product, service, or issue appearing in the mass media as a news item
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| Sales Promotions | Marketing activities--other than personal selling, advertising, and public relations-- that stimulate consumer buying and dealer effectiveness.
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| Personal Selling | A purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other.
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| Pros of Advertising | Reach large number of people. Low cost per contact. Can be micro-targeted.
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| Cons of Advertising | Total cost is high. National reach is expensive for small companies.
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| Pros of Public Relations | Maintains a positive image. Introduces new products. Generate favorable publicity.
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| Cons of Public Relations | It is not free. Preparing news releases, staging events, persuading media personnel to print or broadcast them costs money.
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| Pros of Sales Promotions | Short-term. Generate immediate increase in demand.
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| Cons of Sales Promotions | Costly. Time consuming.
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| Pros of Personal Selling | Direct Communication. Relationship Selling.
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| Cons of Personal Selling | Both sides have objectives--Someone is going to lose out. Mostly business to business selling. Some may find sellers annoying.
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| Goals and Tasks of Promotions | Informing. Persuading. Reminding.
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| Informing | This stage seeks to convert an existing need into a want or to stimulate interest in a new product. Prevalent during the early stages of the product life cycle. Increase awareness. Explains how product works. Suggest new uses. Build company image.
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| Persuading | Designed to stimulate a purchase or an action. Prevalent when product is in the growth stage of its life cycle. Encourage brand switching. Change customers' perceptions of product attributes. Influence immediate buying decision. Persuade customer to call.
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| Reminding | This is used to keep the product/brand name in the public’s mind. It is effective during the maturity cycle. Remind customers that product may be needed. Remind customers where to buy product. Maintain customer awareness.
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| Integrated Marketing Communications | The careful coordination of all promotional messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer.
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| IMC Popularity Growth | Proliferation of thousands of media choices. Fragmentation of the mass market. Slash of advertising spending in favor of promotional techniques that generate immediate response.
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| Price | that which is given up in an exchange to acquire a good or service.
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| Importance of Price | To the seller: Price is revenue. To the consumer: Price is the cost of something. Price allocates resources in a free-market economy.
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| Revenue | The price charged to customers multiplied by the number of units sold.
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| Profit | Revenue minus expenses.
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| Pricing Objectives | Profit-Oriented. Sales-Oriented. Status Quo.
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| Profit-Oriented | This includes profit maximization, satisfactory profits, and target return on investment. A discussion of each of these follows.
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| Sales-Oriented | Market Share and Sales Maximization.
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| Market share | A company's product sales as a percentage of total sales for that industry.
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| Sales Maximization | Short-term objective to maximize sales. Ignores profits, competition, and the marketing environment. May be used to sell of excess inventory.
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| Status Quo | Maintain existing prices. Meet competition's prices.
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| Markup Price | The cost of buying the product for the producer plus amounts for profit and for expenses not otherwise accounted for.
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| Breakeven point pricing. | A method of determining what sales volume must be reached before total revenue equals total costs.
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| Pricing at Different Stages of the Life Cycle. | Introductory Stage: HIgh. Growth Stage: Stable. Maturity stage: Decrease. Decline Stage: Decrease->Stable->High
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| Prestige Pricing | Charging a high price to help promote a high-quality image.
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| Quality Perception | Ease of Use. Versatility. Durability. Serviceability. Performance. Prestige.
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