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Lecture 7: Marketing
Marketing Service and Expieriances
| Question | Answer |
|---|---|
| Goods | the consumer pays for something that has been made |
| Services | the consumer pays for someone to do something for them |
| Experiences | The consumer pays for the opportunity to have an experience |
| Goods Services and Experiences | Many products are actually combinations of two or more of these |
| Goods, services and experiences similarities | -basic marketing process same -target markets, positioning and marketing mixes |
| Services and Experiences differences | -client relationships -perishability -intangibility -Inseperability -customer effort -uniformity |
| Client relationships | -S&E involve ongoing relationship w/ consumers -greater potential for customer loyalty -more opportunity to provide value for consumer |
| Perishibility | -There is a time limit, cannot carry inventory -greater need to monitor demand |
| Intangibility | -cannot be evaluated prior to purchase -leave "nothing but memories" -Experiences more likely to suffer this -must demonstrate value prior to purchase -services guarantees can help |
| Inseparability | -cannot separate good or service from person performing it -satisfaction w/ the service or experiences reflects directly on the firm |
| Customer Effort | -Customers are often highly involved in services and experiences (co-creation potential) -Marketers need to take into account non-monetary costs when considering value they offer to consumers. (time, effort, emotional involvment) |
| Uniformity | -Every instance of a service is unique -it is difficult for the firm to project an image of consistent quality -makes it difficult to always achieve customer satisfaction |
| capacity Management | integrating the service component of the marking mix with efforts to influence consumer demand |
| Customer Contact audit | a flowchart of the point of interaction between consumers and a service provider |
| Customer Experience Management | The process of managing the entire customer experience within the company |
| The four I's of services | The four unique elements to services; intangibility, inconsistency, inseparability, and inventory |
| gap analysis | a type of analysis that identifies the differences between a consumer's expectations about and experiences with a service based on dimensions of service quality |
| Idle production capacity | occurs when the service provider is available but there is no demand |
| internal marketing | the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers |
| off-peak pricing | charging different prices during different times of the day or days of the week to reflect variations in demand for the service |
| Service Continuum | The range of offerings companies bring to the market, from the tangible to the intangible or good-dominant to service-dominant offerings |
| Services | intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value |
| brokers | independent firms or individuals whose principal function is to bring buyers and sellers together to make sales |
| channel captain | a channel member (producer, wholesaler, or retailer) that coordinates, directs, and supports other channel members |
| channel conflict | arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals |
| channel partnership | consists of agreements and procedures among channel members for ordering and physically distributing a producer's products through the channel to the ultimate consumer |
| direct marketing channel | allowing consumers to buy products by interacting with various advertising media without a face to face meeting with a salesperson |
| disintermediation | channel conflict that arises when a channel member bypasses another member and sells or buys products direct |
| dual distribution | an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product |
| electronic marketing channels | employing the internet to make goods and services available for consumption or use by consumers or business buyers |
| exclusive distribution | a level of distribution density whereby only one retail outlet in a specific geographical area carries the firm's products |
| franchising | a contractual arrangement between a parent company and an individual or firm that allows the franchisee to operate a certain type of business under an established name and according to specific rules |
| industrial distributer | an intermediary that perform a variety of marketing channel functions, including selling, stocking, delivering a full product assortment, and financing |
| intensive distributer | a level of distribution density whereby a firm tries to place its products and services in as many outlets as possible |
| manufacturer's agents | agents who work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory |
| selective distribution | a level of distribution density whereby a firm selects a few retail outlets in a specific geographical area to carry its product |
| selling agents | agents who represent a single producer and are responsible for the entire marketing function of that producer |
| strategic channel alliances | a practice wherby one firm's marketing channel is used to sell another firm's products |
| vertical marketing systems | professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximimum marketing impact |
Created by:
lfowler322
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