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Chapter 11

TermDefinition
Services are the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
The four i's of services consists of the four unique elements to services: intangibility, inconsistency, inseparability, and inventory
idle production capacity occurs when the service provider is available but there is no demand for the service
Service continuum consists of the range of offerings companies bring to market, from the tangible to the intangible or product- dominant to service-dominant
gap analysis is a type of analysis that compares the differences between the consumer's expectations about and experiences with a service based on dimensions of service quality
Customer contact audit is a flowchart of the points of interaction in the service between consumers and a service provider
Seven p's of services marketing is an expanded marketing mix concept of services that includes the four p's (product, price, promotion, place) as well as people, physical, environment, process
off-peak pricing involves charging different prices during different times of the day or during different days of the week to reflect variations of demand of the service
internal marketing is the notion that a service organization must focus on its employees or internal market, before successful programs can be directed at customers
Customer experience management is the process of managing the entire customer experience within the company
capacity management integrates the service component of the marketing mix efforts to influence consumer demand
Price is the money exchanged for ownership or use of a product or service
Barter where one exchanges things for money
Value pricing practice of simultaneously increasing product and service benefits while maintaining or decreasing price.
Profit equation profit= total revenue- total cost
Pricing objectives specify the role of price in an organizations marketing and strategic plans
Pricing constrains are factors that limit the range of prices a firm may set
Demand curve is a graph relating the quantity sold and price, which shows the maximum number of units that can be sold
Demand factors determines consumer's willingness and ability ro pay for products and services
Price elasticity of demand is the percentage change in quantity demanded relative to a percentage change in price
Created by: user-2025411
 

 



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