Studied by 1 person
Looks like no one added any tags here yet for you.
Product
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value
Good
has tangible attributes that a consumer’s five sense can perceive
nondurable good
consumed in one or a few uses → i.e. food
Durable good
usually lasts over many uses → i.e. appliances, ars, smartphones
Consumer products
products purchased by the ultimate consumer
ex. convenience and shopping products
Convenience products
consumers purchase them frequently
Shopping products
compares several alternatives on criteria
Business products
products that organizations buy that assist in providing other products for resale
ex. specialty and unsought products
Specialty products
consumers make a special effort to buy them
unsought products
consumers do not know about them or initially want them
New Products Process
New-product strategy development
idea generation
screening and evaluation
business analysis
development
market testing
commercialization
Services
intangible activities or benefits that an organization provides that satisfy consumers’ needs in exchange for money or something else of value
Examples of services
delivery by people or equipment
business firms or nonprofit organizations
government agencies
Aspects of services
intangibility
inseparability
variability
perishability
intangibility
services cannot be seen, tasted, felt, heard, or smelled before purchase
inseparability
services cannot be separated from their providers, whether the providers are people or machines
Variability
quality services depends on who provides them as well as when, where, and how they are provided
ex. The more humans are needed to provide a service, the more likely there is to be variability in the quality of service
Perishability
services cannot be stored for later sale or use
Idle production capacity
when the service provider is available but there is no demand for the service
Idea
a thought that leads to a product or action
Internal marketing
the service firm must orient and motivate its customer-contact employees and supporting service people to provide customer satisfaction
Interactive Marketing
service quality depends heavily on the buyer-seller interaction during the service encounter
Internal marketing must _______ external marketing
precede
Marketing Triangle
Service Profit Chain
links service firm profits with employee and customer satisfaction
internal service quality
satisfied and productive service employees
greater service value
satisfied and loyal custoemrs
healthy service profits and growth
Service Failure
When service providers fail to meet customer expectations, the best course of action is to attempt to make amends.
Firms have a unique opportunity to demonstrate customer commitment.
Effective service recovery efforts can significantly increase customer satisfaction, purchase intentions, and positive word of mouth
Service Recovery
Listen to customers and involve them in the service recovery process
provide a fair solution
resolve the problem quickly
Note
Flashcard