Chap 5 - Marketing Flashcards
Define the “simultaneity” nature of services.
Services are consumed as they are dispensed
Define the “heterogeneity” aspect of services.
There is a lot of variation in service, because the performance of individuals varies - this can adversely impact quality control
What are the 4 characteristics that differentiate a service from a good/product?
1) Intangibility
2) simultaneity
3) Heterogeneity
4) Perishability
Give the “4 P’s” of the traditional marketing mix
1) Product
2) Price
3) Place
4) Promotion
What 3 additional “P’s” are included in the EXPANDED marketing mix adopted by service marketers?
1) People
3) Physical evidence
3) Process of assembly
Define “market segmentation.”
Dividing the market into smaller, identifiable groups of people with comparable sociodemographic, lifestyle, or behavioral characteristics resulting in similar wants/needs.
Define the “undifferentiated approach” to market segmentation.
Providing a SINGLE (undifferentiated) SERVICE for every participant.
Define a “differentiated approach” to market segmentation.
Providing DIFFERENT SERVICES for different target markets
Define a “concentrated approach” to market segmentation.
Focuses on a SINGLE SERVICE FOR A SPECIFIC TARGET MARKET.
Which approach for market segmentation best describes adaptive recreation?
A concentrated approach
Which approach to market segmentation best describes an agency that focuses on completely inclusive recreation?
An undifferentiated approach
An agency removes all steps to a recreation center’s main entrance, replacing them with a sloping ramp that is easier for all users. What is this an example of?
Universal design
In this pricing model, the price of the service is based on the COST to provide the service
Cost-based pricing
This pricing model considers what the COMPETITION is charging. A service can be priced lower to appeal to the price sensitivity of participants, or maybe placed higher to convey a greater value.
Competition-based pricing
In this pricing model, prices are established based on what the market will bear according to the principles of SUPPLY AND DEMAND.
Demand-based pricing