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Hospitality Marketing > Chapter 8: Products, Services, and Brands: Building Customer Value > Flashcards

Chapter 8: Products, Services, and Brands: Building Customer Value Flashcards

1
Q

Product

A
  • anything that can be offered to a market
  • for attention, acquisition, use, or consumption
  • might satisfy a want and need
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2
Q

Service

A
  • an activity, benefit, or satisfaction offered for sale
  • essentially intangible
  • does not result in the ownership of anything
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3
Q

Customer product

A

bought by final consumers for personal consumption

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4
Q

Convenience product

A
  • customers usually buy frequently, immediately

- with minimal comparison and buying effort

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5
Q

Shopping product

A

the customer in the process of selecting and purchasing

usually compares on such attributes: suitability, quality, price, style

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6
Q

Specialty product

A

unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

  • do not compare specialty products
  • luxury goods: Rolex watches or fine crystal
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7
Q

Unsought product

A

consumer either does not know about or knows about but does not normally consider buying.
- require a lot of advertising, personal selling, other marketing efforts

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8
Q

Industrial product

A

a product bought by individuals and organizations for further processing or for use in conducting a business

  • materials and parts
  • capital items
  • supplies and services
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9
Q

Social marketing

A

the use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society

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10
Q

Product quality

A

the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

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11
Q

Individual Product Decisions

A

Product attributes -> Branding -> Packaging -> Labelling -> Product support services

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12
Q

Total Quality Management (TQM)

A

an approach in which all of the company’s people are involved in constantly improving the quality of products, services, and business processes.

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13
Q

Performance quality

A

the product’s ability to perform its functions

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14
Q

Conformance quality

A

freedom from defects and consistency in delivering a targeted level of performance

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15
Q

Product features

A

competitive tool for differentiating the company’s product from competitors’ products

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16
Q

Brand

A

a name, term, sign, symbol, or design, or a combination of these
- identifies the products/ services of one seller or group of sellers and differentiates them from those of competitors

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17
Q

Product style and design

A
  • design is a larger concept than style

- style can be eye catching or yawn producing

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18
Q

Packaging

A

the activities of designing and producing the container or wrapper for a product

19
Q

Labelling

A
  • range from simple tags attached to products to complex graphics that are part of the packaging
  • identifies the product or brand
  • promote the brand
  • support the brand’s positioning and add personality to the brand
20
Q

Product Support Services

A
  • Customer service = element of product strategy

- important part of customer’s overall brand experience

21
Q

Product line

A

a group of products

  • closely related because they function in a similar manner
  • sold to the same customer groups
  • marketed through the same types of outlets
  • fall within given price ranges
22
Q

Product mix (or product portfolio)

A

the set of all product lines and items that a particular seller offers for sale

23
Q

Four Service Characteristics

A
  1. Intangibility
  2. Inseparability
  3. Variability
  4. Perishability
24
Q
  1. Intangibility
A

Services cannot be seen, tasted, felt, heard, or smelled before purchase

25
Q
  1. Inseparability
A

Services cannot be separated from their providers

26
Q
  1. Variability
A

Quality of services depends on who provides them and when, where, and how

27
Q
  1. Perishability
A

Services cannot be stored for later sale or use

28
Q

Service Profit chain

A

The chain that links service firm profits with employee and customer satisfaction
- if we are employees, we are happy, customers are happy, we make money :)

29
Q

3 TYPES OF SERVICE MARKETING

A

Company - (EXTERNAL MARKETING) - Customers
Customers - (INTERACTIVE MARKETING) - Employees
Employees - (INTERNAL MARKETING) - Company

30
Q

Internal marketing

A

Orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction

  • Orientation
  • Training
  • Motivation
31
Q

Interactive marketing

A

training service employees in the fine art of interacting with customers to satisfy their needs

  • service quality depends heavily on the quality of the buyer-seller interaction during the service encounter
  • Service differentiation
  • Service quality
  • Service productivity
32
Q

Brand equity

A

The differential effect that knowing the brand name has on customer response to the product or its marketing
- a powerful brand has high brand equity

33
Q

Brand value

A

The total financial value of a brand

34
Q

Major Brand Strategy Decisions

A
  1. Brand positioning: Attributes, Benefits, Beliefs and values
  2. Brand name selection: Selection, Protection
  3. Brand sponsorship: Manufacturer’s brand, Private brand, Licensing, Co-branding
  4. Brand development: Line extensions, Brand extensions, Multibrands, New brands
35
Q

Store brand (or private brand)

A

A brand created and owned by a reseller of a product or service

36
Q

Co-branding

A

The practice of using the established brand names of two companies on the same product

37
Q

The Service Profit chain consists of five links

A
  1. Internal service quality
  2. Satisfied and productive service employees
  3. Greater service value
  4. Satisfied and loyal customers
  5. Healthy service profits and growth
38
Q

Managing service differentiation

A

allows the firm to divert the focus on price, by developing a unique offer, delivery or image

39
Q

Managing service quality

A

enables a service firm to differentiate itself by delivering consistently higher quality than its competitors provide
customer retention
service recovery

40
Q

Managing service productivity

A

refers to the cost side of marketing strategies for service firms. the primary tools for impacting it are:

  • employee hiring and training - people doing more and better
  • service quantity and quality - adjusting the product
  • adopt technology - new tools to help
41
Q

Hospitality Challenge - Dynamic Marketplace

A
  • Demand is always fluctuating
    ◦ General environment (economical, political influences)
    ◦ Segment behavior
    ◦ Seasonal, midweek, weekend
    ◦ Holidays, professional requirements, religions
    ◦ Changing demographics, psychographics
  • Variety of customers – multiple market segments
    ◦ Different personal experiences and knowledge
    ◦ Different expectations to satisfy
42
Q

Hospitality Challenge - Dynamic Marketplace

A
  • Demand is always fluctuating
    ◦ General environment (economical, political influences)
    ◦ Segment behavior
    ◦ Seasonal, midweek, weekend
    ◦ Holidays, professional requirements, religions
    ◦ Changing demographics, psychographics
  • Variety of customers – multiple market segments
    ◦ Different personal experiences and knowledge
    ◦ Different expectations to satisfy
43
Q

External Marketing

A

just the beginning for service organizations

Hospitality Marketing (14 decks)

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