final exam Flashcards
hidden services
services that go into the production of physical products
everything is a…
service
labor provides…
services
physical product
collection of individual services plus raw material
service
the application of specialized competencies through deeds, processes, & performances for the benefit of another entity or the entity itself
ihip characteristics
intangible
heterogeneous (intangible)
inseparable
perishable
services are…
intangible
heterogeneous
inseparable
perishable
service is a…
performance
service characteristics
intangibility
inseparability
variability
perishability
intangibility
services cannot be seen, tasted, felt, heard, or smelled before purchase
insepaarbility
services cannot be separated from their providers
variability
quality of services depends on who provides them & when, where, & how
perishability
services cannot be stored for later sale or use
people processing
services directed at people’s bodies
e.g. healthcare
possessions processing
services directed at physical possessions
e.g. lawn care
mental stimulus processing
services directed at people’s minds
information processing
directed at intangible assets
what is the process
flow of activities involved in providing goods, services, & ideas to the customer
people
are the human actors who provide goods, services, & ideas to the customers
service blueprint
diagram that depicts the process of interaction between a customer & the service system
a service blueprint depicts
process of service delivery
roles of customers
roles of service employees
visible elements of service
potential failure points
organizational frontline
All points of contact between an organization and its customers.
frontline interactions
Actions and processes that occur during the points of contact between the customer and organization.
frontline interfaces
The people and/or equipment
involved in frontline interactions.
Retailing
Selling goods & services to consumers for their own personal or household use
Wholesaling
Selling goods & services to companies and organizations who resell them or use them in running their own business
Why Retailers?
they add value
Adjust Discrepancy of quantity
ACCUMULATION:
bring large quantities from sources to one location
+
BREAKING BULK:
divide large quantities into smaller lots for many buyers
Adjust Discrepancy of assortment
ASSORTING:
bring wide variety of different products together in one location
+
SORTING:
divide a set of products into separate categories of like products
value =
adjusting discepancies
retail channels
chapter 11, slide 26
Customer Orientation
The degree to which an individual
possesses an enduring belief in
the importance of customer
satisfaction
four dimensions of customer orientation
social skills
technical skills
motivation
decision-making authority
technical skills
The employee’s technical skills refer to the knowledge and those technical or motor skills which a service employee must possess in order to fulfill the customer’s needs during the personal interaction process
social skills
The concept of social skills
focuses on the service
employee’s ability to take the
customer’s perspective during
interactions
motivation
Motivation is essential for
the employee’s
transformation of social and
technical skills into
customer-oriented behavior.
decision-making authority
The extent to which service
employees feel authorized to
decide on issues that concern
customers’ interests and needs
retail store layout
Describes how retailers set up their merchandise, product
displays and fixtures in a store. Because the way customers
interact with products affects their purchase behaviors, a retail
store layout involves strategically using the space available to
influence the customer experience.
Displays, furniture, fixtures, signage and lighting.
customer flow
The way that a customer navigates a store’s aisles is the
customer flow. Understanding customer flow and the common patterns of buyer behavior associated with the way customers interact with
merchandise is an essential part of retail management
Grid store layout
Pros:
* Great for large retailers
* Great use of space
* Freedom of movement
* Customers can easily find things
Cons:
* Not experiential
* Less visuals
Forced Path
Pros:
* Flow control
* Guide customer to popular items
Cons:
* Can feel restrictive
* Frustrating for those who know what they want
Geometrics Design
Pros:
* Unique design and atmosphere
* Freedom to browse
* Can feel luxury
Cons:
* Does not maximize space
Diagonal
Pros:
* Better security (entire store is visible)
* Opportunities for using signage & visuals
* Better customer circulation and freedom
Cons:
* Less space for wall displays
Price
What is exchanged for the product, service or idea.
Value is not about…
what we put into our product, it’s
what our customers get out of it.
Fewer than 5% of Fortune 500 companies have
a full-time function dedicated to pricing.
Studies have shown that small variations in price…
can raise or lower Profitability by as much as 20% to 50%.
The first step in strategic pricing is…
knowing how your industry behaves.
cost-based pricing
module 12, slide 18
value-based pricing
module 12, slide 19
Value Based Pricing More Difficult, but
More Profitable…Always
price skimming
module 12, slide 21
market penetration
module 12, slide 22
dynamic pricing
module 12, slide 23
flat-rate pricing
module 12, slide 24
ala-carte pricing
module 12, slide 25
peak load/congestion pricing
module 12, slide 26
Price Elasticity
Responsiveness of demand to changes in price.
Customer Lifetime Value (CLV)
The total worth of a customer during their relationship with a company
customer acquisition cost =
new customer
salary
overhead
paid acts tools
————————-
# new customers
what is marketing promotion? (Refers to)
Refers to the strategic activities and communication efforts undertaken by businesses to promote their products, services, or brand to their target audience
what is marketing promotion? (aims to)
communicate the value and benefits of offerings effectively, persuade customers to purchase or take a specific action, and ultimately drive business growth.
Communication
is defined as the process of understanding and sharing meaning
Elements of communication process
module 13, slide 6
NOISE
is anything that interferes with the ability of the receiver to understand the intended message from the sender
The message put in place by the Sender is NOT
always identical to the message received by the Receiver
Physical noise:
Background noise
Physiological noise:
Relates to listeners’ body
Cultural noise:
Language barriers, body language differences
Semantic noise:
Misspelling, incorrect grammar
Integrated marketing communications (imc)
the process of unifying a brand’s messaging to make it consistent across all media that the brand uses to reach its target audience.
It’s a strategic approach that guides communication and tactics used across all marketing channels.
why imc is important
1.Need for consistency throughout the entire customer journey
2.IMC helps with brand-building
3.Properly using right mix of marketing channels helps boost campaign effectiveness
the buyer’s journey
awareness - consideration - decision
advertising
Any paid form of presenting ideas, goods, or services by an identified sponsor.
Advertising goals
- Increasing Awareness
- Positioning
- Increase revenue
success model
simple
unexpected
concrete
credible
emotional
stories
Sales Promotion
Activities that aim to temporarily boost sales of a product or service
types of sales promotions
free samples
coupons
price promotions
frequent user programs
public relations definition
a strategic communication process that builds mutually beneficial relationships between
organizations and their publics
purpose of public relations
create goodwill between an organization (or the things it
promotes) and the “public” or target segments it is trying to reach
common types of public relations
press release
speaking engagements
event sponsorship
philanthropy
why is PR effective
people believe them
they are seen as objective & sincere
Digital Marketing
All methods in which digital technologies are used to market, products, services, ideas, and experiences.
What Is Digital Marketing?
the use of digital or social channels to promote a brand or reach consumers
marketing definition
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
examples of digital marketing
Engaging with their audience: #justdoit
Social listening
Sharing product updates
Collaborating with public figures
Offering customer support
E-commerce accounts for more than
40% of the industry’s sales by 2025
types of digital marketing
website marketing
search engine optimization
smart-environment marketing
mobile marketing
email marketing
social media / community
aida model
awareness
interest
desire
action
(module 14, slide 15)
search engine optimization (SEO)
Designing a website to optimize its use by ranking high on search engine webpages where results are displayed
two parts of seo
on-side
off-site
What is a crawler?
sometimes called a spider or spiderbot and often shortened
to crawler, is an Internet bot that
systematically browses the World Wide Web and that is typically operated by search engines for the purpose of Web indexing
What is indexing?
A page is indexed by Google if it has been visited by the Google crawler (“Googlebot”), analyzed for content and meaning, and stored in the Google index. Indexed pages can be shown in Google Search results
How to write a title tag?
keyword
include modifiers (best, top, etc)
keep it short
look into competitors title tags
