Week 3 service marketing

Question 1

is typically done first including an examination of overall
market characteristics
is a combination of qualitative and quantitative research
collected on your customers

Answer 1

Customer Analysis

Question 2

tries to establish the attractiveness of the overall market
and potential segments within.

Answer 2

MARKET ANALYSIS

Question 3

is the process of identifying competitors in your industry and researching their different marketing strategies.
examines the competitors’ current positioning, strengths and
weaknesses to spot opportunities for the firm.

Answer 3

Competitor analysis

Question 3

involves answering a few questions.

Answer 3

CUSTOMER NEEDS ANALYSIS

Question 4

the objective is to identify the organization’s
strengths in terms of its current brand positioning and image, and the resources the organization has
It also examines the organization’s limitations or constraints, and how its values shape the way it does business.

Answer 4

COMPANY ANALYSIS

Question 5

helps business leaders identify ways in which they can improve
company function.

Answer 5

Internal analysis

Question 6

process is a three-step approach to marketing that helps
businesses understand their target market,

Answer 6

STP - segmentation, targeting and positioning

Question 7

dividing the population of possible customers into groups.

Answer 7

Segmentation

Question 8

composed of a group of buyers who share common characteristics, needs, purchasing behavior, and/or consumption patterns.

Answer 8

market segment

Question 9

is the process of segmenting your customers into groups based on
their shared experience of a particular problem or need.
allows businesses to better understand the unique needs and
preferences of different groups of customers, and tailor their
products and marketing strategies accordingly.

Answer 9

Needs-based segmentation

Question 10

Focus on Organization’s characteristics such as industry size and location.

Answer 10

Firmographic segmentation

Question 11

are important to the consumer, but may not be
important for the buying decisions

Answer 11

Important attributes

Question 12

often are further down on the list of service
characteristics important to customers.

Answer 12

Determinant attributes

Question 13

is the practice of narrowing down a target market into specific
segments of consumers with common attributes and directing more
personalized marketing efforts toward them.

Answer 13

Targeting

Question 14

means providing a relatively narrow product mix for a particular
target segment.

Answer 14

focus

Question 15

is the extent to which a firm serves few or many markets,

Answer 15

Market focus

Question 16

describes the extent to which a firm offers few or many services.

Answer 16

Service focus

Question 17

provides a limited range of services (perhaps just a single core product) to a narrow and specific market segment.

Answer 17

1.Fully-focused.

Question 18

strategy, a company offers a wide range of services to a narrowly defined target segment.

Answer 18

2.Market-focused.

Question 19

firms offer a narrow range of services to a fairly broad market. Values and delivers high quality, professional, responsive and innovative service to all customer

Answer 19

3.Service-focused

Question 20

because they try to serve broad markets and provide a wide range
of services. The danger with this strategy is
that unfocused firms often are “jacks of all
trades and masters of none”.

Answer 20

4.Unfocused.

Question 21

the unique place that the firm and/or its service offerings
occupy in the minds of its consumers.

Answer 21

Positioning

Question 21

the first step towards creating a
unique positioning for a service

Answer 21

differentiation

Question 22

is concerned with creating, communicating, and maintaining
distinctive differences
also known as a market or brand positioning strategy—is a type
of marketing strategy that focuses on distinguishing a brand from its competitors.

Answer 22

Positioning strategy

Question 23

A reliable differentiation strategy is to link your product with a
competitive price point.

Answer 23

Product price

Question 24

Highlight the features and benefits of your product as uniquely equipped to meet the specific needs of your customer base.

Answer 24

Unique value proposition

Question 25

This strategy involves directly comparing your product
with your competitors’ to show how yours is better or unique.

Answer 25

Competitive positioning

Question 25

Customers are accustomed to paying more for higher product
quality, whether real or perceived.

Answer 25

Product quality

Question 25

the specific group(s) of people that the brand wants to sell to
and serve

Answer 25

Target audience

Question 26

the category in which the brand is competing

Answer 26

Frame of reference

Question 27

the most compelling benefit offered by the brand that stands
out from its competition

Answer 27

Point of difference

Question 28

proof that the brand can deliver the benefits that are
promised.

Answer 28

Reason to believe