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intangible activites or benefits that an organization provides to consumers in exchange for money or something else of value
they involve a deed or performance, or and effort that cannot be physically possessed |
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| Classification system for services |
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Definition
4 I's
Intangibility
inconsistancy
Inseparability
Inventory |
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| Services cannot be held, touched or seen befor the purchase decision- marketers can try to make them tangible or show the benefits of the service |
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| service quality varies with the capabiliteis of the people who provide the service |
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the consumer cannot seperate the deliverer or the service from the service itself
Think of your education at trinity |
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| The inventory cost of a servie is the cost of payin the person used to provide the service along with the cost of any needed equipment |
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| Dimensions of a service quality (5) |
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Definition
- reliability
- tangibles
- responsveness
- assurance
- empathy
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| ability to perform the promised service dependably and accurately |
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apperance of physical facilites, equipment, personnel and communication materials
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| willingness to help customers and provide prompt service questions |
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| knowledge and courtesy of employees and their ability to convey trust and confidence |
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| caring, individualized attention provided to customers |
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differences between the consumer's expectations and experience
asks consumers to asesses their expectation and experiences on dimensions of service qulity |
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Definition
- exclusively(may be short lived)
- brand name( very new concept for service marketers)
- capacity management(balancing ability to offer service to interessted buyers at peak demand time w/ cost of idle capacity
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Definition
| as competition grows the value of convient location becomes more important |
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| Price compared to other marketing mix variables |
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Definition
only marketing mix element that produces revenue, all other costs
most flexible
- lowering can be good in short term to boost sales
- too frequent leave ppl feeling uncertain of what "best"price is
may be used to show quality or value |
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Term
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Definition
characterized by frequent price changes and promotional emphasis on price
must be able to beat the price of competiton and willing to change prices frequently. Does not promote loyalty
Macy's; Dillards |
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emphasize product features,service, quality.
creates sustainable competitive advantage that is difficult for others to emulate
builds strong loyalty
HEB Central Market |
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Definition
- Product
- sales
- market share
- unit volume
- survival
- social responsibility
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| Product/pricing objective |
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Definition
| to maximise overall profit or reaching a target rate or return on investment |
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Definition
| to increase sales a company may adjust prices |
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| to defend or increase market share product prices may be lowered |
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| to increase unit sales, a product's price may be lowered...or prices of a product in the line may be increased |
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Definition
prices may be lowered or raised to produce revenues and keep company liquid
stay alive |
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| prices set so that all consumers may afford them(frequently a response to government intervention) |
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Definition
the quantity at which total revenue and total cost are equal
profit- anything sold beyond that
BeP=FC/(P- UVC)
FC=fixed cost(real estate taxes, bank loan interest)
P=unit price(price customers are willing to pay)
UVC= unit variable cost (labor, glass, frame, matting) |
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| total money recieved from the sale of the product |
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| is the average amont of money recieved for selling one unit of product, or simply the price of the unit |
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| is the change in total revenue that results from producing and marketing one additonal unit |
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- total cost
- fixed cost
- variable cost
- marginal cost
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| is the total expense incurred by a firm in producing and marketing a product. total cost is the sum of the fixed and variable cost |
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the sume of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold.
rent, exec salaries, insurance |
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Definition
the sume of the expenses of the firm that vary directly with the quantity of a prodcut that is produced and sold
direct labor and direct materials used in producing the product
sales commissions |
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| the change in total cost that resluts from producing and marketing one additonal unit |
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- Indentify constraints and objectives
- estimate demand and revenue
- determine cost, volume, and profit relationships
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| pricing objectives frequently reflect corporate goals, pricing constraints often relate to conditions existing in the marketplace |
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setting the price is the extent of the customers demand for it
customer demand= estimates of revenues the firm expects |
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revenues are monies recieved by the firm from selling its products or servies
costs are expenses the firm pays out to its employees and suppliers |
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| expresses the amount of change in quantity demanded divided by the amount of change in the price |
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exists when a 1 percent decrease in price produces more than a 1 percent incerease in quantity demanded there by actually increasing sales revenue
small decrease in price=large increase in units sold
or
slight increase in price=large decrease is demand
ceral |
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Definition
| 1 percent decrease in price produces less than 1 percent increase in quantity demanded which decreases sales revenue |
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percentage change in price is identical to precentage change in quantity demanded
sales the same |
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Definition
- demand
- cost
- competiton
- profit
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| weigh factors underlying expected customer tastes and perferences more heavily than such factors as cost, profti and compettion when settng the price |
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| setting the highest intial price that customers really desiring the product are willing to pay |
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