ch 12 notes - Marketing 201 Chapter 12 Lecture Notes...

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Marketing 201 Chapter 12 Lecture Notes Discuss the importance of services to the economy The service sector plays a crucial role in the U.S. economy; the U.S. Census’s Service Survey found that service industries accounted for 68 percent of U.S. GDP in 2012. Services have unique characteristics that distinguish them from goods, and marketing strategies need to be adjusted for these characteristics. Discuss the differences between services and goods Services are distinguished by four characteristics. Services are intangible performances in that they lack clearly identifiable physical characteristics, making it difficult for marketers to communicate their specific benefits to potential customers. The production and consumption of services occurs simultaneously. Services are heterogeneous because their quality depends on such elements as the service provider, individual consumer, location, and the like. Finally, services are perishable in the sense that they cannot be stored or saved. As a result, synchronizing supply with demand is particularly challenging in the service industry.
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