Marketing 470 Comprehensive Final Exam Study Guide

Marketing 470 Comprehensive Final Exam Study Guide -...

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Marketing 470 Comprehensive Final Exam Study Guide Chapter 1: Product Elements (Pg. 22) - Service products lie at the heart of a firm’s marketing strategy. If a product is poorly designed, while the remaining P’s are well executed, they still would not create value for the customer. - Service products consist of a core product and supplementary service elements. The core product responds to the customer’s primary need, while the supplementary elements are mutually reinforcing value-added enhancements. Four Broad Categories of Service (Pg. 15) - People Processing – (tangible action) services directed at people’s bodies like barbers or healthcare - Possession Processing – (tangible action) services directed at physical possessions such as disposal/recycling - Mental Stimulus Processing – (intangible action) services directed at people’s mind like education or advertising/PR - Information Processing – (intangible action) services directed at intangible assets like accounting or banking Rented Good Services (Pg. 13) - These services allow customers to obtain the temporary right to use a physical object that they prefer not to own such as boats, fancy dress costumes, or construction and excavation equipment Extended Services Marketing Mix (Pgs. 23, 24) - Process – smart managers know that for services, how a firm does things is as important as what it does. Thus, creating and delivering product elements require design and implementation of effective processes. - Physical Environment – the appearance of visible cues such as buildings, landscapes, vehicles, interior furnishing, signs and printed material, etc., together with the use of colors, smells, and sounds, all provide tangible evidence of a firm’s image and service quality. - People – people may be part of the service experience; you must have noticed many times how the difference between one service supplier and another lies in the attitudes and skills of their employees. Percentage of Service Composition to GDP (Pg. 6) - 64% Chapter 2: Zone of Tolerance (Pg. 42) - Zone of Tolerance – the extent to which customers are willing to accept variation in service delivery. Service Encounter Stage (Pg. 43) - Service Encounter – is a period of time when the customer interacts with a service provider. - Service encounters are “moments of truth” Example of Service Attributes (Pg. 36) - Search Attributes – are tangible characteristics that customers evaluate before purchase, such as looking at the menu of a restaurant before visiting - Experience Attributes – are those that cannot be evaluated before purchase, such as sporting events
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- Credence Attributes – are characteristics that customers find hard to evaluate even after consumption, such as hygiene conditions of the kitchen in a restaurant High and Low Contact Service Encounters (Pg. 45) - High-Contact – customers and service organizations are interacting throughout the service delivery, example being a nursery home - Low-Contact
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Marketing 470 Comprehensive Final Exam Study Guide -...

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