Because services differ from tangible products they often require additional

Because services differ from tangible products they

This preview shows page 29 - 30 out of 53 pages.

Because services differ from tangible products, they often require additional marketing approaches. These include understanding and managing the service-profit chain , and internal marketing. Service – profit chain is the chain that links service firms profits with employees and customer satisfaction. (see the five links below) An important aspect of the service – profit chain is internal marketing - orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction. Service companies face three major marketing tasks: They want to increase their service differentiation , service quality , and service productivity . LO12 Brand- a name, symbol, icon, design, or a combination of these, that identifies the maker or marketer of a product. Trademarks can be names, symbols characters or even shapes that consumers came to trust because they reassured them that the product’s they were getting had the attributes they wanted and expected from the that maker. Marketers also keep a close eye on competitors who use names or symbols that might be infringing on their trademark rights, which can often result in lawsuits. Trademarks and logos often represent brands, yet the meaning of a brand encompasses much more than just a name and a logo. Customers attach meanings to brands and develop brand relationships that go well beyond a product’s physical attributes. The key to communicating brand meaning is to get consumers to associate your brand with just one word, so that your brand “owns” that word in terms of brand positioning. Brands represent consumers’ perceptions and feelings about a product and its performance—everything that the product or service means to them. In the final analysis, brands exist in the heads of consumers. The true mark of any brand is the ability to apply it to products in other categories and have the same meaning and positioning transfer with it. A true brand has life beyond its original product, and in the case of people as brands, the brand must have life and meaning outside the person. LO22 Brand characteristic such as logs, personality, status and value (brand equity) are also important. Logos are designs that represent the brand, and that may or may not incorporate the brand name. A brand personality is the sum total of all the attributes of a brand, and the emotions it inspires in the minds of consumers. Another aspect of a brand’s personality is its status . Brands occupy a level of social regard with respect to one another. A powerful brand has monetary value and equity. Brand equity is the dollar amount attributed to the value of the brand, based on all the intangible qualities that create that value. Brand equity is also a measure of the brand’s ability to capture consumer preference and loyalty.
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