Marketing

• Tangibility


  Degree of physical presence in a product or service
• Differentiation


  Showcasing unique service offerings and customer experiences
• Customer Loyalty


  Building long-lasting relationships and brand advocates
• Revenue Generation


  Attracting new customers and increasing profitability
• Reputation and Trust


  Customer confidence in an organization's ability to deliver
• People


  Emphasizes expertise and qualifications of service providers
• Process


  Interconnecting elements in service delivery over time
• Physical Evidence


  Tangible proof of quality in service marketing
• Intangibility


  Services cannot be evaluated before purchase
• Variability


  Quality of services depends on various factors
• Inseparability


  Services are produced and consumed simultaneously
• Perishability


  Services cannot be stored for later sale or use
• Yield Management


  Designing strategies to match service capacity with demand
• Demand-Based Pricing


  Pricing strategy closely related to service perishability
• Service Characteristics Marketing Challenges


  Challenges related to intangibility, inseparability, variability, and perishability
• Interactive Marketing


  Focus on positive customer experiences and personalized interactions
• Internal Marketing


  Training employees and developing standard procedures for services
• External Marketing


  Strategies targeting prospective and existing customers
• Differentiated Offering


  Innovative features setting a company's service apart
• Service Productivity Improvement


  Ways to increase service productivity through various methods
• Self-Service Kiosks


  Reduces customer contact without reducing service quality
• Service Recovery Paradox


  Good service recovery turns angry customers into loyal ones
• Search Quality


  Attributes evaluated before service purchase
• Experience Quality


  Attributes assessed during service consumption
• Credence Quality


  Attributes not observable by consumers after purchase
• RATER Model Attributes


  Reliability, Assurance, Tangibles, Empathy, Responsiveness
• Nonprofit Marketing


  Activities by organizations for goals other than profit
• Sales Objectives


  Provide direction, evaluate performance, set expectations, and control sales force.
• Personal Selling Goals


  Include finding prospects, convincing them to buy, and keeping customers satisfied.
• Closing Stage


  When the salesperson asks the prospect to buy the product.
• Account Management


  Final stage of selling process, focusing on customer relationship management.
• Customer Density


  Important factor in creating sales territories for effective sales distribution.
• Relationship Selling


  Involves listening to customers, understanding their needs, and maintaining communication over time.
• Sales Promotion Objectives


  Aim to stimulate short-term sales, introduce new products, invigorate brands, encourage repeat purchases, and more.
• Consumer Sales Promotions


  Marketing activities like coupons, free samples, and contests to encourage consumer product trials.
• Trade Sales Promotions


  Focus on encouraging wholesalers and retailers to carry and market products more aggressively.
• Reason for Increased Sales Promotion


  Retailers demanding more promotional efforts from manufacturers to boost profits.
• Sales Management


  Involves leading, motivating, and influencing people to achieve sales objectives.
• Market Coverage


  Maintaining sufficient selling capacity to pursue all desired opportunities.
• Product Focus in Sales Management


  Includes revenue by product, percent from target products, unit products sold per salesperson, and unique selling proposition.