Managing Brands, Product and Services Flashcards
(23 cards)
What does intangibility in service markets mean?
Intangibility - cannot be touched
This refers to the inability to physically possess a service.
What does perishability in service markets mean?
Cannot be stored
Services cannot be inventoried or saved for future use.
Define variability in the context of service markets.
Rarely the same
Services can differ in quality and performance due to human involvement.
What does inseparability refer to in service markets?
The time of production is close to time of consumption
Services are produced and consumed simultaneously.
What is the significance of lack of ownership in service markets?
It cannot be owned
Customers cannot own a service; they experience it.
What is one benefit of services for the organization?
Increased purchases
Services can encourage repeat business and higher sales.
What benefit do customers gain from services?
Risk and stress reduction
Services can provide peace of mind and alleviate concerns.
List the three layers of a product.
- Support services
- Product attributes
- Core product benefits
These layers encompass the complete product offering.
What does support services include?
After-sales service, delivery and installation
These are essential for customer satisfaction post-purchase.
What are product attributes?
Brand name, quality and packaging
These elements help define a product’s identity.
What do core product benefits refer to?
Functional features and perceived value
These are the primary reasons customers buy a product.
Define width in terms of product lines.
The number of product lines that a company has
This indicates the diversity of offerings.
What does depth refer to in product lines?
The number of products in each product line
This shows the variety within a specific category.
What is length in the context of product lines?
The number of different products in a product line
This measures the total count of unique items offered.
What barriers can affect expected service?
- Misconceptions
- Inadequate resources
- Inadequate delivery
- Exaggerated promises
These barriers can create gaps between expected and actual service.
What is meant by perceived service?
Lower cost
This can influence customer perception and satisfaction.
Differentiate between customer retention and customer loyalty.
- Retention - extent to which people repeat purchase
- Loyalty - how people feel about the organization
Retention may not indicate satisfaction, while loyalty reflects a deeper emotional connection.
What does the services marketing triangle illustrate?
The increase in technology delivers the promise
This framework shows the relationship between service delivery, customer expectations, and technology.
What are long-term changes in services marketing?
Strategic
These changes involve overarching goals and direction.
What are short-term changes in services marketing?
Tactical
These changes are often immediate and focused on specific actions.
What are the two approaches to managing brands, products, and services?
- Standardisation
- Adaptation
These approaches determine how products are marketed globally versus locally.
Define standardisation in marketing.
Generic product creating a recognisable product worldwide
This approach focuses on uniformity across markets.
What does adaptation in marketing involve?
Adapting to cultures, e.g., changing the language in an advert
This strategy tailors marketing efforts to local customs and preferences.
