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L1: Introductions (3️⃣ Differentiating factors (Heterogeneity: Non…
L1: Introductions
1️⃣ What are services
Time-based performance to bring about desired results
Economic activities offered by one party to another
2️⃣ Customers obtain value from
Normally do not take ownership of any physical elements
Access to goods, labor, facilities, environments, professional skills, networks and systems
3️⃣ Differentiating factors
Heterogeneity: Non-standard, highly variable
Inseparability: Produced, consumed together
Intangibility: Abstract, cannot be touched
Perishability: Cannot store in inventory
6️⃣ Contributions to Economy
Strongest growth area for marketing
All economies have a substantial service sector
Service forms 60% of GDP
7️⃣ Overviews of 7Ps
Physical Evidence
People
Process
4 Ps
4️⃣ 4 Broad Categories
Information processing
Banking
Legal Services
Accounting
Possession processing
Laundry and Dry Cleaning
Repair and Maintenance
Freight Transportation
Mental stimulus processing
A&P / PR
Psychotherapy
Education
People processing
Passenger Transportation
Healthcare
Hairstylist
5️⃣ 8 Challenges