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Chapter 8: Products, Services, and Brands - Building Customer Value -…
Chapter 8: Products, Services, and Brands - Building Customer Value
Service
A product that consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything
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Service Characteristics
Variability
Quality of services depends on who provides them and when, where, and how
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Intangibility
Services cannot be seen, tasted, felt, heard, or smelled before purchase
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Service Management
Service Differentiation
Creates a competitive advantage by developing a differentiated offer, delivery, and image
Service Quality
Enables a service firm to differentiate itself by delivering consistently higher quality than its competitors do
Service Productivity
Refers to the cost side of marketing strategies for service firms, including investment decisions on employee hiring and training as well as service quantity and quality (ie airline industry)
Brand
Brand Equity
The differential effect that knowing the brand name has on customer response to the product or its marketing
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Customer Experience
A market offering with a strong sensory or emotional component that plays out for the customer over time
Product
Anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
Product Classifications
Specialty Products
Those with unique characteristics or brand identification for which buyers are willing to make a special purchase effort
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Shopping Products
Bought less often and compared carefully on suitability, quality, price, and style
Convenience Products
Bought frequently, immediately, and with minimum comparison and buying effort
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