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32 Cards in this Set
- Front
- Back
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intangibility
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characteristic of a service that means customers can't see, touch or smell good service
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capacity managment
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process by which organizations adjust their offerings in an attempt to match demand
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disintermediation
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eliminating the interaction between customers and salespeople so as to minimize negative service encounters and reduce cost
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core service
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basic benefit of having a service performed
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augmented service
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core service plus additional services provided to enhance value
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search engine optimization
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systematic process on ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business
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search qualities
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product characteristics that the consumers can examine prior to purchase
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experience qualities
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product characteristics that customers can determine during or after consumption
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credence qualities
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product characteristics that are difficult to evaluate even after they have been experienced
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SERVQUAL
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multiple-item scale used to measure service quality across dimensions of tangibles, reliability, responsiveness, assurance, and empathy
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gap analysis
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marketing research method that measures the difference between a customer's expectation of a service quality and what actually occurred
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critical incident techinique
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a method for measuring service quality in which marketers use customer complaints to identify critical incidents
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place marketing
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marketing activities that seek to attract new businesses, residents, or visitors to a town, state, country, or some other sight
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idea marketing
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marketing activities that seek to gain market share for a concept, philosophy, belief, or issue by using elements of the marketing mix to create or change a target market's attitude or behavior
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Steps in price planning
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1. develop pricing objectives
2. estimate demand 3. determine costs 4. evaluate the pricing environment 5. choose a pricing strategy 6. develop pricing tactics |
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price
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the assignment of value, or the amount the consumer must exchange to receive the offering
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cost-plus pricing
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method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price
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demand-based pricing
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price-setting method based on estimates of demand at different prices
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target costing
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process in which firms identify this quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required price
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yield management pricing
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practice of charging different prices to different customers in order to manage capacity while maximizing revenues
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price leadership
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pricing strategy in which one firm first sets its price and other firms in the industry follow with the same or very similar prices
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value pricing
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pricing strategy in which a firm sets prices that provide ultimate value to customers
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skimming price
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very high, premium price that a firm charges for its new, highly desirable product
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penetration pricing
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pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
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trial pricing
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pricing a new product low for a limited period of time in order to lower the risk for a customer
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price bundling
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selling two or more goods or services as a single package for one price
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captive pricing
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pricing tactic for two items that must be used together
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FOB origin pricing
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pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer
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FOB delivered pricing
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pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price and is paid for by the manufacturer
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basing-point pricing
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pricing tactic in which customers pay shipping charges from set basing-point locations, whether the goods are actually shipped from these points or not
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uniform delivered pricing
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pricing tactic in which a firm adds a standard shipping charge to price for all customers regardless of location
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freight absorption pricing
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pricing tactic in which the seller absorbs the total cost of transportation
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