MKTG10001 Lecture Notes - Lecture 11: Intangibility, The Experience Economy, Customer Service
27 Jul 2018
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Document Summary
All elements within the control of the firm that communicate the firm"s capabilities and image to customers, or that influence customer satisfaction with the firm"s products/services. Marketing is a process of creating and capturing value for customers at a profit. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need bundle of benefits. Products are a primary tool of value creation/capture. Services are one of many types of products we may be called upon to market. Many physical goods have a service element (e. g. ) computers, mobiles. Challenges faced by organisations when marketing service products as compared with physical goods. Core offerings of a service company are performances, not objects. Physical goods can be evaluated objectively prior to purchase. Services must be evaluated subjectively prior to purchase. Challenge in marketing is there is no "try before you buy" Physical goods are first produced, then sold, then consumed.
