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MKT 100 Chapter Notes - Chapter 10: Competitive Service

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30 Sep 2021

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MKT 100 Full Course Notes

MKT 100 Full Course Notes

Document Summary

Service: any intangible offering that cannot be physically possessed. A service is unique & marketed differently than a physical product. In a service economy, firms compete on how well they provide service to their customers in the form of customer service. Firms invest heavily in customer service to help satisfy their customers" needs & wants. Customer service specifically refers to human or mechanical activities firms undertake to help satisfy their customers" needs and wants. Some firms lie somewhere in the middle & include some service & some product or sell products with an embedded service element (e. g. restaurants). Many firms view service as a way or method of maintaining a sustainable competitive advantage. The marketing of services differs from product marketing because of four fundamental differences unique to services. To help students remember these, think of them as the four i"s: intangible, inseparable, inconsistent (variable), & cannot be held in inventory (perishable)

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Related Questions

Which of the following is a difference between goods and services?

a. Goods are often unique

b. Services cannot be inventoried

c. Goods have high customer-service interaction

d. All of the above

Which of the following statements about global brands is most accurate?

1. A global brand is marketed under different brand names for every market.

2. A global brand alters the product or service formulation for each country.

3. A global brand has marketing programs that are coordinated in each individual country where the service is sold to ensure a consistent customer experience.

4. A global brand uses the same product formulation or service concept across multiple countries and cultures.

5. A global brand is a collaborative effort among several different multinational firms to ensure that semiotic mistakes do not occur.

carmineserval589

Services refer to

A. intangible activities or benefits provided to consumers in exchange for other services or nonmonetary payments.

B. intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.

C. philanthropic activities performed in without expectations of monetary remuneration.

D. any intangible activity that provides a benefit to a consumer that he or she could not have obtained or performed on his or her own.

E. any tangible activities that provide a benefit to a consumer that he or she could not have obtained or performed on his or her own.

B. intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.