ADM 3322 Study Guide - Fall 2018, Comprehensive Midterm Notes - Voice Of The Customer, Viral Marketing, Travel Insurance
12 Oct 2018
School
Department
Course
Professor
ADM 3322
MIDTERM EXAM
STUDY GUIDE
Fall 2018
Introduction to Services Marketing
Why Study Services?
● Services dominate most economies and are growing rapidly:
○ Services account for more than 60% GDP worldwide
○ Almost all economies have a substantial service sector
○ Most new employment is provided by services
○ Strongest growth area for marketing
○ Understanding services offers you a personal competitive advantage
find more resources at oneclass.com
find more resources at oneclass.com
What are services?
● A form of rental, offering benefits without transfer of ownership
○ Marketing tasks for services differ from those involved in selling goods and
transferring ownership
● Labor, skills, and expertise rentals
○ People are hired to perform work that they can’t/choose not to do themselves
● Rented goods service
○ Obtain the temporary right to use a physical object they prefer not to own
● Defined space and facility rentals
○ Use of certain portion of a larger facility like a building or car
● Access to shared physical environments
○ Customers rent the right to share the use of a facility (theme parks, golf clubs)
● Access to and usage of systems and networks
○ Customers rent the right to participate in a specified network
Services:
● Economic activities offered by one party to another
● Normally do not take ownership of any of the physical elements involved
● Most commonly employ time-based performances to bring about desired results
● In exchange for money, time, effort, service customers expect to obtain value (benefits)
from access to goods, labor, facilities, environments, skills and networks
Challenges posed by services
● Related value added by physical (tangible) vs. intangible elements help distinguish
goods and services
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Services dominate most economies and are growing rapidly: Services account for more than 60% gdp worldwide. Almost all economies have a substantial service sector. Most new employment is provided by services. Understanding services offers you a personal competitive advantage. A form of rental, offering benefits without transfer of ownership. Marketing tasks for services differ from those involved in selling goods and transferring ownership. People are hired to perform work that they can"t/choose not to do themselves. Obtain the temporary right to use a physical object they prefer not to own. Use of certain portion of a larger facility like a building or car. Customers rent the right to share the use of a facility (theme parks, golf clubs) Access to and usage of systems and networks. Customers rent the right to participate in a specified network. Economic activities offered by one party to another. Normally do not take ownership of any of the physical elements involved.
