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Session 22  MG 220 MBA - 28 Oct 10
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Session 22 MG 220 MBA - 28 Oct 10


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Session 22 …

Session 22
MG 220 Marketing Management
MBA 10

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  • 1. MG 220 Marketing Management MBA 10 Fall 2010 Muhammad Talha Salam, Asst. Professor Access it online: Part 5: Shaping the Marketing Offerings > Packaging, Labeling, Warranties & Guarantees > The Nature of Services > Marketing strategies for service firms Class Presentation | Session 22 | 28 Oct 2010
  • 2. Access it online: Packaging, Labeling, Warranties, Guarantees Packaging • All activities of designing and producing the container for a product Packaging as a Marketing Tool • Self Service • Consumer Affluence • Company and brand image • Innovation opportunity • To achieve marketing objectives of brand, and satisfy desires of customer, the aesthetics and functional components of packaging must be chosen correctly. • After designing, packaging is tested with: – Engineering tests – Visual tests – Dealer tests – Consumer tests MG 220 Marketing Management 2
  • 3. Access it online: Packaging, Labeling, Warranties, Guarantees Labeling • Labels perform several functions: – Identifies the product or brand – Grade the product – Describe the product – Promote the product • Labels eventually become outdated and need freshening up Warranties & Guarantees • Legal responsibility of seller: Fulfilling a buyer’s normal or reasonable expectations. • Warranties are formal statements of expected performance by manufacturer • Products under warranty can be replaced, repaired or even refunded • Guarantees reduce a buyer’s perceived risk and suggest that product is of high quality and company and its services are dependable. Two situations where guarantees are highly effective: – Where company is a new entrant – Where product quality is superior to the competition MG 220 Marketing Management 3
  • 4. Access it online: The Nature of Services What is a “service” • Any act or performance that one party can offer to another that is essentially intangible and does not result in ownership of anything. Its production may or may not be tied up with a physical product • Categories of Service Mix – Pure tangible good • FMCG products – Tangible good with accompanying services • Cars, computers – Hybrid • Restaurants – Major service with accompanying minor goods and services • Air Traveling – Pure service • Lawyer, Tax consultant MG 220 Marketing Management 4
  • 5. Access it online: The Nature of Services Evaluating services • How services can be evaluated compared to products MG 220 Marketing Management 5
  • 6. Access it online: The Nature of Services Distinctive Characteristics of Services • Intangibility – To reduce uncertainty because of intangibility, buyers look for evidence of quality – Service provider’s task is to: manage the evidence and tangibilize the intangible • Inseparability – Provider is part of service – Service is considered to be provided specifically by a certain provider • Variability – Invest in good hiring and training procedures – Standardize the service-performance process throughout the organization – Monitor customer satisfaction • Perishability – Services are not perishable but due to demand fluctuations, service providers can face problems – They need to come up with alternates to respond to these fluctuations MG 220 Marketing Management 6
  • 7. Access it online: Marketing Strategies for Service firms Holistic Marketing for Services • External marketing describes the normal work of preparing, pricing, distributing and promoting the service to customers • Internal marketing describes training and motivating the employees to serve customers well • Interactive marketing describes employees’ skills in serving the client i.e. delivering the service. It has two key components: technical quality and functional quality MG 220 Marketing Management 7
  • 8. Access it online: Topics NOT included: Chap 13 Managing Service Quality Managing Service Brands Managing Product Support Services MG 220 Marketing Management 8
  • 9. MG 220 Marketing Management MBA 10 Fall 2010 Muhammad Talha Salam, Asst. Professor Access it online: Part 5: Shaping the Marketing Offerings > Understanding Pricing > Setting the Price > Quiz 6: Chap 9, 13/ed. Or Chap 11, 12/ed. Class Presentation | Session 23 | 1 Nov 2010