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

    • 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
    • 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
    • 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      Labels eventually become outdated and need freshening up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
    • 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
    • The Nature of Services
      Evaluating services
      How services can be evaluated compared to products
      MG 220 Marketing Management
      5
    • 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
    • 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
    • Topics NOT included: Chap 13
      Managing Service Quality
      Managing Service Brands
      Managing Product Support Services
      MG 220 Marketing Management
      8
    • 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