Difference between Goods and Services
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The document discusses the goods-services continuum, which ranges from pure services on one end to pure tangible goods on the other. Most products fall somewhere in between these two extremes, containing elements of both goods and services. Common examples provided include toothpaste as a pure tangible good, computers with accompanying warranties containing both goods and services elements, and restaurants or air travel representing hybrid offers of goods and services. The continuum illustrates that most company offerings contain aspects of both goods and services to varying degrees for customers.
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This document discusses the key characteristics and 7 P's of services marketing. It begins by defining services and explaining their intangible nature. The main characteristics of services are described as intangibility, heterogeneity, perishability, and inseparability. The 7 P's framework is then explained as an expansion of the traditional 4 P's of marketing (Product, Price, Place, Promotion) to also include People, Process, and Physical Evidence which are especially important for services marketing. Each of the 7 P's is then defined and discussed in terms of its role and importance in services.
2. difference in goods and service marketing and service classification
The document summarizes key differences between services and goods. Services are intangible, heterogeneous, produced through customer interaction, and cannot be stored. Goods are tangible, homogeneous, produced in factories separately from distribution and consumption, and can be stored with ownership transferred. The document then discusses various ways services can be classified, including by industry, target effect, skill level, labor intensiveness, degree of customer contact, and goal of the service provider. Finally, it provides examples to illustrate classifications by target effect and skill level of service provider.
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The document discusses the key differences between products and services. It notes that products are tangible goods that can be seen and touched, while services are intangible activities or processes. The document outlines several differences in how products and services are produced, distributed, consumed and managed. It also discusses the concepts of service quality, the five gaps in service quality, and how organizations can improve service quality by closing these gaps.
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The document discusses customer expectations of service quality. It begins by defining the different types of expectations customers can have - from ideal expectations where they want the best possible service, to acceptable expectations where they expect adequate service, to minimum tolerable expectations. It then discusses the factors that influence the formation of customer expectations, such as word of mouth, past experiences, and personal needs. Meeting or exceeding customer expectations is key to delivering good quality service. Managing customer expectations is the first step for companies.
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Creating customer value is the driving force behind a company's goals, and identifying the appropriate customer value measure is not an easy task. Adding services, relationships, and experiences differentiates company offerings in the market. No real customer value exists without a close relationship with customers to understand their needs and provide sophisticated customer interactions.
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The document discusses pricing strategies, methods, and tactics. It provides an overview of how economists, accountants, customers, and marketers view price. Key factors that affect price are discussed such as costs, competition, demand, and objectives. Common pricing methods include market-based pricing using customer value and competitors' prices, and cost-based pricing using full costs, markups, and contributions. Pricing strategies aim to achieve objectives over the medium-long term and include skimming, penetration, leadership, and discrimination. Tactics are short term and include loss leaders, wars, and promotions. Demand elasticity measures responsiveness to price changes.
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The document discusses various topics related to consumer behaviour including:
1) Consumer behaviour involves studying how and why people make buying decisions. It looks at individual and group decision making processes.
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The document discusses the nature and characteristics of services. It notes that services are intangible, inseparable, variable, and perishable. It also discusses the distinctive characteristics of services like intangibility where services cannot be seen before purchase. It discusses how marketers can address these characteristics through strategies like standardizing service delivery to reduce variability. The document also discusses marketing strategies for services, noting people, physical evidence, and process must be considered in addition to the traditional 4Ps. It emphasizes the importance of internal marketing to train employees.
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3. The service marketing mix framework was developed by Booms and Bitner in 1981 to better capture all the elements that impact a customer's experience with a service beyond just product, price, place, and promotion.
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This document discusses key concepts in services marketing. It begins by defining services and classifying them in various ways. It then compares the differences between product and services marketing. Some unique features of services are their intangibility, inseparability, variability, and perishability. Quality, customer expectations, segmentation, targeting, positioning, the marketing mix and other strategies are discussed in the marketing of services. The role of various elements like people, physical evidence, and technology are also summarized.
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The document discusses the key characteristics and classifications of services. It identifies 8 main characteristics of services: intangibility, perishability, inseparability, heterogeneity, ownership, simultaneity, quality measurement, and nature of demand. Services are also classified in several ways, including based on customer involvement (people processing, possession processing, mental stimulus processing, information processing). They can also be classified based on tangibility, whether linked to tangible goods or not. Services are further classified based on business orientation, skill/expertise requirements, and end user (consumer, business-to-business, industrial).
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Customer expectations are beliefs about a service that act as standards against which performance is judged. There are different types of expectations including ideal, normative, experience-based, and minimum tolerance levels. Marketers should be aware of factors that influence expectations like perceived alternatives, word-of-mouth, and past experiences. To manage expectations, companies should understand what customers will accept as adequate service and aim to meet or exceed expectations through consistent, high-quality performance.
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Creating customer value is the driving force behind a company's goals, and identifying the appropriate customer value measure is not an easy task. Adding services, relationships, and experiences differentiates company offerings in the market. No real customer value exists without a close relationship with customers to understand their needs and provide sophisticated customer interactions.
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Services have five key characteristics: (1) lack of ownership, (2) intangibility, (3) inseparability of production and consumption, (4) perishability, and (5) heterogeneity. The marketing of services also involves analyzing the 7Ps of the marketing mix - product, price, place, promotion, people, physical evidence, and process. Managing services is more complicated than managing products because services are harder to standardize due to the many input factors involved, including people, physical environment, and operational processes.
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The marketing mix for services is extended beyond the traditional 4Ps of product, price, place and promotion. It also includes people, process and physical evidence. The service marketing mix considers how the organization designs the service, delivers it through processes, and provides tangible evidence to customers through physical surroundings and materials. It also focuses on the important role of employees and customers in service delivery.
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Physical evidence refers to the tangible components of a service that facilitate performance or communication of the service. It includes the environment in which the service is delivered and where customers interact with the business. Physical evidence can be essential, such as the facilities required to deliver the service, or peripheral, which enhances but is not essential to the service. It plays important roles such as creating atmosphere, building trust, influencing perceptions of quality, facilitating service delivery, and differentiating a business from competitors. Examples of physical evidence include facility design, equipment, signage, employee appearance and performance.
Ethics in Service marketing,,!!
This document discusses service marketing ethics, which establishes standards for determining right and wrong actions in service marketing. It examines the moral principles behind operating and regulating service marketing in areas like products, pricing, distribution, promotion, and advertising. Following ethical practices in service marketing can help develop positive attitudes, trust with stakeholders, a good image, and long-term business success.
Retail management
Retail management involves overseeing the business activities involved in selling goods and services to consumers. Key issues retailers must address include serving customers profitably while standing out competitively. Retailers act as an intermediary between manufacturers, wholesalers, and consumers by sorting products and facilitating transactions. Developing a retail strategy that focuses on customers, coordinates efforts, is value-driven and goal-oriented is important for success. Retail institutions can be classified as either store-based using a mix of strategies or nonstore-based using nontraditional approaches like direct marketing.
Marketing features
This document defines key marketing terms and concepts. It begins by defining the term "market" and explaining that a market involves buyers and sellers assembling to facilitate an exchange. It then provides definitions of marketing from the American Marketing Association and Philip Kotler, emphasizing that marketing involves facilitating the flow of goods and services to meet consumer needs and wants through value-creating exchanges. The document also outlines key marketing features like needs, wants, creating market offerings, and adding customer value. It describes the basic conditions required for an exchange to occur and provides examples of what can be marketed. Finally, it defines who a marketer is and provides definitions of marketing management.
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The document discusses pricing strategies, methods, and tactics. It provides an overview of how economists, accountants, customers, and marketers view price. Key factors that affect price are discussed such as costs, competition, demand, and objectives. Common pricing methods include market-based pricing using customer value and competitors' prices, and cost-based pricing using full costs, markups, and contributions. Pricing strategies aim to achieve objectives over the medium-long term and include skimming, penetration, leadership, and discrimination. Tactics are short term and include loss leaders, wars, and promotions. Demand elasticity measures responsiveness to price changes.
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The document discusses various topics related to consumer behaviour including:
1) Consumer behaviour involves studying how and why people make buying decisions. It looks at individual and group decision making processes.
2) Segmenting the market involves dividing consumers into groups based on characteristics like demographics, behaviours, and geographic location. This allows companies to target specific groups.
3) Factors that influence consumer behaviour include psychological, social, cultural, personal and economic factors. Understanding these factors is important for developing marketing strategies.
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Pricing services is more complex than pricing goods due to several factors: customer knowledge of service prices can vary; services often have high variability between providers; and providers may be unwilling to estimate prices in advance as the nature of the service is not fully known until delivery. Non-monetary costs like time, search, convenience, and psychological costs also influence demand. While reputation and advertising are preferred quality cues, price may be viewed as a quality signal, especially for high-risk services. Common approaches to pricing services include cost-based pricing using direct and overhead costs, competition-based pricing by monitoring competitors, and demand-based pricing by relating price to customer perceived value.
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This document discusses sales promotion tools and techniques. It defines sales promotion as marketing activities used to boost sales of a product or service. Some key tools of sales promotion discussed are free samples, coupons, discounts, and premium offers for consumers, as well as cash bonuses, stock returns, and credit terms for trade. The document also covers push and pull promotional strategies, with push strategies taking the product directly to customers and pull strategies building customer demand through advertising. In conclusion, it states that sales promotion refers to non-recurring short-term sales activities beyond advertising and are growing in popularity due to quick returns and ability to change attitudes.
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This document provides an industry analysis of healthcare in Sri Lanka. It discusses the key factors influencing the industry, including the political and legal environment, economic forces, socio-cultural influences, and technology. Specifically, it notes that healthcare is a fast-growing industry that can significantly contribute to a country's economy. It also examines Porter's Five Forces model as it applies to the industry in Sri Lanka.
NEED FOR CONSUMER PROTECTION ACT IN AN ERA OF FREE COMPETITION WHERE ‘CONSUME...
The document discusses various aspects of consumer protection laws and rights in India. It provides definitions of key terms like consumer, complaint, trader, etc. It outlines objectives to protect consumer rights, educate consumers, and provide redressal mechanisms. It describes the three-tier structure of consumer dispute resolution councils at district, state and national levels. It also discusses international examples of consumer protection laws and the importance of consumer awareness and education.
Consumer Rights & Responsibilities.pptx
The document outlines key consumer rights and responsibilities in India. It discusses the right to safety, right to choose, right to be informed, right to consumer education, and right to seek redressal. It also outlines corresponding consumer responsibilities like being critically aware, practicing sustainable consumption, and filing complaints for issues. The document emphasizes that exercising rights and fulfilling responsibilities can help protect consumer interests and encourage high product/service quality standards.
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Sales Quotas & Sales Territory
A sales quota is a quantitative goal assigned to a sales unit relating to a particular period of time.
A sales territory represents a group of customers or markets or geographical areas
Sales Promotion
“Sales promotion are those marketing activities that provide extra value or incentives to the sales force, the distributors, or the ultimate consumer and can stimulate immediate sales”.
“Sales promotion includes marketing devices for stimulating buyer interest and product trial.”
Transportation Management
Transportation is the operational area of logistics that
geographically moves and positions inventory. Transportation system is the physical link connecting a company with the customers, raw material suppliers, plants, ware houses and
distribution channel members. The five basic transportation modes are Rail, Highway, Water, Pipeline.
Sales Forecasting
Sales forecast is about estimating future sales.
Sales forecast is an estimated unit of sales in either rupees or number of units which could be sold for a specific period of time
Better sales forecasts
Enables a company to perform better
Make more informed decisions; and
Serves as a basis for determining the short run and the long term performance of a organization
Provide inputs for expected sales for a particular company or industry
Sales Organisation
Sales organization is a part of the total organization which is given the responsibility of selling of products manufactured by a company
It is another organization within the larger organization which is given the responsibility of selling function
It involves people working together for attaining the sales objectives of the company
It is concerned with planning, organizing, leading and controlling the activities of the sales force
Selling Process
The document outlines the typical phases in a sales process:
1. Prospecting and qualifying potential customers.
2. Pre-call planning to understand customers' needs before meetings.
3. Approaching customers to build rapport.
4. Presenting products and demonstrating how they meet needs.
5. Overcoming objections by asking questions and highlighting benefits.
6. Attempting to close the sale while also leaving room to continue discussions.
7. Following up after sales to ensure customer satisfaction and potential for repeat/referral business.
Objectives and Nature of Sales Management
Objectives of sales management are derived from the organizations marketing objectives.
Ultimate sales objective of an organisation is to have a decent growth in sales.
More specifically, sales management objectives can be grouped under:
Quantitative Objectives (Short-term)
Qualitative Objectives (Long-term)
Sales and Sales Management: Meaning and Definition
A sale is the pinnacle activity involved in selling products/services in return for money or other compensation. It is an act of completion of a commercial activity.
Sales is everything that you do to close the sale and get a signed agreement or contract.
Packaging and Labaling
This document discusses packaging and labeling as marketing tools. It defines packaging as designing and producing containers or wrappers for products. There are three levels of packaging: primary, secondary, and shipping. Primary packaging directly contains the product, while secondary packaging groups primary packages and provides branding. Labeling carries information about products and sellers on packages or tags. Labels can be brand, descriptive, or grade labels and serve functions like identification, grading, and description. Packaging and labeling protect products, transport them, inform consumers, and help sell products.
Product Life Cycle (PLC)
Product Life Cycle shows the stages that products go through from development to withdrawal from the market.
The company’s differentiation and positioning strategies must change as the product, market, competitors changes over time.
Targeting, Differentiation and Positioning
Once the firm has identified its market segment opportunity , it has to decide how many and which one to target.
•“Market targeting is a process of evaluating the market segments and identify one or more market segments to serve”.
Marketing Environment by Dr. Amitabh Mishra
•“Marketing Environment includes the actors and forces that affect management’s ability to build and maintain successful relationships with target customers”.
•These factors may be-
–Controllable: which the company can control
–Non-controllable: which the company can monitor and respond.
Marketing Philosophies or Concepts
Companies approach and conduct business in different ways in order to achieve their organizational goals.
•Every company can have different ideas or philosophy. For example-
•A particular company can have its idea or philosophy that if the production is done on a large scale, the cost would be less and the product would be sold automatically.
Scope of Marketing
This document discusses the 10 types of entities that marketers are involved with. It describes physical goods as tangible items like books, pens, and cars. Services are described as intangible acts like those provided by hospitals, barbers, and schools. Experiences are created by combining several services and goods, like those at Walt Disney World or haunted houses. Events are time-based occasions promoted by marketers, such as sports, music, and craft festivals. Marketers also promote persons like celebrities, places like cities and countries, properties like real estate and financial assets, ideas, and organizations. Information is also marketed in the form of schools, magazines, and internet resources.
Introduction to Marketing Management
Marketing is “The management process of anticipating, identifying and satisfying customer requirements profitably” (CIM, 2001).
•According to “The American Marketing Association” -“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (AMA, 2007).
Dr
Service Scape
This document discusses the concept of service scapes, which refers to the physical environment and tangible aspects of a company that customers interact with. It notes that the design of service scapes can influence customer expectations, satisfaction, and behaviors. Service scapes are classified into three categories: self-service, interpersonal service, and remote service based on their complexity and whether customers and/or employees are physically present. Key factors that shape customer experiences of service scapes include ambient conditions, space and functionality, and signs/symbols.
Service Product and Service Flower
Christopher Lovelock developed the service flower model to illustrate core services surrounded by supplementary services. The model consists of 8 petals, with 4 facilitating supplementary services of information, order taking, billing, and payment that support the core product or service. The other 4 enhancing supplementary services are consultation, hospitality, safe keeping, and exceptions handling that enhance the customer experience.
Service Blueprinting
The document defines and explains the key elements of a service blueprint:
1) It captures the steps and sequences in a service process from the customer's perspective.
2) A service blueprint shows the service delivery process and specifies the physical evidence, staff actions, and support systems needed to deliver the service across different channels.
3) The key elements are customer actions, front stage actions visible to customers, back stage actions invisible to customers, and supporting processes.
People &Internal Marketing
The document discusses internal communication and marketing in companies. It outlines three key groups - the company, customers, and providers (employees). There are three types of marketing: external marketing to attract customers, interactive marketing to fulfill promises to customers, and internal marketing to support employees. Internal marketing includes recruiting, training, motivating, and rewarding employees so they can successfully deliver services to customers. Only satisfied employees can deliver quality services. The objectives of internal marketing are to motivate customer-oriented performance and attract/retain good employees. People play many roles like designer, technician, and friend. Strategies include staffing, training, organizing, supporting, motivating, evaluating, and retaining employees. There can be cycles of failure, success,
Data Visualisation
This document discusses various tools and methods for data visualization. It describes:
1) The key purposes of data visualization as conveying information through visual representations to give viewers insight into data structures and relationships.
2) Common diagrammatic representations like bar diagrams, pie charts, and pictograms as well as graphic representations like histograms and frequency curves.
3) How to construct different types of bar diagrams, pie charts, and pictograms to visually display one or more variables and their relationships in data.
4) The use of deviation bars to represent net excess or deficits and percentage bar diagrams to show components as a percentage of the total.
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Difference between Goods and Services
- 1. 1 Dr. Amitabh Mishra Difference between Goods and Services
- 2. Dr. Amitabh Mishra 2
- 3. Goods-Services Continuum Dr. Amitabh Mishra 3
- 4. • Goods service continuum is a continuum with Pure service on one terminal point and Pure tangible goods good on the other terminal point • Most products fall between these two extremes – Pure tangible goods- Toothpaste – Tangible goods accompanied by one or more service- Computer and warranty – Hybrid offer consists of equal parts of goods and services- Restaurants – Service with accompanying minor goods: Air travel – Pure service- Haircut Dr. Amitabh Mishra 4
- 5. • It is an idea that- – “products contain elements of both goods and services in varying degrees”. • Most company offerings physical goods to customers contain an element of service and vice-versa. • This relationship is illustrated by the goods-service continuum. Dr. Amitabh Mishra 5