a major characteristic of services- they are produced and consumed at the same time and cannot be separated from their providers
a major characteristic of services; they can not be seen, tasted, felt, heard, or smelled before they are bought
marketing by a service firm that recognizes perceived service quality depends heavily on the quality of the buyer-seller interaction
marketing by a service firm to train effectively and motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction
the way a person or group views an organization
a major characteristic of services; they cannot be stored for a later date
tangible clues such as promotional material, employees of the firm, and the physical environment of the firm. Physical evidence is used by a service firm to make its product more tangible to customers.
a pricing method using price as a means of matching demand with capacity
a system of values and beliefs in an organization that reinforces the idea that providing the customer with quality service is the principal concern of the business.
service profit chain
a model that shows the relationships between employee satisfaction, customer satisfaction, customer retention, value creation, and profitability
a major characteristic of service; their quality may vary greatly, depending on who provides them and when, where, and how they are provided.
ansoff product-market expansion grid
a matrix developed by cell, plotting new products and existing products with new products and existing products. The grid provides strategic insights into growth opportunities.
a growth strategy by which companies acquire business supplying them with products or services (e.e. a restaurant chain purchasing a bakery)
concentric diversification strategy
a growth strategy whereby a company seeks new product that have technological or marketing synergies with existing product lines.
conglomerate diversification strategy
a product growth strategy in which a company seeks new business that have no relationship to the company's current product line or market
corporate mission statement
a guide to provide all the publics of a company with a shared sense of purpose, direction, and opportunity, yet collectively, toward the organization's goals.
a growth strategy by which companies acquire businesses that are closer to the ultimate consumer, such as a hotel acquiring a chain of travel agents
horizontal diversification strategy
a product growth strategy whereby a company looks for new products that could appeal to current customers, which are technologically unrelated to its current line
a growth strategy by which a companies acquire competitors.
Macro environmental forces
demographic, economic, technological, political, legal, social, and cultural factors.
Market development strategy
finding and developing new markets for your current product
the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior and who might require separate products of marketing programs.
an area of need in which a company can perform profitably
the marketing logic by which the company hopes to create this customer value and achieve these profitable relationships.
Micro environmental forces
customers, competitors, distribution channels, and suppliers
offering modified or new products to current markets
return on marketing investment (or marketing ROI)
the net return from a marketing investment divided by the costs of the marketing investment. It measures the profits generated by investments in marketing activities.
relationships between independent parties that agree to cooperate but still retain separate identities.
strategic business units (SBUs)
a singel business or collection of related businesses that can be planned separately from the rest of the company
the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
evaluates the company's overall strengths, weaknesses, opportunities, and threats