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11.1 Classification of Services
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define services. 2 List the classification of services. 3 Describe the characteristics of services. Services Defined You may have heard that the United States’ economy is prim...
References
1. Andrea Forstadt, “10 Service-Based Business Ideas,” US Chamber of Commerce, April 2, 2021, https://www.uschamber.com/co/start/business-ideas/service-based-business-ideas. 2. “Success Story: MeTime Drop-In Child Care,” Pathway Lending, March 2...
12.6 Ethical Considerations in Pricing
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Identify ethical issues related to the pricing of products and services. 2 Describe the different types of unethical practices. Price Fixing Recall that ethics is defined as be...
12.5 Pricing Strategies and Tactics for Existing Products
LEARNING OUTCOMES By the end of this section, you will be able to: 1 List the pricing strategies and tactics for existing products. 2 Provide examples of each pricing strategy and tactic. Product Line Pricing More often than not, marketers...
12.4 Pricing Strategies for New Products
LEARNING OUTCOMES By the end of this section, you will be able to: 1 List the pricing strategies for new products. 2 Explain each pricing strategy for new products. Price Skimming When a new product is introduced to the market, marketers often u...
12.3 The Five-Step Procedure for Establishing Pricing Policy
LEARNING OUTCOMES By the end of this section, you will be able to: 1 List the five-step procedure for establishing pricing policy. 2 Describe ways to determine the pricing objective. 3 Identify ways to estimate demand. 4 List ways to estimate costs. ...
12.2 The Five Critical Cs of Pricing
LEARNING OUTCOMES By the end of this section, you will be able to: 1 List the five critical Cs of pricing. 2 Characterize the five critical Cs of pricing. Cost What should you charge for a product or service? As you’ve probably discovered by now...
12.1 Pricing and Its Role in the Marketing Mix
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define pricing. 2 Explain pricing and its role in the marketing mix. 3 Explain the psychology of pricing. Pricing Defined Anytime anything is sold, a price is involved. Recall...
In the Spotlight
Figure 12.1 Price is one of the marketing mix elements and a factor that impacts customer decisions. (credit: modification of work “Thrift Shop Helps Consumers, Community” by W. Wayne Marlow/USAGHumphreys/flickr, CC BY 2.0) Chapter Outline 12.1 P...
Closing Company Case
Adventist Health Castle Adventist Health Castle in Kailua, Hawaii, is an award-winning hospital focused on serving the mind, body, and spirit of its patients. The 300 physicians provide services to the entire island of Oahu, following the mission to “care f...
11.2 The Service-Profit Chain Model and the Service Marketing Triangle
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Define and explain the purpose of the service-profit chain model. 2 Describe the steps in the service-profit chain model. 3 Explain the Services Marketing Triangle. Definition ...
What Do Marketers Do?
Considering that “70% of small businesses are operated and owned by a single person,” the question arises: Who is doing the marketing?51 Find at least two small service businesses, one that you know to be successful and one that might be hanging on by a threa...
Building Your Personal Brand
“Communication is the act or process of using words, sounds, signs, or behaviors to express or exchange information or to express your ideas, thoughts, feelings, etc., to someone else.”50 What type of communicator are you? Analytical? Intuitive? Functional? Pe...
Critical Thinking Exercises
1. Agree or disagree with the following statement: I tip for service based solely on the amount of the bill, not on things like quality of service, timing, etc. Discuss or make a list of the reasons why you agree or disagree. 2. Nordstrom’s ...
Applied Marketing Knowledge: Discussion Questions
1. Review this Houston Chronicle article about the eight elements of service marketing. Pick two different service-oriented organizations and describe each of these eight elements as they relate to the service each company offers. Conduct additional rese...
Key Terms
assurance in terms of the RATER model, the degree to which an organization inspires trust in its customers communication gap in the Gap Model of Service Quality, the variance between what is communicated to the customer and their actual experience customer...
Chapter Summary
In this chapter, we explore services. One of the first concepts is that services are intangible, meaning that they cannot be felt, tasted, heard, or smelled before purchase. Customer satisfaction is dependent upon many factors, the first one being the communic...
11.4 Ethical Considerations in Providing Services
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Describe the ethical considerations in providing services to customers. 2 Discuss how ethics contribute to customer satisfaction. How Do Ethics Contribute to Customer Satisfacti...
11.3 The Gap Model of Service Quality
LEARNING OUTCOMES By the end of this section, you will be able to: 1 Describe the Gap Model of Service Quality. 2 List and describe the dimensions of service quality. Dimensions of Service Quality While we’re still on the subject of customer sat...
Chapter Summary
In this chapter, we explored the process of setting pricing for products and services and the importance of pricing to the profitability of a business. We defined fixed and variable costs and how they factor into the break-even equation in initial pricing deci...