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Marketing Exam Study!

  • 3.

    Order-taking

    • Should be polite, fast, and accurate so that customers do not waste time and endure unnecessary mental or physical effort

4.

Hospitality – reflect pleasure at meeting new customers and greeting old ones

when they return

  • Can decrease or increase the satisfaction with the core product

    • 5.

      Safekeeping – assistance with personal possessions will bring customers to the

core product

  • 6.

    Exceptions – several types

    • Special requests

    • Problem-solving

    • Handling of complaints/suggestions/compliments – provide quick response

    • Restitution – customers expect to be compensated for performance

failures

  • 7.

    Billing

    • Timely, fast, accurate so customers don’t have to come back and ask for refunds and corrections

8. Payment

Competition Based Pricing

  • Firms with relatively undifferentiated services need to monitor what competitors are charging and should try to price accordingly or else customers will see little or no difference between competing offerings and buy the cheapest one

  • ^firms with the lowest cost per unit of service enjoys a market advantage and often assumes price leadership

  • If lower price does not work firms increase their value offering my promoting high

quality and service compared to the competition

  • Price competition intensifies with

    • 1.

      Increasing number of competitors

    • 2.

      Increasing number of substituting offers

    • 3.

      Wider distribution of competitor and/or substitution offers 27

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