ADM 3322 Lecture 1: Chapter 1
16 Jan 2019
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Marketing is a process by which companies create value for customers and build strong customer relationships (to capture value from customers in return) Marketing mix (4 p"s: product, place, promotion, price. The 7 ps of service marketing: product, price, place, promotion, process, physical environment, people. Empower your employees - employees are empowered to do what is right for the customers. 1/11/19 chapter 1 - understanding service products, consumers and markets. Switzerland is counted as the strongest economy in the world. Understanding services offers you a personal competitive advantages. Forces transforming service markets: government policies, social changes, business trends, advances in it, globalization. *5 broad categories within non-ownership framework: labor, skills and expertise rentals, rented goods services, defined space and facility rentals, access to shared physical environments, access to and usage of systems and networks. Use pricing, promotion, reservations to smooth demand; work with ops to manage capacity. Emphasize physical clues, employ metaphors and vivid images in advertising.
