MKTG 150 Chapter Notes - Chapter 1-3: Target Market, Direct Marketing
Document Summary
Mktg 150, test #1 review chapter 1, 2, 3. Growing importance of service caused by; government policy, social changes, business. Four categories of service/processing: people & possessions, (tangible services) mental. 4 traits of service (ihip or the 4 bilities ) intangibility, heterogeneity (variability) inseparability, perishability (pg 18) Target market groups who are likely to buy product and to whom you direct marketing resources) 7 p"s : price & outlays , ($, effort, inconvenience) product (characteristics based on needs and wants of target groups), promotion & education , place & time (how it gets, where it is) Process (how things are done or arranged) people (right people, right place) physical. Environment/servicescape (colour, smell, texture, layout etc. ) (pg 18+) Risk reduction strategies for consumers/business see slides, chapter 2. Pre-purchase : needs awareness, info search, evaluation of service s (multi-attribute, attributes, (search, experience, credence) perceived risk management for business and consumers and establishing expectations - predicted, desired, adequate) purchase.
