Services marketing 1

Services

Economic activities performed by one party to another, often time-based, providing desired results without transferring ownership of physical elements.

Service-dominant (S-D) logic

The idea that all products are valued for the services they provide rather than the goods themselves.

People Processing

Services directed at people's bodies, such as hairstyling and healthcare.

Possession Processing

Services directed at physical possessions, such as laundry and repair services.

Mental Stimulus Processing

Services directed at people's minds, such as education or psychotherapy.

Intangibility

A characteristic of services indicating that they cannot be touched or owned.

Inseparability

A characteristic of services meaning production and consumption occur simultaneously.

Perishability

A characteristic of services indicating they cannot be stored for later use.

Supplementary Service Elements

Additional services provided that enhance the core product and add value.

Dynamic Pricing

A pricing strategy where prices are adjusted over time based on various factors.

Co-production

A process in which customers participate actively in the production of the service.

Servicescape

The physical environment of a service, which affects service delivery and customer experience.

Outsourcing

Contracting of services that were previously conducted internally to external providers.

Offshoring

Conducting services in one country and consumed in another.

Service Marketing Mix

An extension of the traditional marketing mix focused on services, including the 3 P's: process, physical environment, and people.

Customer Involvement

The degree to which customers participate in the service delivery process.

Timesaving Services

Services designed to save customers time and provide convenience.

Service Recovery

Procedures to address and rectify service failures.