ISM LESSON 1

A comprehensive set of vocabulary flashcards covering key concepts and terms from the International Service Marketing lecture.

Services

Economic activities where an organization provides expertise or skills to fulfill customer needs without transferring ownership of physical goods.

Experience Economy

A concept where businesses must provide memorable and engaging experiences beyond just products or services.

Service-Dominant Logic

A marketing approach emphasizing co-creation of value between providers and customers.

Intangible

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

Perishable

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

Co-creation of Value

The collaborative process between consumers and companies to create valuable experiences.

Customization

Adapting services to meet individual customer preferences and needs.

Globalization

The process of expanding services like luxury retail into international markets.

Luxury Services

High-end services that offer premium experiences without transferring physical ownership.

Cultural Differences

Variations in cultural norms that affect how services are perceived and delivered internationally.

High-Income Elasticity

The tendency for demand for luxury services to increase as income levels rise.

Sustainability

The practice of providing services in an ethical and environmentally conscious manner.

Service Sector

The segment of the economy that provides services rather than tangible goods.

Luxury Goods

Physical products that are tangible and owned by the consumer.

Bespoke Services

Customized services tailored to meet the specific requirements of individual clients.

Hospitality Industry

A sector focused on providing services related to travel, accommodation, and entertainment.

Tangible

Describes physical products that can be seen, touched, and owned.

Experiential Marketing

A strategy focused on immersing customers in a memorable experience.

Feedback Mechanisms

Systems used by service providers to gather customer inputs for personalized service improvement.

Ethical Luxury

Luxury services that integrate sustainable practices into their offerings.

Personalized Financial Advice

Tailored banking consultations aimed at meeting the unique needs of high-net-worth clients.

Emerging Markets

Developing economies where luxury and premium services are expanding rapidly.

Wellness Services

Services aimed at improving health and wellbeing, often seen in luxury hospitality.

Luxury Travel

High-end travel services that provide exclusive experiences to clients.

Brand Experience

The holistic impact of a brand on a customer's emotional and intellectual engagement.

Exclusive Events

Specially tailored experiences for select clientele, often used in luxury services.

Immersive Environments

Interactive and engaging settings designed to enhance customer experiences.

Serene Landscapes

Beautiful and tranquil settings often featured in luxury spa services.

Microniche Services

Highly specialized services tailored for specific high-end customers.

Timeliness

The importance of delivering services promptly in the service marketing context.

Luxury Retail

High-end shopping experiences that focus on customer experience, not just products.

High-Net-Worth Clients

Individuals with substantial financial assets seeking personalized premium services.

Innovative Service Models

New methods of service delivery that leverage technology and customer engagement.

Aesthetically Pleasing Experiences

Service environments designed to be visually appealing to enhance customer satisfaction.

Sustainable Luxury Experiences

Luxury services that prioritize environmental responsibility alongside customer enjoyment.