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Questions and Answers
What is the purpose of market research in marketing?
What are the five basic goals of marketing?
What are the five common characteristics customers use to guide their purchase decisions?
Why is differentiation from competitors essential in the marketplace?
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What is the importance of convenience factors in service marketing?
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What are some common convenience factors in service marketing?
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Why is the availability of multiple payment methods important in service marketing?
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How is convenience measured in service marketing?
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What is the most important characteristic in the automotive service business?
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What can happen if a business lacks the capacity to meet customer demands on time?
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What are the five major characteristics of marketing?
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What is the most common method of advertising to the public?
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What is an affordable alternative to reach a narrower geographic territory?
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What is an effective way to affordably display your message 24/7/365?
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Study Notes
Marketing in Business: Goals, Value, and Factors
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Marketing is essential for business success as it creates market awareness and informs potential customers about the value of a product or service.
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Market research is a critical part of marketing, helping to ensure that a product or service is targeted to meet the needs of a specific group of potential customers.
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The five basic goals of marketing are building awareness, creating interest, reaching acceptance, meeting or exceeding expectations, and earning advocacy.
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Perceived value is a combination of all benefits received from a purchase, and customers use five common characteristics to guide their purchase decisions: performance, price, convenience, green considerations, and image.
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Pricing is a common factor for making side-by-side comparisons, and it should be seriously considered along with all other factors to determine the most appropriate price for a product or service.
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Internal factors, such as direct costs, support services, and profit margin, determine what price must be charged to make a reasonable profit.
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External factors, such as the current rate in the marketplace, dictate the perceived value of a product or service to potential customers.
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Performance is a crucial factor in establishing the overall value of a product or service, as it differentiates it from the competition in the marketplace.
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Differentiation from competitors is essential in the marketplace as it gives customers a reason to choose one solution over others.
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Convenience is a significant factor in marketing strategy, especially for businesses facing hundreds of competitors in their marketplace.
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Green considerations, such as the materials used, methods of production, and the long-term impact of a product on the environment, are increasingly important to consumers.
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Service shops must be aware of customer preferences and provide environmentally friendly purchase options whenever possible.The Importance of Convenience Factors in Service Marketing
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Customers value convenience, but are unlikely to pay a high premium for it.
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The amount of convenience provided should be based on cost and perceived value to customers.
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Location, hours of operation, and payment methods are common convenience factors.
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The relevance and importance of these factors vary by industry and market.
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Convenient location is important to provide local access to target audience.
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Competitors who are closer or more convenient can be a threat to business.
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Perceived value of convenience changes based on specific target audience.
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Importance of evening and weekend service hours varies by market and customer demographics.
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Availability of multiple payment methods is expected by most consumers.
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Failure to offer multiple payment methods may send customers to competitors.
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Convenience is measured in comparison to competition in the marketplace.
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Offering unique convenience features can set a business apart from competitors.
Marketing and Advertising for Automotive Service Businesses
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Availability is a crucial characteristic in the automotive service business, as customers expect convenience and timely service.
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Lack of capacity to meet customer demands on time can lead to losing repeat business and negative word-of-mouth advertising.
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When demand exceeds supply, it is essential to make important business decisions such as increasing staffing, adding to the facility, or extending service hours.
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Quality is a powerful combination of perception and reality. It should always be measurable and definable, but it varies based on customer expectations and needs.
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Quality is a set of attributes that sets a business apart from the competition and gives a competitive advantage.
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It is essential to maintain balance and moderation when considering and addressing the five major characteristics of marketing, including availability and quality.
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Advertising is a major component of any marketing plan, and mass media is the most common method of advertising to the public.
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The Internet is the most widely used medium for sharing information worldwide, and web-based advertising is effective at targeting geographic or demographic audiences.
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Social media is a rapidly expanding communication resource on the Internet, but it is most valuable in providing access for customers to reach businesses.
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Television and radio can reach a wide audience, but they are expensive and have minimal ability to reach a narrow market.
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Print media, such as newspapers and magazines, have staying power, and the average reader will see an ad several times.
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Local community newspapers and shopper magazines are affordable alternatives to reach a narrower geographic territory.Effective Advertising Methods for Automotive Services
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Booklets are a compilation of local business advertisements that offer a mid-priced option for print advertising.
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Direct mail is a highly efficient way to reach a specific target audience for promoting automotive services.
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Two major types of direct mail are predetermined customer base mailing and geographic area mailing.
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Billboards and signage serve as a constant reminder to customers and can be found in various locations such as bus stops and movie theaters.
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Electronic billboards have made it easier to build public awareness of your presence in the market.
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Onsite exterior advertising signage is an effective way to affordably display your message 24/7/365.
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Electronic signage allows shops to present colorful, attention-grabbing messages to attract business.
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Direct mail costs more than newspaper ads, but it has a lower waste rate.
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Predetermined customer base mailing addresses can be targeted based on specific criteria such as location, household income, and type of car owned.
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Market research companies can provide targeted database mailing lists in most major markets.
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Billboards and signage can serve as a constant silent salesperson to remind customers that you are there and interested in their business.
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Onsite exterior advertising signage and billboards on-site remind people that you are ready and willing to serve their needs.
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Description
How much do you know about marketing in business? Test your knowledge with our quiz on the goals, value, and factors that are essential for successful marketing. From building awareness to meeting and exceeding expectations, learn about the basic goals of marketing. Discover how perceived value, pricing, performance, differentiation, and convenience factors impact customer purchase decisions. Explore the importance of location, hours of operation, payment methods, and other convenience factors in service marketing. Take the quiz and see how much you know about marketing in
