The Gap Model of Service Quality has been developed by Parasuraman and his colleagues which helps to identify the gaps between the perceived service qualities that customers receive and what they expect. Read More: Service Quality The Gap Model of Service Quality identifies five gaps: Consumer expectation — management perception gap. Management perception — service quality expectation gap. Service quality specifications — service delivery gap. Service delivery — external communications to consumer’s gap. Expected service — perceived service gap. Gap — 5 is the service quality shortfall as seen by the customers, and gaps 1-4 are shortfalls within the service organization. Thus gaps 1-4 contribute to gap — 5. These gaps are given in the following figure: The first gap is the difference between consumer expectations and management perceptions of consumer expectations. Research shows that financial service organizations often treat issues of privacy as relatively unimportant, whilst consumers consider them Continue reading
Marketing Concepts
Advergaming – New Trend in Marketing Strategy
The question of what advergaming is can be approximated in different ways. In the manner of linguistic portmanteau it is of advertising and gaming. Technically, it is the practice of using video games to advertise a product, organization or viewpoint. As a term, it was coined by Anthony Giallourakis. Later on it was mentioned by Wired’s “Jargon Watch” column in 2001. An advergame is an online video game that has brand related images and/or themes embedded within it. As marketers have begun to catch on to the idea, websites containing advergames have been published by a diverse variety of corporations and non-profit organizations. Besides the usages of product placement within a game, a more effective and innovative way of designing a game only for the purpose of advertising a brand or a product is recently being used by advertiser in order to reach to targets on an online platform. Continue reading
Stages of New Product Development
New products are the lifeblood of the organization but they are extremely vulnerable and the majority never reach commercialization. In competitive markets, the best and strongest firms sustain growth through the introduction of new products and services to meet the changing needs of the consumers. All products have a finite life span and this is influenced by the type of product, its innovativeness, the management of the product through its life cycle, as well as the markets in which it is sold. All products will eventually decline and need to be replaced by new ones and companies need to be adept at adapting marketing strategies to respond to the dynamics of the environment, so as to manage the product through its life cycle effectively. New product development is the process of developing a product from initial stage of Design to Physical Reality using concept of Designing, manufacturing processes and other Continue reading
Why Marketing Strategies of Global Companies Sometimes Fail
‘The world today is a global village’ it’s a fact. But the global village still has some tribes and it is very important to keep all the tribes happy if we need to have good relationship with all of them. Since the globe is accessible to everyone, it is also vital to design the marketing strategy and develop it in the perspective of variations in the culture, traditions, taste, weather and norms of a country. One of the most striking trends in business has been growing internationalization of the business. Companies are going global but they have to keep their customers satisfied domestically and internationally. The internationalization affected the business strategies and the companies are in the rethinking process to counter the problems in the global marketing strategies. Marketing is no exception to this. Attitude of the customers in this regard is very important for designing the marketing strategy, especially Continue reading
The Major Aspects of Brand Management
Brand management refers to the activity of overseeing or supervising the promotional activities that are carried out for a branded product or service. It involves detailed planning and analysis and has an important role to play regarding the manner in which a brand is thought of and viewed as in the market. Some tangible brand management elements are the product itself, packaging, the price and the look. This article analyzes various aspects associated with the brand management process such as the way brand are built and managed over time, the manner in which brands are organized in portfolios and how brand hierarchies are built and managed. It also assesses how brands are leveraged internationally and domestically and the different techniques that are used for measuring and managing brand value over time. Understanding How Brands are Built and Managed Over Time Building Brands The brand refers to a symbol, term, design, Continue reading
The Service Recovery Paradox
The present key business strategy eyes on keeping the current customers and developing relationships with the new ones. Providing services to the customers or the consumers is very difficult. Unfortunately the services provided to the customers can never be perfect, the failure can be due to unprompted employee actions, failure to respond to specific customer needs or also due to core service facilities. Hence the companies try their best to reduce the mistakes from repeating again and in satisfying the customers needs. This article discusses about the “service recovery paradox” steps that is being followed by the organizations to recover from their service failures. According to McCollough and Bharadwaj 2002, service recovery paradox can be said as the situation at which the customers post failure expectations exceed pre failure expectations. This is like the organization taking preventive steps to satisfy their customers by reducing their failures and also in not Continue reading