TMP 120 Lecture Notes - Lecture 28: Marketing Mix, Mind Share
Document Summary
Product attributes: quality, performance quality: level, conformance quality: consistency, features, style and design, brand. Packaging: container or wrapper for the product. Important marketing tool: all consumers who buy your product interact with your humble package , need for immediate recognition of the brand. Labeling: part of packaging and other materials. Id"s the product: might describe the product, promotes the product, labels and logos, support product brand positioning, create an emotional connection. Price: amount of money charged for a product or service, determines a firm"s market share and profitability, produces revenue: only thing in marketing mix that does, 3 c"s: costs, competition, customers. Customer perceptions of value: elasticity of customer demand, knowledge of category, benefits: functional, financial, operational, personal, brand. Importance of usage versus: total cost of ownership: price paid & costs of financing, installation, service, operating costs, supplies, repair over the life of the equipment, alternative value offerings: compare, different segments will value the above differently.
