MKTG1001 Lecture Notes - Lecture 6: Life Insurance, Brand Equity, Demand Forecasting
27 Jul 2018
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Document Summary
Product anything offered to market for attention, acquisition, use or consumption that might satisfy a want/need. Consumed in a single use/ few times = non-durable/fmcg. Products over period of time = durable. Three competitive market strategies: better product at market price, same product at lower price, create monopoly through customer franchise. 4ps always designed with target market in mind: product mix + product attributes + other supporting marketing mix elements connected to target market and positioning. Work together a set of strategic tools that can be manipulated depending on marketing conditions. Adjustable (meant to change) according to marketing environment. Product or price = key to differentiation. Combines elements of marketing physical products with those of services, particularly the experiential aspects of sporting, entertainment and other stage events delivered over a period of time. Developing and building a high profile of an individual to generate profit. Can lead to sponsorship, merchandising, celebrity endorsement.
