MARK101 Lecture Notes - Lecture 5: Marginalism, Brand Loyalty, Test Market

• School: UOW
• Department: Marketing and Advertising
• Course: MARK101
• Professor: Dr. Greg Kerr

Document Summary

Week 5 lecture 5 chapter 7: product & chapter 8: price. Last lecture review: aldi uses corporate positioning marketing to compete with coles and woolworths. What t astucally does: expected product design, other features, augmented: finance, support, other services, potential product how the product can be developed further. Products relationships: many organisations produce multiple products or several different styles of a product, the relationships between the o(cid:396)ga(cid:374)isatio(cid:374)"s p(cid:396)odu(cid:272)ts (cid:272)a(cid:374) (cid:271)e des(cid:272)(cid:396)i(cid:271)ed as follo(cid:449)s: Types of consumer products: shopping products (electrical appliances/furniture/clothing, convenience products (fmcg fast moving consumer goods) Emergency products: speciality products (usually brand loyals, u(cid:374)sought p(cid:396)odu(cid:272)ts (o"b(cid:396)ie(cid:374)"s glass recall) Types of business products: different marketing approaches are required for each, parts and materials. Where you are in the product lifecycle requires different techniques. New products: new to market, new to company, new to the product line, new to the product. New product development: the new product development process sets out 8 phases for introducing products.