BSM 100 Lecture Notes - Lecture 7: Life Insurance, Betty Crocker, Brand Equity
27 Jul 2016
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Bsm100: chapter 11, product (and promotion) - creat- ing and communicating value. Product: anything a company offers to satisfy customer needs and wants, including both goods and services. Quality- want you to be reassured that it"s the b: 2. Reputation- implies they"re going to give you what they say they"re going to give you: 3. Recall- having association, people want to have drinks that athletes or stars drink. Layers of product: actual product: the physical good(s, core benefit: satisfies the consumer"s need, augmented product: warranties, free service, instruction manuals (the value stuff). Shopping products- more higher end, more expensive, i. e computers. Specialty products- high end, only buying every few years, i. e. luxury cars, high end shoes: exclusivity, promotion of a kind of lifestyle. Unsought products- not looking for, but you find them, i. e caskets, life insurance. If a product is new and unknown you want people to know what standard your product is at.
