AFM131 Lecture Notes - Lecture 5: Podcast, Portable Media Player, Telemarketing

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Managing the marketing mix product, price, place, and promotion. Product lines and the product mix: product line group of products that are physically similar or intended for a similar market, product mix the combination of product lines offered by an organization. Product differentiation: product differentiation creation of real or perceived product differences, actual product differences are quite small, marketers use a creative mix of branding, pricing, advertising, and packaging (value enhancers) to create a unique, attractive image, ex. Companies had success by using the term organic in their promotions. 3: some companies have brand management teams to bolster the overall effort. Example of product life cycle: product life cycle give marketers valuable clues to successfully promoting a product over time. Import for marketers to recognize what stage a product is in so that they can make intelligent and efficient marketing decisions about it. The government often subsidizes the price of farm products to keep basic necessities affordable.