AFM131 Lecture Notes - Lecture 5: Brand Loyalty, Brand Equity, Pricing Strategies

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

Document Summary

Chapter 15: managing the marketing mix: product price, place, and production. Value: good quality at a fair price. Consumers calculate the value of a product, they look at the befits and then subtract the cost to see if the benefits exceed the cost. To satisfy consumers, marketers must listen and adapt to the changing market demands. Total product offer( value package): everything that consumers evaluate when deciding whether to buy something. Evaluate and compare total product offers tangible-product and its packaging intangible-produ(cid:272)er"s reputatio(cid:374) a(cid:374)d i(cid:373)age created by advertising. Pri(cid:272)e, (cid:271)ra(cid:374)d (cid:374)a(cid:373)e, (cid:272)o(cid:374)(cid:448)i(cid:374)(cid:272)e, pa(cid:272)kage, store surrou(cid:374)di(cid:374)g, ser(cid:448)i(cid:272)e, i(cid:374)ter(cid:374)et a(cid:272)(cid:272)ess, (cid:271)uyer"s past experience, guarantee, speed of delivery, image created by advertising, reputation of producers. Product line: group of products that are physically similar or are intended for a similar market. Product mix: combination of product lines offered by this manufacturer /organization. A mix may include both goods and services to meet consumer needs. Diversified mix would minimize risk through multiple markets.