AFM131 Lecture Notes - Lecture 5: Psychological Pricing, Marketing Buzz, Brand Equity
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Chapter 15 textbook: product differentiation: creation of real or perceived product differences. The total product offer: packaging functions: attract attention, protection, easy to use, describe contents, explain benefits, detail warranties, warnings. Product line: group of products that are physically similar or intended for a similar market. Product mix: combination of product lines offered: total product offer: everything that consumers evaluate when deciding to buy. Values: getting good quality at a fair price. Name, symbol, or design (or combination) that identifies the. Seller perspective: brand awareness: how quickly a brans name comes to mind when a product category is mentioned, brand loyalty: degree to which customers are satisfied, enjoy the brand, and are committed to further purchase. Start october 13/15: product life cycle: different stages in the product life cycle maturity stage? product price place promotion call for different marketing strategies. Not all individual products follow the life cycle. Start october 13/15: each product requires its own pricing strategy.