ARBUS101 Lecture Notes - Lecture 5: Sales Promotion, Brand Awareness, Brand Equity

• School: University of Waterloo
• Department: Arts and Business
• Course: ARBUS101
• Professor: Zamal Ruffudeen Jr.

Document Summary

3. the product life cycle: pricing objectives and strategies, marketing channels and the value of marketing intermediaries, the promotion mix. Total product offer: everything that consumers evaluate when deciding to buy. Value: getting good quality at a fair price. Product line: group of products that are physically similar or intended for similar purposes. Product differentiation: creation of real or perceived differences (think of how aquafina water bottles compare to voss. Voss is more expensive and is trendier yet both only contain water. ) Take into account the potential diversity in consumer preferences. Aski(cid:374)g (cid:272)usto(cid:373)e(cid:396)s (cid:449)hat they (cid:449)a(cid:374)t does(cid:374)(cid:859)t al(cid:449)ays (cid:449)o(cid:396)k. Discovered that many people actually preferred chunky spaghetti sauce but did not realize until given samples of different kinds of sauce. Brand: name, symbol, or design (or combination) that identifies the goods or services of a seller. Buye(cid:396) pe(cid:396)spe(cid:272)ti(cid:448)e: (cid:271)(cid:396)a(cid:374)ds (cid:272)a(cid:374) (cid:271)e asso(cid:272)iated (cid:449)ith (cid:395)uality. Seller perspective: brand reputation can help encourage customer loyalty.