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Lecture

COMM 100 Lecture Notes - Brand Equity, Brand Loyalty, Brand Awareness


Department
Commerce
Course Code
COMM 100
Professor
David Crawford

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Chapter 15 Managing the Marketing Mix:
Product, Price, Place, & Promotion
Developing a Total Product Offer
oThe Total Product Offer is everything that the consumer evaluates when deciding to buy
oThis includes both tangibles and intangibles such as price, packaging, store surroundings,
speed of delivery, buyers past experience, brand image, brand name, reputation of
producer, etc.
Product Line and Product Mix
Product Line is a group of similar products or products intended for a similar market.
Product Mix is the combination of product lines offered by a manufacturer.
Too much diversification can cause loss of focus.
Maybe a subsidiary or affiliate can be used to improve the marketing of another
product line.
Product Differentiation
This is the attempt by the manufacturer to create a perceived difference in the minds of
consumers of the superiority of one product over others.
Packaging can make the product more attractive to both consumers and retailers.
Services can be packaged such as an airline offering both transportation and
accommodation for one inclusive price.
Branding and Brand Equity
Trademark
Brand equity
Brand loyalty
Brand awareness
Pricing Objectives
The ultimate goal of all marketing activity is to increase sales and profits.
Each product requires its own pricing strategy. Some strategies are:
Achieving a target return on investment
Building traffic
Achieving greater market share
Creating an image
Furthering social objectives
Major Approaches to Pricing
Cost-based pricing: producers often set the price based on the profit margin desired.
Demand-based pricing: Estimate the selling price people are prepared to pay for a
product and then subtract the desired profit margin.
Competition-based pricing: Prices are set at, above, or below what the competition is
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