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Lecture

Chapter 15 Managing the Marketing Mix.doc

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Department
Commerce
Course
COMM 100
Professor
David Crawford
Semester
Winter

Description
Chapter 15 Managing the Marketing Mix: Product, Price, Place, & Promotion Developing a Total Product Offer o The Total Product Offer is everything that the consumer evaluates when deciding to buy o This includes both tangibles and intangibles such as price, packaging, store surroundings, speed of delivery, buyer’s 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 MajorApproaches to Pricing  Cost-based pricing: produc
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