BUSI 1600U Lecture : Chapter 15.docx
Document Summary
Chapter 15: managing the marketing mix: product, price, place and promtion. International competition today is so strong that canadian businesses could lose some part of the market to foreign producers if they are not careful. The only way to prevent such losses is to design and promote better products, meaning products that are perceived to have the best value good quality at a fair price. Value: good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs. Total product offer (also called a value package) everything that consumers evaluate when deciding whether to buy something. A product line a group of products that are physically similar or are intended for a similar market. Product differentiation the creation of real or perceived product differences. Help make a product more attractive to retailers.
