MGMC11H3 Lecture Notes - Lecture 5: Engagement Marketing, Value-Based Pricing, Yield Management
Document Summary
Experiential marketing: promotes a product by not only communicating a product"s features and benefits but also connecting it with unique and interesting consumer experiences. Relationship marketing: based on the premise that current customers are the key to long-term brand success. Perceived quality: customers" perception of the overall quality or superiority of a product or service compared to alternatives and with respect to its intended purpose. Price bonds: indicate the flexibility and breadth marketers can adopt in pricing their brands within a tier. Value-based pricing strategies: attempting to sell the right product at the right price to better meet consumer wishes. Value pricing: uncover the right blend of product quality, product costs, and product prices that fully satisfies the needs and wants of consumers and the profit targets of the firm. Yield management principles/dynamic pricing: vary their prices for different market segments according to their different demand and value perceptions. Everyday low pricing (edlp): determining price discounts and promotions over time.
