BU121 Lecture Notes - Lecture 7: Yield Management, Tim Hortons, Value Proposition
Document Summary
Bu121 lecture 7: convince the customer that the product provides a unique benefit 4 p"s, product value proposition, pricing revenue stream, place distribution. Selling a very high end product and then discounting the price, makes the. 4p"s i(cid:374)(cid:272)o(cid:374)sistent with each other: product roadmap future initiatives to keep sales up and keep customer interest. Product classification: figure out how your product is classified in terms of your (cid:272)usto(cid:373)er"s perception, convenience good/service something that people routinely buy without hesitation, staples branding, max exposure, shelf position are extremely important. Businessmen may consider hotels a staple, when regular people may consider them an emergency good. Important to understand how the customer sees it so you understand how to sell it. Total product concept: the entire package of benefits from the perspective of the customer, have to see the product as an entire element. Brand, packaging, service, warranty, delivery, credit, atmosphere, image,
