BUSN 101 Lecture Notes - Lecture 4: Splenda, The Home Depot, Walmart
30 Sep 2018
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Calculating value: consumers look at all benefits of a product & subtract all of the costs related to its purchase. Marketing: process for creating, communicating, and delivering value to customers. They must think like and talk to consumers to find out what"s important. Distributed product development: describes handing off various parts of your innovation process (often to co. in other countries) Total product offer: consists of everything consumers evaluate when deciding whether to buy something- they compare: Tangible: the product itself & its packaging. Intangible: the producer"s reputation & the image created by advertising. Product line:a group of products that are physically similar or intended for a similar market (face similar competition) Ex: diet coke, diet coke w/ splenda, diet vanilla coke, diet cherry coke. Product mix: the combo of all product lines offered by a manufacturer. Product mixes like procter & gamble"s can be extensive. Product differentiation: the creation of real or perceived product differences.
