GEB-4455 Lecture Notes - Lecture 13: Brand Equity, Target Costing, Brand Awareness
Document Summary
We"re sure you"ve noticed menu changes at other local fast-food restaurants over time. That"s because marketers have learned that adapting products to new competition and new markets is an ongoing need. An organization can"t do a one-time survey of consumer wants and needs, design a group of products to meet those needs, put them in the stores, and then just relax. It must constantly monitor changing consumer wants and needs, and adapt products, policies, and services accordingly. From a strategic marketing viewpoint, a product is more than just the physical good or service. A total product offerconsists of everything consumers evaluate when deciding whether to buy something. When people buy a product, they may evaluate and compare total product offers on many dimensions. Some are tangible (the product itself and its package); others are intangible (the producer"s reputation and the image created by advertising).
