MGEB11H3 Lecture Notes - Sales Promotion, Personal Selling, Pricing Strategies
8 Feb 2014
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Document Summary
Value package product marketed as a bundle of value-adding attributes, including reasonable cost: increasingly, buyers expect to receive products with greater value with more benefits at reasonable cost. Customers also look for image and reputation no just visible features & benefits. Just making purchase transaction more convenient, adds value by sparing customers long waits and cumbersome paperwork. 3 categories that reflect buyers" behavior: convenience, shopping & specialty products: convenience goods (milk/newspaper) & convenience services (such as offered by fast- food restaurants) are consumed rapidly & regularly. Relatively inexpensive & are purchased frequently & with little expenditure of time & effort: shopping goods (tires) & shopping services (insurance) are more expensive & are purchased less frequently than convenience goods & services. Consumers often compare brands, sometimes in different stores. May also evaluate alternatives in terms of style, performance, colour, price, & other criteria: specialty goods (wedding gowns) & specialty services (catering for wedding receptions) are extremely important & expensive purchases.
