MGTA02H3 Chapter Notes - Chapter 6: Brand Awareness, Comparative Advertising, Advertising Campaign
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MGTA02H3 Full Course Notes
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Chapter 6: developing & promoting goods & services. Oracle = product innovation & performance features. Microsoft = lower ratings but low prices. Important to continuously make new products; short profitable life spans. Impossible to focus on one aspect of the marketing mix w/o others. Product strategy begins w/ understanding product features & benefits. Classification of products consumer & industrial. Most important part of offerings of business = product mix. Product features: the qualities, both tangible & intangible, that a company builds into its products. Value package: product marketed as a bundle of value-adding attributes, including a reasonable cost buyers expect more value at reasonable cost. Most items in the value package are intangibles that add value by providing benefits. Products also include image & reputation (not just visible features/benefits) Firms compete on basis of enhanced value packages addition of a new service usually pleases customers more than the cost it takes.
