MCS 1000 Study Guide - Strategic Planning, Psychographic, Brand Equity

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Douglas Adlam

Document Summary

7 ps of service-pg 309-312 read: product elements all components of the service performance that create value for the. Relevance, knowledge, and esteem: brand equity and brand value, in monetary terms, is important because it means brands can be bought and sold by companies, and frequently are. Competition-based pricing (services) pg 376: the last leg of the pricing tripod is competition. Firms with relatively similar services need to monitor what competitors are charging and try to price accordingly. Consumer buyer behaviour: difference comes down to value (notes not filled out, buyer decision making process, need recognition and problem awareness, information search, evaluation of alternatives, purchase, post-purchase evaluation. Consumerism pg 45-46: the concept that an ever-expanding consumption of goods is advantageous to the economy, consumerism, bolstered by advertising, encourages people to judge themselves and others by what they own rather than by who they are.