AFM131 Chapter Notes - Chapter 15: Brand Awareness, Profit Margin, Cost Accounting

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AFM131 Full Course Notes
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Managing the marketing mix: product, price, place, and promotion. Value is quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs. (pg. A total product offer (value package) is everything that consumers evaluate when deciding whether to buy something (ex. Price, brand name, convenience, package, store surroundings, service, internet access, buyer"s past experience, guarantee, speed of delivery, image created by advertising, and reputation of the producer). A successful marketer must be able to think like a consumer to evaluate the total product offer as a mixture of various elements (as listed above). Sometimes multiple products or services will be offered to satisfy different consumers (ex. Offering cars with either zero-percent financing or providing a rebate of thousands of dollars). (pg.

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