COMMERCE 1E03 Study Guide - Final Guide: Brand Equity, Marketing Mix, Brand Management

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1E03
• Professor: Rita Cossa

Document Summary

The best way to compete is to design and promote better products that customers perceive to have the best value- good quality at a fair price. When customers calculate the value of a product they look at the benefits and then subtract the cost to see if the benefits exceed the cost. A total product offer (value package) consists of everything that customers evaluate when deciding whether to buy something. When people buy a product they may evaluate the product offers on many dimensions. A product line is a group of products that are physically similar or are intended for a similar market. A product mix is the combination of product lines offered by an organization. Product differentiation is the creation of real or perceived product differences. Differences can be quite small so marketers must create a unique and attractive image for the product. Many companies use packaging to change and improve their basic products.