BUSI 1800 Chapter Notes - Chapter 15: Radio-Frequency Identification, Brand Loyalty, Mank
2 Feb 2017
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Value: good 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. Marketers must learn to listen better & constantly adapt to changing market demands. Adapting products to new competition & new markets is an ongoing need. Developing a total product offer: total product offer: everything that consumers evaluate when deciding whether to buy something, evaluate & compare total product offers on many dimensions. Tangible product itself & its package. Intangible producer"s reputation & image created by advertising: talk w/ customers to learn which features & benefits are most important to them & which value enhancers they want in the final offerings. Product lines & the product mix: product line: group of products that are physically similar or are intended for a similar market, product mix: combination of product lines offered by an organization.
