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Chapter 9

Chapter 9 – Managing the Marketing Mix.docx

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Department
Commerce
Course
COMMERCE 1E03
Professor
Rita Cossa
Semester
Winter

Description
thCommerce Textbook March 5 2012Chapter 9Managing the Marketing Mix Product Price Place and PromotionProduct development and the total product offer Value good quality at a fair priceWhen consumers calculate the value of a product they look at the benefits and then subtract the cost to see if the benefits exceed the costsTo satisfy consumers marketers must learn to listen better than they do now and to adapt constantly to changing market demandsProduct development is a key activity in any modern business anywhere in the worldDeveloping a total product offer Total product offer value package everything that consumers evaluate when deciding whether to buy somethingProduct lines and the product mix Product line a group of products that are physically similar or are intended for a similar marketUsually face similar competitionProduct mix the combination of product lines offered by a manufacturerCompanies must decide what mix is bestThe mix may include both goods and services to ensure that all of the customers needs are being metA diversified mix would minimize the risks associated with focusing all of a firms resources on only one target marketProduct differentiation Product differentiation the creation of real or perceived product differences Actual product differences are sometimes quite small so marketers must use a creative mix of pricing advertising and packaging value enhancers to create a unique and attractive imagePacking changes the product Consumers evaluate many aspects of the total product offer including the brand Packaging can also help make a product more attractive to retailersUniversal Product Code UPCbar code and a preset number that gives the retailer information about the productPackaging changes the product by changing its visibility usefulness or attractivenessPackaging now has more promotional burden Services can also be packaged
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