AFM131 Chapter Notes - Chapter 15: Radio-Frequency Identification, Marketing Mix, Brand Loyalty

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AFM131 Full Course Notes
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AFM131 Full Course Notes
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Managing the marketing mix: product, price, place, and promotion. 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. Products that are perceived to have the best value. Adapt products to new competition and new markets. Total product offer: everything that consumers evaluate when deciding whether to buy something. Basic product = (cid:522)core product(cid:523), total product offer = (cid:522)augmented product(cid:523) Some parts are tangible (the product itself and its package) Others are intangible the producer"s reputation and the image created by advertising) Product line: a group of products that are physically similar or are intended for a similar market. Ex. hair care, oral care, and household cleaners. Product mix: the combination of product lines offered by an organization.

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