AFM131 Chapter Notes - Chapter 15: Brand Equity, Economic Equilibrium, Marketing Mix

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Robert Sproule

Document Summary

Value: good quality at a fair price, see how much has the benefits exceeded the costs. Marketing is always focused on the value of a product. Marketers must learn to listen better and constantly adapt to changing market demands. Including adapting products to new competition and new markets: ex: changing fast food menus. Product development is key in any modern business. Total product offer: everything each consumer assesses when buying a good or service. Basic product is the core product and the total product is the augmented product. Wise to talk with customers to lean which feature are important. Value enhancers: price, brand name, package, convenience, service, guarantee, speed of delivery, advertising. Different consumers may want different total product offers, company must develop a variety of offerings. Product line: a group of products that are physically similar or are intended for a similar market. Usually face similar competition, several competing brands.