MGTA02H3 Chapter Notes - Chapter 6: Promotional Mix, Media Mix, Digital Marketing

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31 Oct 2010
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MGTA02H3 Full Course Notes
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MGTA02H3 Full Course Notes
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Marketers must consider what consumers want in order to plan strategies effectively. Features: the qualities, both tangible and intangible, that a company builds into its products. To attract buyers, must also provide bene t. Value package: products marked as a bundle of value-adding attributes, including reasonable cost. In buying a product, consumers are also buying an image and reputation. One way to classify is to classify it according to expected buyers - 2 groups, buyers of consumer products and buyers of industrial products (hence dif. marketing approach) Convenience goods/services: relatively inexpensive consumer goods or services that are bought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices. Shopping goods/services: moderately expensive consumer goods/services that are purchased infrequently, causing consumers to spend some time comparing their prices. Specialty goods/services: very expensive consumer goods/services that are purchased rarely, causing consumers to spend a great deal of time locating the exact item desired.