MGTA02H3 Chapter Notes -Sales Promotion, Brand Loyalty, Personal Selling
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MGTA02H3 Full Course Notes
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Value and benefits: ratio of benefits to cost, generally involves the price, expenditure of the buyer"s time, and the emotional satisfaction of owning the product. Types of goods and services: consumer goods: products purchased by individuals for their personal use. Industrial goods: products purchased by companies to use directly or indirectly to produce other products: services: intangible products, such as time, expertise or any activity that can be purchased. In a customer"s perspective, the price matters because it is the opportunity cost of money ex. Place (distribution): placing a product in the proper outlet, decisions about warehousing, inventory control, warehousing, channel distribution, etc. Promotion: techniques for communicating information about products. Target marketing and segmentation: target market: groups of people who share similar needs and wants, target segmentation: categorization of common needs of wants, and creating a product or service catered to each segment.