MGTA02H3 Chapter 6-12: CHAPTER 6-12 NOTES.docx
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MGTA02H3 Full Course Notes
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Document Summary
In developing marketing mix for any products ideas, goods, services marketers must consider what consumers really buy when they purchase products. Customers get value from various benefits, features, and even intangible rewards associated with a product. Features: qualities, both tangible and intangible, that a company builds into its products. To attract buyers, features also must provide benefits: mower must produce attractive lawn. Value package: product marketed as a bundle of value-adding attributes, including reasonable cost. Increasingly, buyers expect to receive products with greater value more benefits at reasonable costs. Most items in the value package are services or intangibles that, collectively, add value by providing benefits that increase the customer"s satisfaction. Products more than just visible features and benefits. In buying a product, consumers are also buying an image and reputation. Today, more and more firms compete on basis of enhanced value packages. Addition of a simple new service often pleases customers far beyond cost of providing it.
