BUSI 2204 Lecture Notes - Lecture 9: Marketing Mix, Private Label, Brand Equity
14 Dec 2017
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Document Summary
The product offering is usually the starting point in creating a marketing mix. Businesses cannot determine a price, design a promotion strategy, or create a distribution channel until the firm has a product to sell. Anything, both favorable and unfavorable, received by a person in an exchange for possession, consumption, attention, or short-term use. Products are classified as either business or consumer products, depending on the intentions of the buyer. A product used to manufacture other goods or services, to facilitate an organization"s operations, or to resell to other customers. A product bough to satisfy an individual"s personal want. It is important to know about product classifications because different products are marketed differently. They are marketed to different markets, often using different distribution, promotion and pricing strategies. A relatively inexpensive item that merits little shopping effort (consumer is unwilling to shop extensively for such an item. )
