COMMERCE 2MA3 Lecture Notes - Lecture 9: Retail, Root Mean Square, Rice Krispies
23 Nov 2018
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Product life cycle curve: each product has its own individual shape. Extending product life cycle: develop new uses, modify product, increase frequency of use, increase number of users, reposition product, tweak marketing strategy. Product mix: the complete set of all products offered by a rm: breadth: represents the number of product lines offered by the rm. Product lines: groups of associated items, used together or a part of a group: depth: the number of product categories within a product line. Product category: assortment of items that the customer sees as reasonable substitutes. Brand personality: set of human characteristics associated with a brand: brand loyalty: when a consumer buys the same brand"s product again and again over time. Manufacturer brands: are owned and managed by the same manufacturer. Private-label brands: are products developed by retailers and are only available from them. Generic brands: are sold without a brand name, typically in commodities markets.
