AFM131 Lecture Notes - Lecture 10: Direct Selling, Uptodate, Retail
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Chapter 15 managing the marketing mix: product, To retain market + grow = we need products with the best value + better than competitors. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if they benefits exceed the costs. Total package offer (value package): everything that consumers evaluate when deciding whether to buy something. Figure 15. 1 potential components of a total product offer. May compare total product offers on all of these dimensions (some tangible and some intangible) Product line: a group of products that are physically similar or are intended for a similar market (e. g. for p&g product lines are hair care, oral care, and household cleaners) Product mix: the combination of product lines offered by a manufacturer (combination of all the product lines offered by a manufacturer) Product differentiation: the creation of real or perceived product differences.