BU121 Lecture Notes - Lecture 6: Life Insurance, Value Proposition, Brand Equity
Document Summary
Clear, concise statement of product"s unique benefits acts as glue that keeps decisions consistent. The opening vignette in the 2nd marketing chapter talks about the toyota scion. Can customize car to their own preferences. Sales were driven by parents because they trust the car. Strong perception about toyota not trendy, fun, unique: therefore, younger people did not want to buy/drive this car. How will you continue to be productive: product road map, how to slow down cycle encourage new growth. Expand the product line new uses and/or users! Come up with new uses, flavours, new products for difference demographics etc. If you are selling technology how will you cross the chasm and weather the tornado . How does the consumer buy your product: they classify your product. Convenience products (soft drinks, milk, cheese, gum, coffee: frequently, routinely, little effort, brand has to be crystal clear in their mind so they do not have to think about it.
