COMM 103 Chapter Notes - Chapter 11: Customer Engagement, Rifling, Investment

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

The marketing mix refers to the organization"s strategic and tactical decisions relating to its product/offerings. 4 ps of marketing: product, price, place, promotion. Four pillars of marketing effort: product, price, distribution, communication. Viewing product strategies as the development of value proposition attributes shifts the marketing team"s focus from simply building a better mouse trap to creating positive performance gaps between the company and its competitors. Tangible product attributes + intangible product attributes = develop positive. A predetermined purchase list refers to the ranking of products/ services that purchasers develop for all the options available when making a purchase decision. Brand ladder: brand awareness -> brand preference -> brand loyalty -> brand commitment. Brand success: emotion/psychological commitment + product benefits + product attributes. More differentiation = impact of price on the decision-making process is lessened. Payback period represents the length of time required to recover, or earn back, the cost of an investment.