AFM131 Chapter Notes - Chapter 15: Marketing Mix, Profit Margin, Microwave Oven

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Zamal Ruffudeen Jr.

Document Summary

Managing the marketing mix: product, price, place, and. L01: explain the concept of a total product offer, and summarize the functions of packaging. Product line: group of products that are physically similar or intended for a similar market. Product mix: the combination of product lines offered by an organization. Product differentiation: the creation of real or perceived product differences. Actual product differences are sometimes quite small, so marketers must use a creative mix of branding, pricing, advertising, and packaging to create a unique, attractive image. Packaging can also make a product more attractive to retailers: universal product codes (upcs, rfid chips. Bundling: grouping two or more products together and pricing them as a unit. For the buyer, a brand name assures quality, reduces search time, and adds prestige to purchases. For the seller, brand names facilitate new-product introductions, support promotional efforts, add to repeat purchases, and differentiate products so that prices can be set higher.