ARBUS101 Chapter Notes - Chapter 5: Radio-Frequency Identification, Marketing Mix, Brand Loyalty
29 Nov 2016
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The only way to compete today is to design and promote better products, meaning products that are. Module 5: managing the marketing mix perceived to have the best value. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs. Total product offer: everything that consumers evaluate when deciding whether to buy something. Product line: a 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: creation of real or perceived product differences ex. Various water bottle companies for example when customers go to a restaurant and order a certain brand name of water like perrier. Small businesses usually win with creative product differentiation. Brand: name, symbol, or design (or combination) that identifies the goods/services of a seller.
