ARBUS101 Chapter Notes - Chapter 15: Brand Loyalty, Pricing Strategies, Brand Awareness
5 Feb 2017
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Product development and total product offer: products must be perceived to have the best value- good quality at a fair price, value = bene ts - cost to see if bene ts exceeds the cost. To satisfy consumers marketers must constantly monitor and adapt to changing consumers wants and needs. Developing a total price offer: consists of everything consumers evaluate when deciding whether to buy something (ex. price, brand name, packaging etc. , would consider tangible things (product itself, packaging) & intangible things (brand reputation, image created) Product differentiation: is the creation of real or perceived product differences, product differences are quite small, therefore uses a mix of price - advertising - packaging to create a unique and attractive image. Upc universal product codes- black and white barcode on packages to help stores control inventory such as product size, colour, etc.
