ARBUS101 Chapter Notes - Chapter 15: Direct Marketing, Sales Promotion, Telemarketing
3 Nov 2017
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Document Summary
Module 5 (ch. 15) - managing the marketing mix Value - good quality at a fair price. Total product offer (value package) - everything that customers evaluate when deciding whether to buy something. Product line - group of products that are physically similar/intended for similar market. Product mix - combination of product lines offered by an organization. Product differentiation - creating of real/perceived product differences. Bundling - grouping +2 products together & pricing them as unit. Brand equity - value of brand name & symbols. Brand loyalty - degree customers are satisfied & committed to further purchase. Brand manager - manager of 1 brand/product line (product manager) Product life cycle - theoretical model of product sales & profits over time; introduction, growth, maturity, decline. Target costing - designing product to satisfy customers & meet profit margins of firms. Competition-based pricing - pricing strategy based on competitors: @, above, or below. Price leadership - dominant firms set prices for others to follow.
