BUSI 1600U Chapter Notes - Chapter 15: Brand Equity, Psychological Pricing, Marketing Mix
Document Summary
Chapter 15: managing the marketing mix: product, price, place and promotion. International competition today is so strong that canadian businesses could lose some part of the market to foreign producers if they are not careful, and the only way to prevent such losses is to design and promote better products. Value good quality at a fair price. 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 (value package) everything that consumers evaluate when deciding whether to buy something. When people buy a product, they may evaluate and compare total product offers on all of these dimensions. A successful marketer must begin to think like a consumer and evaluate the total product offer as a collection of impressions created by all of the factors.
