Management and Organizational Studies 2320A/B Chapter Notes - Chapter 9: Brand Equity, Signify, Brand Licensing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Ricardo Reyes

Document Summary

Companies add value to their offerings by developing an assortment of products and product lines and by creating strong brands. Marketers convert core customer value into an actual product. When developing or changing a product, marketers start with the core customer value to determine what their potential customers are seeking. Then they make the actual product and add associated services to round out the offering. There are 2 primary categories of products and services based on who is buying them: consumers or businesses. Products toward which customers show such a strong preference that they will expend considerable effort to search for the best suppliers. Products in which consumers will spend a fair amount of time comparing alternatives. Consumer is not willing to spend any effort to evaluate prior to purchase. Products consumers either do not normally think of buying or do not know about. These products require lots of marketing effort and various forms of promotion.