BUSI 1800 Lecture Notes - Lecture 15: Viral Marketing, Brand Loyalty, Brand Management
29 Jul 2015
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Document Summary
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 are intended for a similar market. Product mix- the combination of product lines offered by an organization. Product differentiation- the creation of real or perceived product differences. Brand- a name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors. Brand equity- the value of the brand name and associated symbols. Brand loyalty- the degree to which customers are satisfied enjoy the brand, and are committed to further purchase. Brand awareness- how quickly or easily a given brand names comes to mind when a product category is mentioned.
