Bus 101 Notes

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Developing value
Value- good quality at a fair price
Total product offer – everything consumers evaluate when deciding weather to buy something Product differentiation – the creation of real or perceived product differences Convenience goods and services – products consumers purchase frequently with minimal effort. Shopping goods and services – products consumer buy only after comparing values and quality Specialty goods and services – products with unique characteristics and brand identify Unsought goods and services – products consumers aren’t aware of or haven’t thought of buying until they need it. Industrial goods – products used in production of other products and sold in the B2B market

Companies often use packaging to change or differentiate and improve their basic products. Purposes of packaging
To attract buyers attention
Protects goods inside and be tamperproof
Be easy to open
Describe and give information about the product
Explain the product benefits
Provide warranty information and warnings
Give an indication of price, value, and uses.
Understanding branding
Brand – name, symbol, or design that identifies the goods or services and distinguishes them from competitions offerings. Trademark – A brand that has exclusive legal protection for the both it brand name and design. Manufactures brands – brand names of manufacturers that distribute product nationally. Dealer (private label) brands- product that carry a retailers or distributer brand name instead of manufactures brand Generic goods- no branded products that sell a discount compared to manufacturer or dealers brand Knockoff brands- illegal copies of national brand.

Establishing brand equity and loyalty
Brand equity – the values of the brand names and associated symbol. Brand Loyalty- The degrees to which consumer are satisfied and are sticking to the brand name. Brand awareness- how quickly or easily a given brand names comes to mind when someone mentions a...
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