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This 2 page Study Guide was uploaded by Emily McManus on Sunday February 8, 2015. The Study Guide belongs to CAD114 at a university taught by Dr. Fernandes in Fall. Since its upload, it has received 81 views.
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Date Created: 02/08/15
1 22 1 5 Chapter 2 Marketing Marketing is the way a product is designed tested produced branded priced distributed promoted The Concept of Relationship to focus on developing and sustaining relationships with customers that will generate sales amp pro ts or gain volunteersdonations The Concept of Exchange creates demand for a product that leads to an exchange trading one thing of value for that desired product ie customer gives cash to mcdonald s and in exchange they are not hungry The Concept of Value customer s perception of all the bene ts of a product weighed against all the costs Value the value of a product is determined by the bene ts it offers and the costs Types of bene ts Functional How well its works ie an ipad s email intemet apps camera Experientia what it feels like to use the product ie is it easy hard fast Psychological Coolness factorappearance intangible Costs money paid acquiring info making the product learning how to use it disposing Four P s in Marketing Product the design performance quality Pricing both the seller and company point of view cost of manufacturing seller s expected pro t impact on brand image price sends a message Promotion how it is communicated builds awareness explains the new product how it is different from the rest Place distribution accessible to consumers place gives off a message too Branding Brand gt perception lled with emotion from experiences creates intangible aspects that makes that brand Which creates a memorable and meaningful reputation to the consumer how a company can differentiate from the other companies 0 name logo style slogans jingles Brand Identity distinct name should mean something good and shouldn t be too long create association people are interested in simple and offers a benefit originality 0 some companies dominate the industry so much they lose their identity ie kleenex xerox bandaid Brand Personality vs Brand Equity brand personality is the mental image associated with the brand brand equity is the intangible value of the brand based on relationships with consumers also the familiarity of the brand
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