Session+15+student - THE BIG PICTURE: Product What is a...

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THE BIG PICTURE: Product
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What is a Brand? A name, term, symbol or design intended to identify the products or services of one seller and to differentiate them from those of competitors
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What is a Brand? memory aid surrogate for quality information basis for differentiation locus of emotion
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What is a Product? A bundle of benefits As opposed to a bundle of features “Don’t sell drills. Sell holes.” The point of contact between the firm and the customer How customers form an opinion A crucial factor in building brand equity
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The Product Lifecycle Introduction Growth Maturity Decline Sales and Profits ($) Time Sales Profit
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PLC Characteristics Introduction Growth Maturity Decline Sales Low sales Rapidly rising sales Peak sales Declining sales Profits Negative Rising profits High profits Declining profits Costs High cost per customer Average cost per customer Low cost per customer Low cost pe r customer Customers Innovators Early adopters Middle majority
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Session+15+student - THE BIG PICTURE: Product What is a...

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