bell ringer your dry cleaning bill was $17.00. how much should you tip?

Bell Ringer

• Your dry cleaning bill was $17.00. How much should you tip?

Bell Ringer Answer

• $17.00 * 10% = $1.70

• I would tip the dry cleaners $2.

Agenda

• Bell Ringer / Attendance• Motivational Video– http://www.youtube.com/watch?v=Q9FNNaAYVV

M• Finalize Group Presentations

Weekly Schedule

Monday

Sports Drink PresentationsTuesday Chapter 7.1 Lecture Logo ActivityWednesday Chapter 7.2 LectureThursday ESPN 30 for 30: Broke

Friday Compensation for College Athletes TURN NOTEBOOKS IN FOR FINAL CHECK.Tuesday Review for finalWednesday Final

Table of ContentsTopic Page #Chapter 4.1 Activity (Events in Louisville) 26Chapter 4.1 Vocabulary and Notes 27Chapter 4.2 Maslow’s Hierarchy 28Chapter 4.2 Vocabulary and Notes 29 Athletic Shoes Activity 30Chapter 4.3 Vocabulary and Notes 31 5 Rules of Customer Service 32Chapter 4.4 Vocabulary and Notes 33

Chapter 6.1 Vocabulary and Notes 35Data Analysis Activity 36Chapter 6.2 Vocabulary and Notes 37

Chapter 6.3 Vocabulary and Notes 39Logos Activity (Glue or Tape in Notebook) 40Chapter 7.1 Vocabulary and Notes 41

Vocabulary

• Product Mix• Product Extensions• Product Enhancements• Product Line• Brand• Trademark• Licensed Brand

Learning Targets

• Define product mix, product extension, and product enhancement.

• List and describe the components of the product mix.

What is a Product Mix?

• Every product is a complex blending of tangible and intangible parts.– Tangible physical features that can be seen or

felt.– Intangible nonphysical service features

Tangible vs. Intangible

Tangible Intangible

What is a Product Mix?!?

• Product Mix a new product’s final form and its total assorted features, including the brand name, the various products offered under the brand, and the packaging.

• Product Extensions items added to a product that will make it more attractive to the target market, including guarantees, warranties, and instructional information CDs.

Basic vs. Enhanced Products

• Target markets have an identified need for a basic product.

• Product enhancements features added to the basic product that satisfy additional needs and wants with the same purchase.

Example of Product Enhancements:

Product Mix Components

• In an attempt to satisfy customer needs, marketers must make many decisions about their product and product mix.– Product Mix includes product line, packaging, and

brand development.

Product Mix Components

• Product Line a group of similar products with slight variations to satisfy different needs of consumers.– The goal of the product line is to achieve the

greatest amount of sales possible by satisfying the needs of a diverse target market. The addition of items to a product line increases the satisfaction of individual customers.

Product Line Examples

Product Mix Components

• Packaging how a product is presented to the customer.

Packaging is very important.

• Ease of use, safety, consumer attraction, accessibility for self-service stores, and the environmental friendliness of the package influence sales.

Packaging Examples

Product Mix Components

• Brand the name, symbol, word, design, or combination of these elements that identifies a product, service, or company.

• The brand represents the company’s reputation of quality, reliability, and status in the market place.

Product Mix Components

• Trademark the legal protection of words and symbols used by a company.– It is illegal for other companies to use a brand name.

• Licensed Brand a well-known name and/or symbol established by one company and sold for use by another company to promote its products. – The organization that has sold the license receive a

percentage of the sales – usually 8 to 12 percent – of the merchandise bearing the licensed name or image.

Trademark Examples

Licensed Brand Examples

Levels of Brand Recognition

• There are generally 5 stages of brand recognition:– Non-recognition– Rejection– Recognition– Preference– Insistence

Levels of Brand Recognition

• Non-recognition Stage consumers are unable to identify brands.

• Rejection Stage consumers will not purchase a product due to the brand.

• Recognition Stage consumers know of the brand, but the brand has little influence on their purchases.

• Preference Stage consumers will purchase a preferred brand it is readily available but may purchase another brand if it is not.

• Insistence Stage consumers value a brand to the extent that they reject other brands even when the preferred brand is not readily available. The consumer will go to great lengths to purchase the desired brand or will do without rather than buy a competing brand.

Name That Tagline / Who Am I?

• Using the Internet or any other available resources, identify the taglines and logos of popular