Explain why it is important for marketers to understand the concept of branding. Discuss in detail concepts branding‚ brand positioning and brand equity and explain some brand strategies such as brand extension or brand stretching. Introduction. It is imperative for marketers to understand the concept of branding as it is the process which will identify and differentiate a company ’s product or service from the competition (Jobber‚ 2010). In our developed economy the competition and the offer
Premium Brand Coca-Cola Branding
Marketing must play the leading role in shaping business strategy as Philip Kotler said‚ marketing is the social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging product and value with others. A product is anything that can be offered to a market for attention‚ use or assumption that might satisfy a want or need. It includes physical objects‚ services‚ persons‚ places‚ organization and ideas. Marketing holds that achieving organizational
Premium Marketing
Annie Stevenson Foundations of Social Psychology 9th October 2014 To what extent‚ if any‚ does the concept of de-individuation explain group behaviour? Group behaviour is inevitably a challenging element of social psychology to be explained. Although many theories and ideas exist surrounding group behaviour‚ the focus of this particular essay will be to explain the behaviour of groups through the concept of de-individuation. According to Diener in ‘The Psychology of Group influence’ (edited by Paul
Premium Psychology Sociology Cognition
defending a firm’s product position. "The main reason why companies must continually develop new products is because products have life cycle"‚ (Bittel‚ 1980). Just as operation managers must be prepared to develop new products‚ they must also be prepared to develop strategies for both new and existing products. First and foremost‚ before proceeding into the product life cycle strategies‚ lets define what a product life cycle is. According to Griffin and Ebert (2002)‚ a product life cycle is a series
Premium Marketing Product life cycle management
Running head: PRODUCT & PRODUCT MARKETING Rochelle Russell Unit 2 Individual Product Products & Product Marketing MGMT422-1103A-09 Triangle Solutions Product There are several people that love to take pictures of their families or special events and put them in scrapbooks. The new product that I am proposing is a photo paper that already has a background scene on it and individuals can still print their picture on top of it to make it look even more special. Mostly everyone
Premium Marketing
The Product OBJECTIVES: * Definition of Product * Product Concept * What is Branding Packaging and Labeling What is Product? A product is anything offered for sale by a firm to buyers to satisfy their wants and needs. Products may take any of the following forms: * A physical object like a toy or a kilo of pork * A service like a Ferris wheel ride or a dental check-up * A place like London or Boracay * An organization like the Knights of Columbus or the Philippine
Premium Brand management Brand Trademark
With the help of examples‚ explain the concept of ’a shrinking world’. [9] A shrinking world is a phenomenon whereby the world appears to be getting smaller and space shrinks as a consequence of the revolution in transport and communication technologies reducing the frictional effect of distance on movement. Shorter time is taken for people‚ goods and services to cover the same distance. Revolutions in transport technology has seen an increasing rate of travel speed over space and time. During
Premium Universe Time Space
Week 5 Concepts Review In children ’s advertising‚ political advertising and health advertising the most typical forms of persuasion are endorsements‚ appeal to emotions‚ characters and storylines‚ and solutions. Advertising agencies run these ads with the specific goal of getting the public to stop buying a competitor ’s product and buy their own. They make no distinction between a person and something that is manufactured‚ they still have to sell the product. Children ’s advertising can become
Premium Cigarette Psychological manipulation Regulatory Focus Theory
phenomenon is described as time preference. Hence‚ the concept of discounting plays a significant role to address the issue raised by the change in real values of the resources at different time periods. By taking into account the trade-off between immediate and delayed benefits‚ it will eliminate the problem of time preference. As there is always a time lag between purchasing the capital goods and generating revenue from the investments‚ this concept is particularly important in the theory of investment
Premium Investment Net present value Rate of return
INTRODUCTIONThe product cycle concept states that all products have a life span. Since the desirability and sales of a product changes at different stages of a product’s life‚ product concept and strategy always need constant revision. Product cycle can apply to both a category of a product or a brand and underlines most business planning models because of sales and profitability. It has a number of stages which are usually characterised by the amount of revenue brought in by the product at certain stages
Premium Marketing Strategic management