Companies invest millions to develop, promote, and establish a brand. Define brand equity and how brand equity contributes to a business’s success.
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- Discuss Why is brand management important for a company's success?What strategies can companies use to extend a product's life cycle and maximize its profitability?Why is branding important? Analyse a brand of your choice showing how it differs from a close competitor. You should use a model such as the brand building blocks or other similar model to inform your analysis.
- What is a brand? What are the characteristics of a goodbrand name? how do firms protect their brands?Discuss the relationship between brand equity, brand value and share of heart. How can a company use these concepts in practice?Assessing the current set of brand personalities is one of the aspects of evaluating the strategic fit of a firm. True or False? Why?
- Select a product you are familiar with. Do research about that product. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?how do companies measure the success of branding for innovative products and services?Evaluate the economic impact of a new product on a company.
- Do some research and find a company that has done a good job establishing brand equity. Describe which one or more of the four dimensions the company targets in its equity effortsThink about a specific brand that you use and discuss the following: Identify the branded product and discuss the brands value proposition. Describe the brand’s current marketing mix (product, place, price and promotion) How well does the marketing mix reflect, deliver and communicate the brand’s value proposition? What changes would you recommend to improve the marketing mix and why?What steps can a company take to expose customers to its brand?