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- Which product-market combination has the greatest potential?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.How does branding relate to competitive advantage? Why do all firms not brand their goods, if this enables them to raise their price?
- Pick two competing brands from a familiar product category (watches, perfume, consumer electronics, restaurants)—one low priced and the other high priced. Which, if either, offers the greatest value?List three of your favorite brand names. What do you like about the product and/or brand name? What do you dislike? What image does the brand have in your mind? How loyal are you toward the brand? When was the last time you abandoned a brand name you had used for some time in favor of a new brand? Why did this happen?Explain with the use of examples, why do some products experience long successful lives while others have very short life cycles?
- Below is a list of descriptions and/or elements of a concept. Read each description carefully and identify the concept. Your answer should include only the correct word or concept. A term that refers to the process of planning and executing the conception, pricing, marketing communication and distribution of ideas, products, and services to create exchanges that satisfy individual and organisational goals. A term that describes the activities used to transfer the market offering to the buyer.Activities include primary, auxiliary and exchange activities. The focus of this term is to identify core customers; establish relationships with these customers; maintain and enhance those relationships; and, if and when necessary, terminate those relationships so that the objectives of all parties involved are met. This exists when there are relatively few businesses marketing a particular product and it controls much of its supply. It is the careful gathering, processing, analysing and…What strategies can companies use to extend a product's life cycle and maximize its profitability?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?
- In this module, the product life cycle was defined as a concept that explains how products go through four distinct stages from birth to death including: introduction, growth, maturity, and decline. Each stage is actually based on the market's response to the product. This dynamic causes firms to adjust their marketing strategies so that they are in alignment with the current stage. For this discussion, review the Product Life Cycle Strategies on pg. 304 in your text and respond to each prompt. Identify one product for each stage in the product life cycle (i.e., four different products) and explain how each product fits in its particular stage, as noted. • For the product you identified in the introduction stage, tell us what strategies you would use to launch this new product. For the product you identified in the growth stage indicate what strategy would be necessary to maintain brand loyalty as competitors now are entering the market. For the product you identified in the maturity…Discuss how the profitability of your product will change as it moves through each of the phases of the product life cycle.Consider the product line offered by your local McDonald's franchise. Discuss examples of product width, length, depth and consistency offered by this company and what the company may consider in defining its product mix.