Week 4 - Discussion 1

Please read the following paragraph: Brand loyalty is regarded as an important indicator of success in the marketplace for nearly a century. Businesses enjoy several benefits through loyalty, such as reduced marketing costs and less price sensitivity, which provide the organization with a significant competitive advantage. Behavioural, attitudinal and mixed measures frequently identify positive feelings and satisfaction as prominent antecedents of brand loyalty. Consumer with these positive feelings may come together and form brand communities and act as an advocate for the brand. The reasons behind this behaviour (forming a brand community) are seldomly discussed in previous literature. Therefore, this study tries to investigate the reasons of forming a brand community (coming together with other consumers of the brand). Question : Please indicate which of the sampling techniques would you prefer and please state your reason.

Please read the following paragraph: Brand loyalty is regarded as an important indicator of success in the marketplace for nearly a century. Businesses enjoy several benefits through loyalty, such as reduced marketing costs and less price sensitivity, which provide the organization with a significant competitive advantage. Behavioural, attitudinal and mixed measures frequently identify positive feelings and satisfaction as prominent antecedents of brand loyalty. Consumer with these positive feelings may come together and form brand communities and act as an advocate for the brand. The reasons behind this behaviour (forming a brand community) are seldomly discussed in previous literature. Therefore, this study tries to investigate the reasons of forming a brand community (coming together with other consumers of the brand). Question : Please write two research questions for this problem . Please indicate which research design (exploratory, descriptive or causal) would you prefer to use for…

Provide an original example of a product or service to which you are brand loyal, meaning no other brand can be substituted.  How long have you been using this particular brand?  Explain the reasons for your brand loyalty. Consider the four aspects of market segmentation, and describe how the company segments the market for this particular product or service.

“It is generally accepted that there are three levels of brand acceptance linked toloyalty that a brand can instil in customers, namely brand recognition, brandpreference and brand insistence. These three levels go from weaker to stronger.”Makhitha et al (2016).In light of the above, write a paragraph in which you discuss the levels of brandacceptance.

what is the summary (bullet type) of this topic?

3. Describe the concept of a product's reference value. How would you calculate the reference value for a consumer product whose package size is different than the package sizes of all of its competing products?

Generally, the consumer’s purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. These two factors are best described as being: a. The availability of the product and unexpected situational factors. b. The attitude of others and the cost of the product. c. The attitude of others and unexpected situational factors. d. The cost and availability of the product.

Brand equity is a marketing term that describes a brand’s value. That value is determined by consumer perception of and experiences with the brand. If people think highly of a brand, it has positive brand equity. When a brand consistently under-delivers and disappoints to the point where people recommend that others avoid it, it has negative brand equity.Explain the brand asset valuator model andBrand Resonance model of brand equity to build a strong brand?

The essence of a broad differentiation strategy is to appeal to the high-end part of the market and concentrate on providing a top-of-the- line product to consumers. incorporate a greater number of differentiating features into its product/service than rivals. lower buyer switching costs. outspend rivals on advertising and promotion in order to inform and convince buyers of the value of its differentiating attributes. offer unique product attributes in ways that are valuable and appealing and that buyers consider worth paying for.

A value proposition is the full mix of benefits upon which a brand is positioned. There are five possible value propositions. Briefly explain and give an example on each one.

What are the three stages marketers use to measure brand loyalty? 2. Identify and briefly describe the different types of brands. 3. Why is brand equity so important to companies?    

Brand audit takes into the consideration qualitative as well as quantitative attributes of the brand. The qualitative attributes of the brand include attitudinal and behavioral loyalty of the customers while quantitative attributes contains market share of the brand, market ranking and revenue generated by the brand. For effective brand audit, it is essential to understand the gravity of customer loyalty. The value of the brand is derived from loyalty of the customers which includes emotional attachment, love, and positive attitude to remain in the relationship even in the price hike. These subjective elements need to be diagnosed for the assessment of the brand from the customer’s perspective. It is important to note that the value of the brand should be more based on perceived value of the customers and social pathology and individual psychology should be examined to review the demonstrative impact of the brand over society and individuals. For brand audit, loyalty of the customers…

You are a brand! To manage any brand effectively, you must carefully be in touch with what you think about your brand and what your consumers think of your brand. Understanding how the brand is perceived internally and externally is critical to building and managing a strong brand. Each student will develop and present their unique brand. The objective of this assignment is for you to practice using brand-building concepts in developing a brand that you should not only know extremely well but be well-versed enough to explain the brand, its features, values, challenges,and future growth – YOU

Explain the gap model of customer satisfaction Put yourself in the place of a seller of a product and explain how you would overcome each of these gaps. Use a real product.

Brands compete in markets and markets evolve. Some markets are emerging, while others are growing, maturing or declining. The nature of customers' needs and competitive intensity varies as markets move through their lifecycle. A challenge for marketers is to understand the size and nature of a target market, and to use good judgment to anticipate how that market will evolve going forward. Such knowledge will help marketers make better decisions, which in turn should support favorable marketing performance as measured by marketing margin and ROMI. Please create a thread and in it provide the following in a brief summary: Choose a market for a product or service of interest to you. The market can be business to consumer (B2C) or business to business (B2B). The geographic scope of your market can be limited (e.g., the City of Hartford), expansive (e.g., the world) or somewhere in-between, but you must specify it. Using data from any existing publicly available source(s), describe the…

The director decides to move forward to fix this issue. "I'd like you to come up with a strategy to fix this misperception by consumers. I want this strategy to create an almost involuntary reaction in the consumer of thinking 'good-tasting cookie' whenever they see 'Cocoa Cremes'." "I think once they learn and remember that the cookie brand stands for an enjoyable eating experience, we may see an increase in sales." Which strategy would you recommend to the director? Select an option from the choices below and click Submit. You recommend developing an advertising campaign that shows the brand name at venues, like sporting events and concerts, where younger people might see it and remember it. You recommend a nationwide sampling campaign where consumers are given free samples of the cookie, ensuring the brand name is prominent in all the advertising material the consumer sees before eating the cookie. You recommend developing an advertising campaign that pairs images of people eating…

Customer loyalty is an important aspect of building a brand,but sales are only one measure of customer loyalty. Supposeyou are a marketer for the goods or services below. For each,list the types of data you would want to collect to gaugecustomer loyalty, and the method you would use to gather it.a. athletic shoesb. bottled waterc. over-the-counter cold and flu medicationd. self-service car washe. travel agency that specializes in adventure vacations

1Identify all of the possible risks of a brand or line extension: Select one or more: a a diluted or damaged customer image of products associated with the line-extended brand b a weakened manufacturing and distribution process c a diluted or damaged brand image 2The first step in outlining a strong marketing positioning statement is to: Select one: a address the target audience b address the key reasons customers should believe in the statement c address the category or frame of reference 3In order for a company to market the same product or service to different markets, what step is critical for the company to take? Select one: a The company should generate different positioning strategies to target the different audiences b The company should show its product or service is similar to its competitors c The company should be consistent and use the same marketing mix for different audiences 4The advantage of market research is that it: Select one: a can be expensive b takes time c can…

Please answer in detail   Name and discuss 3 primary types of objections customers typically raise: 1. Price objection: Customer believes quoted price is too high. 2. Product Objection: Customer voices concerns about some element of product or service or customer might not be familiar with the product. 3. Time objection: Customer considering buying, but needs more time or customer has no intention of buying and wants to get rid of salesperson.   Imagine you are newly employed as an Assistant Vice President (AVP) of Corporate Sales at a marketing organization.  In the upcoming week, your team will be hosting a presentation for a new line of Tennis Rackets for 75 prospects. As you are aware, prospects are going to raise objections about this product. Using the compensation technique (admits the objection is valid but also discusses other benefits). and the acknowledgment technique (admits the objection is valid) discuss how one can apply these techniques to overcome objections. Why?…

Explain the steps involved in the typical consumer purchase. Also discuss what can happen following the actual purchase of a significant product that is on the expensive side.  Also discuss the concept of compensatory versus non-compensatory consumer decision models when purchases are involved.