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- Creative Homework/Short Project Select a companyand identify an existing product sold by that companythat could potentially be further developed to meetnew consumer needs. Using the selected product, develop an approach to engage consumers in the processof value co-creation with the objective of developing anew version of the selected product(1) Can a brand with a bad reputation be rescued?Would a company be wiser to just drop a “bad brand”and start fresh with something new? (2) Is staying withthe same product only a case of brand “loyalty”?Could other factors be in play that lead consumers ororganizations not to switch brands? Explain youranswerCritkal Thinking You work as a marketer for a largechain of upscale skin care boutiques that offer allnatural skin and beauty products. The price of youringredients has been rising steadily for over twoyears, cutting into your profits. To continue makingthe products, you must either increase your prices oruse less expensive ingredients. Your research tells youthat the market won't tolerate a price increase, soyou have decided 10 use the less expensive ingredients from new suppliers. What, if anything, do youtell your customers? What are some of the possibleramifications of this decision for your business, yourcustomers, and your suppliers?
- Critical Thinking Have you ever “liked” a companyor product page on Facebook? Why did you do so?How often do you follow this company or product?Have you ever posted comments? If so, what was thepurpose of your comments? Do you feel the brand’smanagement communicates effectively with the brandcommunity through this medium? Why or why not?What could the brand management do betterAnswer the three questions at the end of these details from previous question - Mir Cola is the brand of soft drinks that our business sells. Since our product is made of soda, the name Mir Cola is a perfect fit. Mir Cola provides a variety of the most refreshing solutions for people looking for high-quality beverages; each flavor Mir-Cola beverage makes it enjoyable for consumers. Unlike other beverage options, Mir-Cola products promote the enjoyment and improve people's lives, and the company is utterly committed to meeting the demands of consumers and clients. Customers who come across any Mir-Cola product will first note the various package styles employed for the company's assortment of soft drinks. The packaging of Mir-Cola sets them apart from o. The products are packed in an orange-colored can. Along with the packaging, Mir-Cola makes sure that customers can purchase these various varieties of drinks in various volumes. The plastic bottles come in sizes of 0.5, 1, 1.5, and 2…Critical Thinking Brand elements and brand equity aredistinct. Virtually all products will have a brand name, alogo, utilize certain colors, have a slogan, and so on, yetthe degree of brand equity varies significantly.Outline the key differences between brand elements and brand equity. What advantages do strong brands have over weak brands in the marketplace?In your opinion, what are some of the most effectiveways to build a strong brand?
- 1) Would you purchase a hybrid food product that mixes plant-based meat with real animal products? Why/why not? 2) Propose a new food product that contains a mix of plant-based meat ingredients and real animal products Describe your product idea in detail. What is it? How is it eaten? What ingredients would your idea contain? Why do you think it would be popular?Do a search on "Best Websites" and "Worst Websites" or something similar Find two examples, one good and one bad, of web design and marketing targeted to a specific customer set. The best comparisons are when both companies are in the same business. Compare and contrast the two sites by describing the pros and cons of each website in a side by side table format. Tell us what you think is well done for your "good" site and what you would do differently to increase customer attraction to the "bad" site. Provide at least 1 reference from the text book and at least 2 other sources that support your analysis. Provide the URL for the sites you analyzed. Visit the sites analyzed by at least two other classmates and provide a discussion response to their analysis, either in support or disagreement of their analysis. Your response should enhance the discussion by contributing new thoughts.Read the following article. It discusses the critical marketing difference between features and benefits of a product. https://www.entrepreneurship.org/articles/2007/01/productservice-features-and-benefits 1. In your own words, describe the difference between a feature of a product and the benefit which a customer gets from a product. 2. Considering paint used by a homeowner: 1. Please describe 4 paint features you have found from looking at paint websites. 2. Please describe three benefits which are delivered by one of, or a combination of the features you described.
- Creative Homework/Short Project Select a companyand identify an existing product sold by that companythat could potentially be further developed to meetnevv consumer needs. Using the selected product, develop an approach to engage consumers in the processof value co-creation with the objective of developing anevv version of the selected productWith Products, Is It Form or Function? Some marketers believe that product performance (function) is the main attribute of a product. Other marketers maintain that the look, feel, and other design elements (form) of products are what really sway the customer’s decision. Take a position on the ‘form vs function’ debate, i.e. How would you argue that Product Performance is the key to brand success OR how would you argure that Product Aesthetics are the key to brand success. Answer in less than 250 wordsCompare and contrast a four Ps approach to marketing versus the value approach (creating, communicating, delivering and exchanging value). What would you expect to be the same and what would you expect to be different between two companies that apply one versus the other approach? You are considering working for United Way upon graduation. Explain how the marketing goals, strategies, and markets for the nonprofit differ from a for-profit organization How has PepsiCo employed a product development strategy? Describe the value propositions the social networking sites YouTube and Facebook offer Web users.