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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 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 productCritical 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?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-Idea generation is meaning the systematic search for new product ideas. Agree Disagree 2-Product mix consistency indicates the various product lines are in end use. Agree Disagree 3-The production concept meaning consumers will favor products that offer the most in quality, performance and innovative features. Agree Disagree1) Criteria for choosing brand elements are........... Select one: O a. All the options O b. Protectability O c. Likability O d. Transferability 2) Consumers offer their .............. and loyalty with the clear understanding that the brand will behave in certain ways and give them consistent product performance and appropriate pricing, promotion and distribution programs Select one: O a. Support O b. Trading O c. Trust O d. Efficiency1. Customers prefer one brand over another based on its value, which, in turn, is based on different combinations of a. perceptions and costs. b. needs and wants. c. benefits and perceptions. d. benefits and costs. 2. Understanding your target market so well that you build a relationship with them over time defines what? a. a social orientation b. a sales orientation c. customer relationship marketing d. retention of sometimes undesirable customers 3. Which statement is valid in managing exchanges between a company and its customers? a. The company wants to maximize customer benefits b. Customers are the primary drivers of the purchase decisions. c. Customers want to pay the least amount possible d. The two parties have conflicting goals 4. Cover Co. is a new company with two employees: the husband and wife that founded the company. Cover makes trash can covers that help keep outdoor trash cans secure. Which segmentation method would Cover be least likely to use and why? a.…
- Brand characteristics that are symbolic and functional merge well to make attractive and memorable brands. (a) Critically analyze and discuss the benefits and pitfalls of branding. Use real-life examples to support and illustrate any arguments you make. (b) Identify two types of brand characteristics and explain how these work together or separately to make the brand effective for its producers. Use any two (2) organizations and their respective brands to support your argument.Choose a product and then describe how you would use the Ansoff product-market growth matrix to design strategies for market penetration, product development, market development, and diversification of that product. Do not copy from another chug answer. Authentic answers only please.What methods would you suggest to assess the po-tential commercial success for the following new products? (a) a new, improved ketchup; (b) a 3D TV system that took the company 10 years to de-velop; and (c) a new children’s toy on which the company holds a patent.
- 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?I would appreciate it if you could provide an answer that is clear and precise. What distinguishes OOPs from other types of products?“Great products + Weak branding = Weak sales.” The CEO of Blendtec said this before his Will It Blend? videos became an internet sensation. How does the hierarchy of effects model explain the CEO’s comment and the sales results that followed this marketing success?