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Any marketing actions a firm takes today can change consumer’s brand awareness or brand image and have an indirect effect on the success of future marketing activities. For example; the frequent use of temporary price decreases as sales promotions may create or strengthen a “discount” association to the bran, with potentially adverse implications on customer loyalty and responses to future price changes or non-price-oriente marketing communication efforts. Marketers must actively manage brand
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New products and brand extensions:
New products are often vital to the long run success of a firm. When a firm introduces a new product, it has three choices for branding it:
It can develop a new brand, individually chosen for the new product.
It can apply one of its existing brands.
It can use a combination of a new brand and an existing brand.
A brand extension occurs when a firm uses an established brand name to introduce a new product. When a new brand is combined with an existing brand,
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Developing a brand architecture strategy:
Support mkrs to determine which products and services to introduce, and which brand names, logos, symbols to apply to new and existing products.
The main roles are:
-To clarify brand awareness: Improve customer understanding.
-To improve brand image: Maximize transfer of equity
3 step process to develop an effective brand architecture strategy: To successfully execute a brand architecture strategy, marketers should use brand portfolio analysis for step
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Unit I REALMS OF CREATIVITY
Objective of creativity
- To enhance creative potential by strengthening various mental abilities and shape an ordinary learner to become an extraordinary learner.
- To expose the learners to creative problem solving exercises by developing integrative intelligence to become managers with creative skills.
- To help the learners to become thoughtful managers by understanding workplace creativity and ways of harnessing (tie together) it for organizational excellence
- To expand the
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Standard deviation: average measure from data and mean (square root of variance).How far the data is on average from the mean.
Solve: Find the variance and take the square root of it.
Coefficient of Variation: standard deviation of two sets of data. Shown as as a percentage and measures the variation side by side with the mean
Solve:: CV = standard deviation/ mean * 100
Counting numbers is discrete
Center and Variability:
Descriptive Measures: a single number thats comes from the sample data
Central
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1. What does the price elasticity of demand measure?
e. | a consumer’s sensitivity to a price change REF: Determinants of the Price Elasticity of Demand |
2. From the accompanying table, we would expect that, for recreational skaters, the price elasticity of demand for ice skates between $10 and $20 to be ________ than that of hockey players because ________.
Price of Ice Skates | Quantity Demanded (hockey players) | Quantity Demanded (recreational skaters) |
$10 | 95 | 70 |
$20 | 85 | 50 |
$40 | 75 | 35 |
$50 | 65 | 45 |
$ |