Mm16

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Mm16

  1. 1. Answer from the pre-class reading only. Negative marks will be applicable for wrong answers. Answer in one or two sentences.  Presidency Business School, QUIZ no. 5  Name : Date:  Sem: 1(MKU) Marketing Management
  2. 2. 1.What is product Idea ? 2. What is product concept ? 3. How many concepts have been listed with respect to the product idea of food product? 4. What is concept testing 5. What do many companies use today to design new products?
  3. 3. 1.What is product Idea ? A possible product the company might offer to the market. 2. What is product concept ? An elaborated version of the idea expressed in meaningful consumer terms. 3. How many concepts have been listed with respect to the product idea of food product? 3 4. What is concept testing Involves presenting the product concept tp appropriate target consumers and getting their reactions. 5. What do many companies use today to design new products? Customer-driven engineering.
  4. 4. Companies that fail to develop new products are putting themselves at great risk. Their existing products are vulnerable to changing customer needs and tastes, new technologies, shortened product life cycles and increased foreign & domestic competition.
  5. 5.  At the same time new-product development is risky.  New products are failing at a very high rate. What are the reasons to fail ?
  6. 6. 1. Executive pushes inspite of negative market research findings 2. The idea is good but the market size is overestimated 3. The product is not well designed 4. The product is not positioned properly 5. Development costs are higher than planned 6. Competitors fight back harder
  7. 7. Other reasons hinder new product development 1. Shortage of ideas 2. Fragmented markets 3. Social and governmental constraints 4. Costlinesws of the developmental process 5. Capital shortages 6. Faster required development time: Concurrent-new product development 7. Shorter product life cycle
  8. 8. What is a brand ?  American Marketing Association defines a brand as follows: Brand is • A name • A term • A sign • A symbol • A design or a combination of all these intended to identify and differentiate from competition
  9. 9. A brand is a complex symbol that can convey up to six levels of meanings and there is a two way rub- off between the brands and the meanings • Attributes • Benefits • Values • Culture • Personality • User
  10. 10. 1. Expensive, cheap, durable, strong - Attributes 2. Translates into functional benefits – Expensive- makes me feel important and prestigious - Benefits 3. Mercedes – safety, prestige, very high social status - Values 4. Japanese – hardworking, industrious - Culture 5. Mercedes – no nonsense, efficient - Personality 6. Mazda – young user , upcoming executive, Mercedes-MD, Chairman – User
  11. 11.  A Branding is the art and cornerstone of marketing.
  12. 12.  Brand Equity Brands vary in the amount of power and value they have in the marketplace. Brand awareness Brand Acceptability Brand Preference Brand Loyalty. Brand equity is related to how many customers are satisfied and devoted to the brand
  13. 13.  Branding decision: To brand or not to brand.  Today hardly anything goes unbranded. Even salt oranges etc.
  14. 14.  Advantages of branding: 1. Easier for the seller to process orders and track down problems 2. Legal protection of unique product features 3. To attract loyal and profitable set of customers. Brand loyalty provides protection from competition.
  15. 15. 4. Branding helps the seller segment markets. 5. Strong brands help build the corporate image, making it easier to launch new brands and gain acceptance by distributors and consumers.

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