ms-63 jan june 2017
TRANSCRIPT
MS-65 SAMPLE MS-63 FIRST SEMESTER 2017
Course Code MS - 63 Course Title Product Management Assignment Code MS-63/TMA/SEM - I/2017 Assignment Coverage All Blocks
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School of Management Studies INDIRA GANDHI NATIONAL OPEN UNIVERSITY
MAIDAN GARHI, NEW DELHI – 110 068
1. As a Brand Manager of a leading multi-speciality hospital with all India operations, what brand name would you suggest? Justify your choice. A brand name delivers a promise or ---------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------, build loyalty and earn high profit margins.
When customers have a favorable image of a ----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------- because it simplifies the buying process.
Customers remember the experiences they -------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------- attributes and distinct product qualities.
Health care industry is one of the fastest ----------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------medical clinic or a healthcare center / facility.
Starting a hospital is one of those businesses that require you to first look at the existing laws in the country or the State you
reside, before going all out to start the business.
We know that Every entrepreneur -----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------qualified employees as foundation staff of the
organization. We hope to leverage on their expertise to build our hospital brand.
As a brand manager I will suggest hospital name ‘Jeevan’ Multi-specialty Hospital, because the word ‘Jeevan’ means life
and the main purpose of a hospital is to -----------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------patients and this word can motivate hospital doctors
and nursing staff to save life people.
Creative brand name is the basic thing for --------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------and important, choosing a creative company name
can attract more attention. Cool names are remembered easily, while names that describe what your company does sound like all
the rest. .
Branding is fundamental. ---------------------------------------------------------- value for companies and corporations.
Hospital ------------------------------------ more sophisticated. As their consumerism grows, the importance of transparency and
value will increase, and, as is the case in ----------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------, and co-author of Repositioning: Marketing in an
Era of Competition, Change and Crisis offers five tips to improve a hospital or health system's brand.
1. Think of your brand as a promise. A hospital's brand is a promise ---------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------a good reputation by
doing -------------------------------------------------------------------------------------------------------------------------------------------- entity
— it evolves, and it is enriched or undermined by your actions."
2. Understand your strengths, weaknesses. Any hospital's ----------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------research should ask community
members what they think is -------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------, will give some indication of why it's not preferred.
One point also to note that consumer --------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------what they have done and what they are prepared to do to
change perception."
No matter the hospital's current position in the market, communications efforts around brand should reflect reality. For example,
a market share leader with --------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------on its commitment to improvement. .
"It's action first, communications second----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------do, and only 15 percent is what you say about it."
3. Differentiate. After identifying areas of -------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------. According to me, potential differentiators include:
• The patient experience— for ----------------------------------------------------------------------- in the market;
• Centers ----------------------------------------------------------------------------- service lines;
• Heritage/------------------------------------------------------ community;
• Highest -----------------------------------------------------physicians;
• Industry -------------------------------------------------------------, Magnet status, etc.);
• Newest --------------------------------------------------------------------------------- procedures; and
• Widest --------------------------------------------------------------------------------- area.
4. "Sell" the brand to employees first. After determining how a hospital will position itself, hospital leaders should sell that
identity or brand first to its --------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------about much of anything, unless the people inside believe it first."
How have hospitals promoted a new branding ---------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------or TV storyboard gives employees that
important first look. And then make a fuss over the ---------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------updates about new messages or special media buys."
5. Market the brand and connect it to the bottom line. After gaining buy-in from employees, hospitals should take their
branding messages to the public through ---------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------— a step many hospital marketing departments stop
short of. "With ----------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------get measured, it can't really be managed."
Measuring return on investment will --------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------in Indiana reported on sending information packets and
gifts to new residents, a program that --------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------on admissions and discharge records.”
Mr. Rivkin also pointed to a hospital in the South -----------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------ was part of the success story — the EKG
results were graded as either normal, borderline or abnormal. The report was mailed to the consumer within two weeks. In their
analysis of 875 screenings, there were ------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------, an inquiry about the result, or for information about
agencies that help the uninsured."
I cautions, however, that some screenings are not as successful in terms of ROI. For example, gastric --------------------------------
--------------------------------------------------------------------------------------------------------------------------------- bottom line impact
very difficult.
I also believe a bottom-line orientation should ---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------were acquired? How much revenue was
generated? Can we project a "lifetime” value of these new relationships?"
In addition to providing a solid, short--------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------high-level talent to the organization.
Brands do not become established or leading brand over night. Brand building should be a conscious effort well planned and
systematically executed. Thus, brand --------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------and later maintained on a continuous basis. Similar analog
applies to `rand building i.e. the marketer should develop, -------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------is an ongoing process. The model may
be used to illustrate the salient steps of various inputs outcomes, and assessment.
2. Taking the example of toothpaste, explain how you can generate new product ideas using:
(a) Attribute analysis
Attribute -----------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------than the thing itself.
Attribute Listing, Morphological -------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------Listing and Morphological Analysis to generate new products
and services.
Attribute Listing focuses on the --------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------products and services. Attribute listing involves breaking the
problem down into smaller parts and looking at alternative solutions.
The attribute listing technique is often used in the -----------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------an advantage over their competitors. It is one of
the best ways to generate ideas, whereby there any many parts to the problem / challenge faced.
Example of the toothpaste brand “Colgate”, the consumer ------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------parents are repetitively buying the
same brand. Alternatively, it might be learnt by often repeated advertising in television. During the next shopping he or she will
recognise the brand, associates it with a high-----------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------buy the good only relying on the brand, whereas he
may not know the attributes of this specific brand. ----------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------him learn any other attributes, which might be
negative or positive.
Brand- Imported (--------------------------------------------------) or Made-in-India
Price- Rs. 20- 50, -------------------------------------------------------------- Rs. 201 and above
Flavour- Original, ----------------------------------------------------------- and others.
Pack design- ------------------------------------------------------------------- , without cap
Use- -------------------------------------------------------------
Structure- General, ---------------------------------------------------------------- protection.
Volume- 20 Gram, 50 ------------------------------------------------------. >200 Gram
We use the conjoint analysis model to study peasant’ cognitive attributes to refrigerator products, through a detailed analysis of
effective questionnaires collected from many ----------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------the Chinese peasant’ demands of refrigerators vary
along with the differences in price, brand, quality, and region.
There is a “threshold value” of income for peasants---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------of comprehensive benefit”, “the type of brand-
orientation”, and “the type of price advantage”.
(b) Focus groups Generating new product ideas using Focus group
Focus groups have become --------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------find them useful for staying close to consumers and their ever-
changing attitudes and feelings. Focus ------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------strategies and promotional campaigns.
Focus groups are essentially discussion groups. -------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------as test concepts. This type of market research is
known as qualitative research. Unlike quantitative research, which provides hard numbers on which to base conclusions,
qualitative research provides the kind of information that --------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------expert panels. These methods are to be
contrasted with quantitative techniques, such as behavioral and attitudinal surveys, which generate quantifiable data.
Quantitative data can also be generated from different types of advertising studies and product tests that use representative
population samples.
For example, toothpaste companies --------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------has used focus groups to improve the quality of their cases.
Nonprofit organizations have used focus ---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------up employee focus groups to learn more about employee
motivation. Colgate well utilizes focus groups to generate new product ideas for their product line of toothpastes and got
tremendous success on that.
3. Explain the factors influencing product line decisions in respect of FMCG products. Product line:
In marketing jargon, product lining is -------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------sale as a unit, product lining involves offering the products
for sale separately. A line can comprise related --------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------- the products that make up the line are. Line
vulnerability refers to the percentage of sales or profits that are derived from only a few products in the line.
All the products sold by a multi-product ----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------sold by large retail companies’ example Wal-Mart.
Typical descriptions of product lines --------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------product mix; alternatively it can also have multiple product
lines. For example, we have retailers that --------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------both these lines of product, plus many more lines.
A product line that shows that it meets the --------------------------------------------------------------------------------------------- needs of
another group. Unilever, the ------------------------------------------------------------------------- Dove beauty products for women, --
-----------------------------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------the trust that customers place in the Dove brand name.
Companies also can appeal to ----------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------appeals to bargain-minded customers, or as an up-market stretch,
which appeals to luxury--------------------------------------------------------------------------------------------------, where manufacturers -
------------------------------------------------------------ as Nissan's Infiniti, Toyota's Lexus and Honda's Acura.
The biggest reason for a product line --------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------additional scents, fabric softeners and bleach. During the
fitness craze of the 1970s, major soft drink -------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------to The Wall Street Journal, Diet Coke became the No.
2 soda in the ----------------------------------------------------------------------------- ahead of Pepsi-Cola.
Product Mix:
Product mix pertains to the variety of -------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------, width, length, depth and consistency.
Product mix, also called product -------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------in its product mix. For example a cement plant may sell just one
type of cement. Other --------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------of products in its product mix.
The product mix includes four elements. ---------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------- includes. The term Depth touches on how many
versions of a given product a line offers. Finally, ------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------how they are produced or distributed.
For example, an automotive manufacturer could be two product lines "wide:" cars and trucks. The car line "length" could run
from sub------------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------in base, mid-range, higher-end and sport trim: 12 models. Finally, much of an auto
manufacturer’s product mix is consistent in that -------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------- franchises.
The depth of ------------------------------------------------------------------------------ are offered in the line for examples, Halo
shampoo from Colgate-------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------seven flavors which also forms the depth of the product mix.
The factors --------------------------------------------- in FMCG products.
a) Product line managers have to decide ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------or that are seeking high market share and market growth, usually carry longer lines.
b) A different objective is to create a ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------line that protects against economic ups and downs; Electrolux offers white goods --------------------------------------------------------------------------------------------------------------------------------------------------------------segments, in part in case the economy moves up or down.
c) Over time, product line -------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------product line to satisfy their customers, or because the firm ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and line filling.
d) Each and every marketer’s product line covers a only a certain portion of total possible range. For example, Audi in ---
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------beyond its current range.
e) A company offering middle class or upper class ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------is located at the upper end of the market later stretches its lines downwards.
f) The firm may have first -------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------end by invading the low end.
g) In stretching --------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------competitors to counteract by moving into the higher end.
4. Taking the example of a product of your choice, explain how a company’s marketing mix strategies may vary depending on different stages of its product life cycle. Understanding the Product Life --------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------simultaneously maximising the sales and profits that could be
achieved throughout the product's life cycle.
Variation of different stages of PLC are as follows:
The impact on the marketing mix is as follows:
o Product- branding & -----------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------a new product).
o Price- Price skimming may ---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------to build market share rapidly.
o Promotion- ----------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------adopters.
o Place- Limited ---------------------------------------------------------/locations.
In the growth stage sales start to grow rapidly. --------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------. Some just copy the most
successful product, or try to improve it to compete better. Others try to refine their offerings to do a better job of
appealing to some target markets. -------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------in the growth phase of its life cycle. The
advantages of the Internet have ----------------------------------------------------------------------------------------------------------
-------------------------------------------------------------its life cycle. The impact on the marketing mix is as follows:
o Product- product quality -------------------------------------------------- may be added.
o Price- is ------------------------------------------------------------------ have entered.
o Promotion- advertising is ------------------------------------------- advertising to encourage brand loyalty.
o Place- distribution ---------------------------------------------------------- accept the product.
In the Maturity stage competition gets -----------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------rise and competitors continue to cut
prices to attract more business. During the maturity phase, less efficient firms can't compete with the increasing
pressure on prices and drop out of the market. ----------------------------------------------------------------------------------------
---------------------------------------------------------------------------------. Price wars and intense competition occur. At this
point the market reaches saturation. Producers begin to leave the market due to poor margins. Refrigerators illustrate a
product that has hovered at maturity ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------. The impact on the marketing mix is as follows:
o Product- features -------------------------------------------------------------------- of competitors.
o Price- competitive ----------------------------------------------------------------------- of price wars.
o Place- distribution -------------------------------------------------------- preference over competing products.
o Promotion- emphasizes -------------------------------------------------------------------------------------------------------
------------------------------------------------------------------tools like premiums, discounts, coupons, cash rebates,
"free" goods, specialty advertising, and demonstrations are used.
In the Decline stage, new products replace the old. ---------------------------------------------------------------------------------
----------------------------------------------------------------------------------------successfully differentiated their products.
They may also keep some sales by appealing to the most loyal customers or those who are slow to try new ideas. Costs,
because competition is still intense, -----------------------------------------------------------------------------------------------------
--------------------------------------------------------------------life cycle. As sales decline, the firm has several options:
o Maintain the product- possibly ------------------------------------------------------ finding new uses.
o Harvest the product- reduce ---------------------------------------------------------- niche segment.
o Discontinue the product- liquidating ------------------------------------------------ to continue the product.
When the product reaches the end of ---------------------------------------------------------------------------------------------------
----------------------------------------------------------------------ways that sales may be given a boost. Some possible ways
businesses might extend the life cycle of their product are as follows:
Introduce new ---------------------------------------------------------------------------- version
Use ------------------------------------------------------------------------------ campaign
Sell into new --------------------------------------------------------------------------- country
Introduce ----------------------------------------------------------------- of the product
Sell ------------------------------------------------------------------ retail outlets
Modify the -----------------------------------------------------------------------------------------------------------------------
-------------------------------------------- adding free set-up and delivery are good examples.
Example – Life cycle stages of Nutri-Grain (Brand of Kellogg’s), whilst some of its brand characters, like Snap,
Crackle and Pop, are amongst the most well-known in the world.
The product Life cycle of Nutri-Grain
Each product has its own life cycle. It will be ----------------------------------------------------------------------------------------------
---------------------------------------------------------------------------for a long time. Others may have their success undermined by
falling market share or by competitors.
The product life cycle shows how sales of a product --------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------for each stage will vary widely. Growth, for example,
may take place over a few months or, as in the case of Nutri-Grain, over several years.
However, perhaps the most important -------------------------------------------------------------------------------------------------------
------------------------------------------------------------------in the market. The costs of market research - to identify a gap in the
market and of product development to ensure that the product ---------------------------------------------------------------------------
----------------------------------------------------------------------------------------------missed breakfast. It aimed to provide a
healthy cereal breakfast in a portable and convenient format.
1) Launch - Many products do well when they are --------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------almost 50% share of the growing cereal bar market
in just two years.
2) Growth - Nutri-Grain's sales steadily --------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------product with new developments of flavor and format. This is
good for the business, as it does not have to -------------------------------------------------------------------------------------------
------------------------------------------------------------------------------breakfast” product to an 'all-day' healthy snack.
3) Maturity - Successful products attract other competitor ----------------------------------------------------------------------------
---------------------------------------------------------------------------------------------profitability, when profits can be used to
continue to build the brand. However, competitor ------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------this slowed down sales and chipped away
at Nutri-Grain's market position. Kellogg's --------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------Elevenses continued to succeed, this was not enough to
offset the overall sales decline.
4) Saturation- This is the fourth stage of the life ----------------------------------------------------------------------------------------
---------------------------------------------------------------------------------. This is called market saturation and is when sales
start to fall. By mid-2004 Nutri-Grain found its sales declining whilst the market continued to grow at a rate of 15%
5) Decline - Clearly, at this point, Kellogg's had -----------------------------------------------------------------------------------------
-------------------------------------------------------------------withdraw it from the market, or should it try to extend its life?
Suitable pricing and promotional strategies for Nutri-Grain When a company recognizes that a -----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------of the overall aims of the business.
i. The brand message was not strong ------------------------------------------------------------------------------------------------------
------------------------------------------------------------------- communication strategy for its promotion.
ii. Some of the other Kellogg's products (e.g. Minis) had taken the focus away from the core business. Due to variety of
products launch at same time, ------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------in shopping malls, cinema complex etc.
iii. The core products of Nutri-Grain -------------------------------------------------------------------------------------------------------
------------------------------------------------------------------budget should be revising for the hot selling products.
iv. Those sales that were taking place were being driven by promotional pricing (i.e. discounted pricing) rather than the
underlying strength of the brand. In -----------------------------------------------------------------------------------------------------
--------------------------------------------------------------------get visibility in the market.
Taste test should be in take place for customer suggestions. Effective offers need to be announce time to time to attract new and
existing customers.
5. Explain the various interpretations of the term ‘new product’ giving suitable examples. Various --------------------------------------- term ‘new product’
1. Getting ------------------------------------------ across
When it comes to communicating your --------------------------------------------------------------------------- considering:
2. Storytelling
An established technique in branding a -----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------key, but it paints a picture of the provenance of the company and its
products.
Sheffield butcher John Crawshaw, for example, hand------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------packs from an abattoir.
So, to illustrate this aspect ---------------------------------------------------------------------------------------------------------------------------
----------------------------------------------was designed for Crawshaw’s business.
3. Credibility
The credibility of your brand’s offer must also be solid. For example, a --------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------this range because it was associated too
directly with the drainage side of the business. --------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------with greater credibility.
4. Differentiation
A great deal of branding is about -------------------------------------------------------------------------------------------------------------------------------------------------------------------------your competitors.
Construction company Hilti provides an example of -------------------------------------------------------------------------------------------------------------------------------------------------------------------------its relationship with the people involved in construction, showing black and white photographs of workers using Hilti tools, which are highlighted in the company’s corporate red.
5. Engaging -----------------------------
Part and parcel of creating --------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------will look at what you’ve got to say.
When Orange launched in the mobile phone market in 1994, its identity, language and offer were very distinctive from its
established rivals. It presented an optimistic vision of the --------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------, T-Mobile and Vodafone, and its services were organised
into simple talk plan packages.
For over a decade, this approach has remained --------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------featured a series of individuals (including recognised entrepreneurs,
artists and writers) listing the people that have most influenced the course of their lives.
By appealing to everyone's --------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------, Orange are able to extol the benefits of their
service without ever having to mention mobile telephones.
6. Focusing ----------------------- portfolio
If you have a number of different products or ----------------------------------------------------------------------------------------------------
---------------------------------------------------------------------company structures can dictate how a product offer is organised, but
this does not necessarily mak------------------------------------------------------------------------------------------------------------------------
------------------------------------------------- setting things up differently from your internal organisation.
Rationalisation of products or ----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------, household cleaning product manufacturer Challs did exactly this by shifting the focus
to four key products, rather than the 92 it had previously been promoting.
Make no clear -----------------------------------------------. For example:
Orange – bright, ---------------------------------------------- Aviva – an invented --------------------------------------- and movement Toast – suggests ---------------------------------------- warmth
Consistency
In branding and brand management -------------------------------------------------------------------------------------------------------------------------------------------------------------------------. Essentially, ‘the big idea’ touches and informs everything you do.
Some contemporary brands are less -------------------------------------------------------------------------------------------------------------------------------------------------------------------------elements or templates. The London 2012 Olympics logo, for example, was designed by ------------------------------------------------------------------------------------------ adaptations in mind.
Evolution or ----------------------------
An important question when ------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------of your company’s or product’s image.
Broadly speaking, evolution is preferable if you are already in a strong position with a solid customer base and you just need to
keep up with a growing or ---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------inception of your current brand or you have no
point of difference from your competitors.
Another Example
A slightly more ---------------------------------------------------------------------------------------------------------------------------------------
----------------------------------as an endorsement of the new brand. Playstation, for example, is a powerful brand in its own right,
but it has always been endorsed as Sony Playstation, leveraging the reputation of Sony Corporation.
6. What do you understand by the term ‘convenience products’ and ‘speciality products’? How does the buying behaviour differ for the two? Explain its implications for the marketers. Convenience Products
A convenience product is ----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------Ninja decides that he is in need of a snack. He finds the closest convenience store and
rushes in and picks up his favorite Ninja Energy Bar for one dollar. Other items that would fit a convenience product example
would be if the ----------------------------------------------------------------------------------------------------------------------------------------
---------------------------------brand of soda or type of candy bar.
The items which are bought frequently, -----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------. the shops which keep the convenience goods are called convenience stores.
Often convenience goods are non durable.
Some common features:
1. Generally ---------------------------------- durable
2. Purchased ----------------------------------- locations.
3. Regular ------------------------------------------- demands
4. Generally ----------------------------------------- low prices
5. Most of ------------------------------------------------ in prices
6. Sales ---------------------------------------------- are very important.
Examples- Salt, --------------------------------------------------, Bread, Etc
-------------------------------- products
Specialty products are products not ----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------unique in nature—meaning not easily substituted.
Generally, a wedding is a one-of-a-kind event ---------------------------------------------------------------------------------------------------
------------------------------------------------------------------spend months, if not years, identifying the perfect dress for their wedding
day. Wedding dresses tend to be more expensive ------------------------------------------------------------------------------------------------
---------------------------------------------------------------------, with some machinery involved.
The specialty goods incur special purchasing efforts and the items posses some special features.
The buyers are willing to ----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------etc. are the examples. The particular hotel, restaurant, hair salon, spa & resorts are examples
of services.
The comparison factor is absent in specialty goods.
Some common features
1. ------------------------------------------------- of buyers
2. Costly ------------------------------------ generally
3. Sold at ----------------------------------------- places
4. Aggressive ------------------------------------ required.
Examples- Specific --------------------------------------------------------------------, Services or legal specialists etc.
Buying --------------------------------- two differ
When individuals buy compulsively, they --------------------------------------------------------------------------------------------------------
-------------------------------------------------------------, inner deficiencies or negative feelings. This feeling makes consumers
purchase products to help alleviate negative ------------------------------------------------------------------------------------------------------
---------------------------------------------------------------obviously effect buying behavior to a great extent.
Convenience Goods: Commonly available-------------------------------------------------------------------------------------------------------
--------------------------------------------------------------) like toothpaste, soups etc.
Shopping Goods: A category of consumer ------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------Types of Consumer Products. Shopping goods
include buying a Nike shirt or Adidas shirt.
Specialty Goods: A category of -------------------------------------------------------------------------------------------------------------------
--------------------------------------------------desired brand for example Buying Rolex watch, BMW car etc.
Its Implications for marketers
There is a positive relationship between ----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------, as well as specialty products in supermarkets. It was proved that people prefer
buying specialty products such as, electronics from their original stores. The points I came across through this research were how
the manufacturers advertise their product (--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------Customers should be aware of the strategic techniques of the manufacturers.
In order to attract more consumers to buy their --------------------------------------------------------------------------------------------------
-------------------------------------------------------------------. Racks should be checked to time and the products where people make
decision without much thinking they should be placed at the front. --------------------------------------------------------------------------
-------------------------------------------------------------------------------------------. This research has been done by taking in to account
a city of Pakistan. Furthermore it can be done on unsought products. In which ways we can enhance the sales of unsought
products because of their very nature.
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