MKT 300 [University of Michigan - Ross] With
complete verified solutions (Guaranteed Pass)
Marketing Myopia - answer Myopia = nearsighted
When companies are too PRODUCT ORIENTATED instead of CONSUMER
ORIENTED
What business are we really in?
Quarter inch drill = quarter inch hole`
Three Long-Held Concepts Every Marketer Should Rethink - answer 1.
Brand
- b4 ppl relied on brands to ensure quality, now there are others ways to
do this (internet)
= less barries for entry into the market and MORE brand volatity
2. LOYALTY
- ppl used to be very brand loayal, now ppl have more access to info
= LESS brand loyalty
,3. POSITTIONING
- consumers evaluate multiple attributes = you can no longer define
your brand by one feature
Fundamental Entity (FE) - answer The perspective from which you will
create marketing strategy
- relevant when there is a PARENT BRAND with sub brands
core competence - answer Firm skills that competitors cannot easily
match or imitate.
- leads to sustainable compettive advantage
- can be technical but often intangible components(implicit learning,
organizational coordination, corporate culture)
- an iNPUT not an output
- generates strategic assets, which in turn generate benefits for
consumers
umbrella brand - answer a family of products that all deliver the same
higher-order benefit
,ex: crest
distinct branding - answer firms offer several products with distinct
meanings, brand names, and logos, targeted to different audiences
ex: consumer packaged goods
hybrid branding - answer A branding approach that combines two
brands - the corporate brand plus separate brands - to designate
differences in product or service lines.
ex: BMW (keeps mini cooper seperate from other cars to distinct it)
three types of brand extensions - answer 1. product line extensions
2. category extentions
3 branded varients
- popular bc it can alleviate boredom
product line extentions - answer ex: doritos: cool ranch, late night, spicy
, same catagory - different products (ex: flavors)
Product Extentions - answer items offered in addition to the product to
make it more attractive to the target market
EX: law and order
= law and order special vitimes unit
law and order criminal intent
law and order trial by jury
category extensions - answer When a firm uses its brand to expand into
new product categories
- much risker
ex: Swiss (watch, knife, perfume)
every catagory extension is a brand extension
billboard effect - answer Bran extensions, same color/scheme make an
assortment look like a billboard
complete verified solutions (Guaranteed Pass)
Marketing Myopia - answer Myopia = nearsighted
When companies are too PRODUCT ORIENTATED instead of CONSUMER
ORIENTED
What business are we really in?
Quarter inch drill = quarter inch hole`
Three Long-Held Concepts Every Marketer Should Rethink - answer 1.
Brand
- b4 ppl relied on brands to ensure quality, now there are others ways to
do this (internet)
= less barries for entry into the market and MORE brand volatity
2. LOYALTY
- ppl used to be very brand loayal, now ppl have more access to info
= LESS brand loyalty
,3. POSITTIONING
- consumers evaluate multiple attributes = you can no longer define
your brand by one feature
Fundamental Entity (FE) - answer The perspective from which you will
create marketing strategy
- relevant when there is a PARENT BRAND with sub brands
core competence - answer Firm skills that competitors cannot easily
match or imitate.
- leads to sustainable compettive advantage
- can be technical but often intangible components(implicit learning,
organizational coordination, corporate culture)
- an iNPUT not an output
- generates strategic assets, which in turn generate benefits for
consumers
umbrella brand - answer a family of products that all deliver the same
higher-order benefit
,ex: crest
distinct branding - answer firms offer several products with distinct
meanings, brand names, and logos, targeted to different audiences
ex: consumer packaged goods
hybrid branding - answer A branding approach that combines two
brands - the corporate brand plus separate brands - to designate
differences in product or service lines.
ex: BMW (keeps mini cooper seperate from other cars to distinct it)
three types of brand extensions - answer 1. product line extensions
2. category extentions
3 branded varients
- popular bc it can alleviate boredom
product line extentions - answer ex: doritos: cool ranch, late night, spicy
, same catagory - different products (ex: flavors)
Product Extentions - answer items offered in addition to the product to
make it more attractive to the target market
EX: law and order
= law and order special vitimes unit
law and order criminal intent
law and order trial by jury
category extensions - answer When a firm uses its brand to expand into
new product categories
- much risker
ex: Swiss (watch, knife, perfume)
every catagory extension is a brand extension
billboard effect - answer Bran extensions, same color/scheme make an
assortment look like a billboard
