18 Questions
What is the key advantage of brand extension over brand stretching?
Less risk associated with an established name
In market mapping, why is it important to position the product carefully?
To meet the needs of consumers in the target market segment
How do marketing stimuli influence buyer decision making according to the text?
By affecting product choice, brand choice, and other aspects
What is emphasized in the Buyers Behaviour Model as a key influencer of customer behavior?
Cultural, social, personal, and psychological factors
Why do brands use internal marketing according to the text?
To align employees with brand values and goals
What is a key reason for businesses to reposition their brand?
To reflect changing market trends and consumer preferences
What is the significance of marketing 'buzz' mentioned in the text?
It refers to engaging with consumers for feedback
What is the impact of customer retention on operating costs?
A 2% increase in customer retention decreases operating costs by 10%
Why is it mentioned that a brand for a company is like a reputation for a person?
To indicate that brand perception impacts consumer decisions
What is the main focus of STEP ONE in formulating a marketing strategy as per the text?
Conducting an environmental scan including industry, competitors, and consumers analysis
What does PORTERS 6 FORCES ANALYSIS, PESTLE ANALYSIS, and OT of SWOT aim to analyze according to the text?
Market trends and external factors impacting the business
What is the main purpose of formulating a vision and translating it into a mission for a business according to the text?
To drive the overall performance of the business
Why is it highlighted that engaging with consumers through marketing allows for valuable feedback?
To suggest that consumer feedback drives marketing campaigns
Which of the following approaches focuses on marketing the product/service offering without spending time on the overall brand of the business?
Product-Centric approach
In marketing strategy, what does USP stand for?
Unique Selling Proposition
How does everything a business does affect its perception or brand according to the text?
By creating and supporting a strong brand identity
What is the strategic role of marketing as highlighted in the text?
Creating and supporting a strong and positive brand identity through a well-planned marketing strategy
Which element is NOT part of implementing a marketing strategy, as per the text?
Determining the environmental scan
Study Notes
Branding and Marketing Strategies
- Brand extension is preferred over brand stretching because it leverages the existing brand equity to create new products or services, reducing risks and increasing chances of success.
- In market mapping, careful positioning of the product is crucial to differentiate it from competitors and create a unique identity in the market.
Buyer Decision Making
- Marketing stimuli influence buyer decision making by creating awareness, generating interest, and building desire for a product or service.
- The Buyers Behaviour Model emphasizes the importance of personal and psychological factors as key influencers of customer behavior.
Brand Management
- Brands use internal marketing to engage and motivate employees, creating a positive brand image and improving customer experiences.
- Repositioning a brand is necessary to adapt to changes in the market, customer needs, or competitive landscape.
- A brand is like a reputation for a person, as it reflects the company's values, personality, and image.
Marketing Strategy
- Marketing 'buzz' refers to the excitement and talkability surrounding a product or service, which can create a competitive advantage.
- Customer retention is key to reducing operating costs, as retaining existing customers is less expensive than acquiring new ones.
- The main focus of STEP ONE in formulating a marketing strategy is to understand the market, competitors, and customers.
Analysis and Planning
- PORTERS 6 FORCES ANALYSIS, PESTLE ANALYSIS, and SWOT analysis aim to analyze the external environment, industry, and competitive landscape to inform marketing strategy.
- The main purpose of formulating a vision and translating it into a mission is to provide direction, focus, and purpose for the business.
Marketing and Feedback
- Engaging with consumers through marketing allows for valuable feedback, which can be used to improve products, services, and customer experiences.
Marketing Approaches
- The 'product-centric' approach focuses on marketing the product/service offering without spending time on the overall brand of the business.
Marketing Concepts
- USP stands for Unique Selling Proposition, highlighting the unique benefits and value proposition of a product or service.
- Everything a business does affects its perception or brand, emphasizing the importance of a holistic approach to branding and marketing.
- The strategic role of marketing is to create a competitive advantage, drive growth, and build long-term relationships with customers.
Implementing a Marketing Strategy
- The element NOT part of implementing a marketing strategy is financial management, which is a separate function.
Test your knowledge on the importance of branding, marketing strategies, and engaging with consumers in this quiz. Explore topics including the impact of marketing buzz, the power of consumer feedback, and converting new customers into sales.
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