What are the three main objectives or benefits of branding? How do the concepts of brand equity and brand loyalty fit into these objectives? Use these three objectives to briefly evaluate Buick’s brand name for its new electric car, named Impact.
Three main objectives: identification, repeat sales, and new product sales.
As to identification, branding allows marketers to distinguish their products from all others. Brands become familiar to consumers as indicators of quality. Brand equity is the value of a well-recognized brand name. Customers can readily identify the Buick car, although the name Impact will not be familiar at first. Repeat sales come from satisfied customers who recognize which brands to purchase again and which brands to give up. Branding also helps verbal and mass media promotion. When a consumer consistently prefers one brand then the brand loyalty occurs. There are customers who are brand loyal to the Buick brand name, but brand loyalty to the Impact namment support degree. )What are three reasons that products fail?(1.A poor match between product features and consumer needs, 2. overestimation of market size, 3.incorrect positioning, a price that is too high or too low, 4.inadequate distribution and poor promotion)
There are five product characteristics that can be used to predict and explain the rate of acceptance and diffusion of a new product. Name and briefly describe four of these characteristics. (Complexity is the degree of difficulty involved in understanding and using a new product. The more complex the product, the slower its diffusion. Compatibility is the degree to which the new product is consistent with existing values and product knowledge, for each stage.(The introductory stage: A high failure rate, little competition, frequent product modification, poor distribution, high marketing and production costs, negative profits.The