- Understand what a brand is and its importance.
- Explain the functions that brands serve.
- Discuss brand associations.
- Understand branding strategies.
- Understand brand equity.
Chapter 8 – New Products and Innovation
- Understand the importance of new products.
- Identify the process of new product development.
- Understand the stages of the product life cycle.
- Explain the diffusion of innovation and its implications.
- Stress the relationship between new products and marketing strategy.
- Examine trends in the global marketplace and their potential impact.
Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.
Also, provide a graduate-level response to each of the following questions:
- Read the methodology of Interbrand.com for brand valuations. How might you improve their methods and the sorts of measures they use to assess brand equity?
- Consider the trends described in the chapter (e.g., aging, heightening environmental concern, or China). How will each affect the business you are in (or were in before coming to b-school)?
- Make a list of 3 of your favorite brands. What would be a great brand-, or line-extension that you would like to see developed as a new product?
Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]
This activity/assignment will help students understand the concept of brands and its importance
Activity I: Identify a company that have changed its logos over time. Discuss the change and the reasons behind this change. How have these changes helped the company communicate to the customer?
This activity/assignment will help students understand the product life cycle concept better and also give them an insight into the importance of marketing decisions that are to be taken during the market decline phase.
Activity II: Find four different products that are in the four different phases of the product life cycle. Give your opinions on the product in the market decline phase: whether the company should divest, harvest, or rejuvenate the product and the reasons behind your choices.
The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible. Bullet points should not to be used. The paper should be at least 1.5 – 2 pages in length, Times New Roman 12-pt font, double-spaced, 1 inch margins and utilizing at least one outside scholarly or professional source related to marketing management. The textbook should also be utilized. Do not insert excess line spacing. APA formatting and citation should be used.