Answer these question by using the web (Google), or your best opinion. Chapter 8

Question

Answer these question by using the web (Google), or your best opinion.

Chapter 8 –Build the Brand- Due Nov. 18 by Midnight

1. Define the terms Brand, Brand Equity, Brand Identity, Brand Associations, Brand Assets, Co-Branding and Category Extensions

2. You are the product manager for Ralph Lauren’s Polo shirts. What specific information are you trying to convey in the brand’s iconic polo pony logo? What does the Polo brand say about quality, features, style relative to the Tommy Hilfiger and Lacoste brands?

3. You have been asked by Coca-Cola’s product manager to present the arguments for and against extending the Coke brand to a new cola drink. What would be the arguments for and against extending the Coke brand to a new cola drink?

Chapter 9 – Service as the Core Offering - Due Nov. 18 by Midnight

1. Define the terms service economy, service sector, fluctuating demand, customer-centric, customer expectations management, customer advocacy and dimensions of service quality.

2. Identify five dimensions of service quality. Considering these with respect to Netflix, how does the firm stack up on each of these dimensions to set itself apart from competitors and other providers of entertainment content?

Explanation / Answer

As per Chegg guidelines, students are not supposed to ask more than 1 questions in a post. Answer for the first question is as given below,

1.

Brand: Brand refers to the overall personality of a company. It influences the way in which the target audience perceives a company. It includes everything regarding a company including its tangible and intangible aspects. Brand helps in differentiating an organization and its product/ services from that of the competitors.

Brand Equity: In simple terms, brand equity refers to the added value that a brand adds to a product. Brand equity is comprised of the assets and liabilities that are associated with a brand. It shows up to what extent the customers are willing to pay for the product of a particular company as compared to the same product when unbranded. Companies having strong brand equity have a competitive edge over its rival firms.

Brand Identity: The brand identity of a company refers to the way in which it likes to be perceived by the consumers. Companies use its name, logo, symbols, taglines, etc. to create its separate brand identity. It is created to reflect the value that a company will provide to its customers.

Brand Associations: Brand associations refers to the linkage that is formed in the mind of the audience regarding a particular brand. These can be the symbols or the images regarding a brand perceived by the customers or the benefits derived from it. Brand associations can be positive or negative. Obviously, companies try to form a positive brand association in the customers’ minds.

Brand Assets: As per Aaker, brand equity is comprised of the sets of brand assets and liabilities. Brand assets include five components including brand loyalty, quality, brand awareness, brand associations and the proprietary assets. All these components help in increasing the value of a brand.

Co-Branding: Co-branding refers to the alliance formed by two or more companies to work with each other. In this, two or more companies co-operate their several activities like product development, marketing, advertisements and promotions etc. and present themselves jointly to the customers.

Category Extensions: Category extension is a part of brand extension of a company. When a parent brand introduces a new product category to enter into a new market, it is referred as category extension. For example, Woodland has expanded its business to apparel industry. Hence, it has entered into a completely new product category resulting in category extension.

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