Marketing: Innovation, Brand and integrated marketing communications.
(1) Innovation is the process of creating or improving products or services, or methods for accomplishing tasks in areas such as manufacturing and R&D. Innovation is the single most important activity for the long-term competitiveness of the firm. Companies attempt new discoveries in order to respond to new technologies, evolving buyer needs, changing input costs, and new government regulations.
(i) Are all innovations created equal? Does introducing radical innovations ensure a firmâ€™s success? Provide insight into what constitute a process for innovation that you believe will likely result in marketing success. Please use examples to illustrate.
(ii) One of the benefits of the brand relates to the ability of marketers to extend the brand to new products and services. What kinds of considerations must marketers make with respect to brand extensions? What type of brand extension is likely to product success? Use examples to illustrate.
(iii) Innovation can accomplish much for a marketer, for example, by creating a market presence in a desirable new market. Is innovation always the road to success? Are there instances where innovation canâ€™t assist a marketer to achieve their goals?
(2) A brand is a name, term, sign, symbol, design, or a combination of these, intended to identify the goods or services of a given company and to differentiate them from those of competitors. Many have identified the numerous advantages that firms obtain by applying a branding strategy.
(i) Explain how branding enhances the efficiency and effectiveness of marketing programs. How does branding help marketers to achieve the three goals identified at the start of the year? Does branding work for every type of product or just for those targeting consumers?
(ii) Branding involves decisions that establish an identity for a product with the goal of distinguishing it from competitorsâ€™ offerings. How does branding help in markets where competition is fierce and where customers may select from among many products? How does branding help to position the product in the minds of people in the productâ€™s target market? Illustrate with examples.
(iii) How do firms create successful brands? Where do they come from? How do successful brands reflect the psychological make up of targeted consumers?
(3) According to integrated marketing communications strategy, the marketer attempts to develop a unified promotional strategy that involves the coordination of the various approaches in the communications mix. In this way, a strategic, coordinated use of promotional elements helps ensure maximum persuasive impact on the firmâ€™s current and potential customers.
(i) Explain the rationale behind this process and relate it to the bigger (strategic) marketing picture. What does it mean in terms of the firmâ€™s resources? How does this approach help a marketer to achieve their goals?
(ii) Push and pull strategies refer to the two major options available to firms to get the product into the hands of customers. Arenâ€™t push and pull strategies contradictory in the context of an integrated marketing communications strategy? What is an example of how such strategies might be used in a firm that has integrated its marketing communications?
(iii)Social media has become a preferred medium for advertising communications. What can social media do that other forms of media canâ€™t? How can it be used most effectively? What types of advertising tasks is it not good for? Explain using examples.