Define what is meant by “brand equity” and discuss what a company can do to maintain brand equity
Coherent society is characterized by great rivalry. To be successful a company or a person should be able to compete with the rest of the world. Especially topical this question is for economic issues. To be successful and prosperous, companies try to create different unique methods that can allow them to take on a market. Brand equity is one of these methods. It is possible to define this term as the creation of the memorable and unique brand of the company which promotes the increase of its incomes and the level of its popularity. Resting on this definition, it is possible to say that brand equity is the phenomenon to which every company should aspire.
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A customer will prefer a popular and well-known company which brand serves as the symbol of the quality of its goods. Usually, these companies have much higher prices on their services, however, they are still demanded (Kolter & Keller, 2011). That is why there are several main methods whose main aim is the creation of brand equity. First of all, a company should create a recognizable and unique brand that will be easy to remember. A wise advertising company is key to the success of the brand. The aim of it is to make people associate a certain brand with a certain good or service. A customer should have only one thought while looking at it, and this thought can make him address this very company. Having created the image, a company should also control the quality of its goods as it is also a very important aspect of brand equity.
Discuss the Product Life Cycle Concept and include the relative amounts of sales and profit during each stage
The process of the creation of a new product is a very complicated issue, which usually consists of several stages. The concept of Product Life Circle discusses this very question. Usually, PLC is taken as the whole term of existence of a certain good since the moment of its elaboration through all stages of its manufacturing and its consumption. PLC can be divided into several stages and each can be characterized by the revenue created by the product. (The Product Life Cycle, n.d.). The main stages are development, introduction, growth, maturity, and decline. Growth and maturity can be called the most beneficial stages of the PLC as they guarantee the greatest level of income. A good becomes demanded and people buy it. The phase of decline is characterized by the decrease of benefits and the good is taken out of production. Realization and investigation o the PLC is very important within the framework of the efficient functioning of every company. It is vital to foresee the most beneficial stages to create a financial plan and make sure that the stage of decline of one good coincides with the growth stage of another for the company to have constant incomes. With this in mind, it is possible to say the concept of PLC is very important for the efficient functioning of every company.
How are innovations in interactive television and online services, expanding the strategies and tactics marketers employ today?
Nowadays society is constantly changing. These changes are so significant that it is possible to speak about revolution. Things are the same in the sphere of digital technologies. People create new and new devices that change the traditional state of affairs, promoting the development of new approaches to usual things. It is obvious that under the influence of digital technologies strategies and tactics of marketers have also changed. Companies obtained new and efficient methods that should be applied (Brealey, Myers & Allen, 2010). First of all, significant changes can be seen in the sphere of advertising. It became much easier to convey information as the Internet now serves as the universal remedy which possesses a great number of different information. Moreover, online services have also become good. Nowadays, there is a special segment of the market that suggests services of this sort. That is why old strategies cannot be applied anymore. Companies and marketers should create some new approaches to their work. Online services can become a very effective remedy for promoting the popularity of a company and its further development. Moreover, interactive television nowadays has also become one of the main ways of selling some sort of goods. TV nowadays is an integral part of everyday life, and that is why marketers cannot ignore it. There are even special channels which are devoted to sells of some certain goods and which are very efficient.
What are some of the personal and business-related privacy issues associated with the growth in database marketing, and how should they be addressed?
With the development of different digital devices and the Internet, people get the possibility to find almost any information. There is no use denying the fact that it is very convenient and can help people in their everyday life. However, another question appears. It is the question of privacy. People who organize their business should take it into account. First of all, they should mind that there are some laws which regulate the activity of these companies. They are not allowed to interfere in the private life of people as it is one of the main principles of the activity of any organization. Every human being has the right to his/her private life, and no one is allowed to infringe it. Moreover, there is a special Privacy Act which specifies and enlarges the general idea of noninterference in private life (Yeung, 2012). This act has several points. The main sense of these points is that a person should know that some private information connected with his/her life is used by a company. Moreover, he/she can forbid its usage by this organization. Resting on the key principles of this act, it is possible to say that the government tries to protect the private life of its citizens. That is why the possibilities of companies that suggest their services are connected with database marketing are limited. Moreover, the activity of these companies is to be controlled and some serious measures should be applied to them in case of violations of the main princes and human rights.
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Define direct marketing and give some real-world examples
New means of transport and communication tools promote the appearance of new ways of advertising and business models. Direct marketing is one of these new forms which have appeared recently. The main idea of this practice is to create such advertising which allows different organizations to communicate straight with the customer (Friesner, 2014). To do it better, different advertising techniques are used. They are cell phone messaging, fliers, emails, interactive websites, catalogs, television advertising, and a great number of other different ways. The popularity of this comparatively new practice can be explained by its high efficiency. The main aim of direct marketing is to influence a customer and make him/her buy something. That is why all these ways are created, taking into account that immediate contact is the best way of promoting some production. A great number of companies that use this practice can be taken as evidence of its high popularity. Amazon, for example, has one of the most efficient structures of direct marketing.
Brealey, R., Myers, S. & Allen, F. (2010). Principles of Corporate Finance. New York: McGraw-Hill/Irwin
Friesner, T. (2014). Direct Marketing. MarketingTeacher.com. Web.
Kolter, P. & Keller, K. (2011). Marketing Management. New Jersey: Prentice Hall.
The Product Life Cycle. (n.d.). Web.
Yeung, C. (2012). What privacy issues are involved in building a marketing database?. Web.