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Marketing in the 21st century

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1. Define what is meant by "brand equity" and discuss what a company can do to maintain brand equity.

2. Discuss the Product Life Cycle Concept and include the relative amounts of sales and profit during each stage.

3. How are innovations in interactive television and online services expanding the strategies and tactics marketers employ today?

4. What are some of the personal and business-related privacy issues associated with the growth in database marketing and how should they be addressed?

5. Define direct marketing and give some real world examples.

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Solution Summary

This solution discusses marketing, and covers concepts such as brand equity, sales, profits, and innovations.

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http://smallbusiness.chron.com/concept-product-life-cycle-1433.html

1. Define what is meant by "brand equity" and discuss what a company can do to maintain brand equity.

Brand equity represents the value premium that a company such as Polo Ralph Lauren realizes from a product that is widely recognizable in comparison to generic equivalent brands. The most successful strategy for creating brand equity entails making them memorable, easily recognizable and superior in quality and reliability. Mass marketing campaigns can also help to create brand equity.

Polo Ralph Lauren has effectively created a brand that is world renown by establishing themselves as the luxury brand of clothing that can also resonate with normal people. Unlike it's affluent competitors in the clothing market such as Burberry or other high-end fashions, Polo Ralph Lauren is seen by those within less affluent socioeconomic situations as a standard of quality, and Kings and Queens as well as average "Joes" can be seen sporting Polo Ralph Lauren worldwide because of their brand image.

2. Discuss the Product Life Cycle Concept and include the relative amounts of sales and profit during each stage.

The product life cycle concept is predicated upon applying the framework of introduction, growth, maturity and decline ...

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