Marketing, Brand Equity, Life Cycle, Customer Value
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Please help with the following study questions:
1. Explain the concept of brand equity. Provide an example.
2. Like products, markets evolve through four stages (introduction, growth, maturity, decline). Characterize each stage of a market's evolution. Provide an example for each.
3. In planning its market offering, the marketer must address the five product levels of the customer value hierarchy. Describe the "customer value hierarchy" and identify the five levels of product contained within. Provide examples.
4. Explain the concepts of product line width, length, depth and consistency. Provide examples.
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Solution Summary
The solution explains brand equity and provides an example. Also, the four stages of product life cycle are discussed with examples given. The customer value hierarchy is addressed as is product line width, length, depth, and consistency.
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1. Brand equity is the discounted total value of future revenues generated by a product as a direct result of marketing efforts. To help understand this abstract idea better, consider Coca Cola. When the company released a new diet drink (Coke Zero), they kept the regular Diet Coke on the shelves. These are similar products and would probably serve as substitutes for one another. However, Diet Coke had sufficient brand equity to cause the company to not replace it as is was predicted that the product would continue to generate future revenues even in competition with its new One product.
2. A market typically shifts through four stages-emergence, growth, maturity, and decline. When a groundbreaking technology is created, a new market emerges. Like the computer-based video game market in the 1970's, as these unique products rolled off production lines, manufacturers struggled with raising capital to raise market awareness and improve upon the technology. Prices were high as scales of economy hadn't been reached yet by firms. As market awareness improved and the product gained consumer acceptance, the market entered into the ...
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