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Marketing-revised

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New product.
What is a brand name?  What guidelines should be followed as companies decide what brand names to use?
The brand name is a unique name that identifies a specific product or the manufacturer. To effectively promote a product a strong reputation need to be established, a brand name is close to individual personality. With a good personality, you are attractive hence therefore in a brand name should convey what is done in your organization the nature of services and capture the buyers’ attention. While coming up with a brand name the companies should be creative distinctively to bring out relevance to the consumer.
Thus there basics for effective company branding .First, there is need to strategize the role of your company. Ensure the brand name is related to the company core values and guiding principles. Then come up with an image that is distinct from the rest so much research is required. Ensure that all messages through the media and advert are memorable by ensuring consistency in voice, colours and logos. This ensures lack of resemblance which can bring confusion to the customers.
For what reasons do companies develop new products?  What should be included in a company’s philosophy about new products?
Product development involves the conversion of intangible assets to tangible, creation of wealth as well as coming up with a solution to the market gap. In most cases, companies coming up with new products show their continuity and progressive existence.

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New products are a sign of company life. When there is no product development there are high chances the company is vanishing, this transits the companies from survival status to thriving.
With the new product, there needs a company philosophy the basic belief the people in the organization are supposed to follow and be guided by it. Some of the components include ensuring customer satisfaction, coming up with a healthy and corporate culture, Respect each other background despite the differences in culture and history. Lastly, the company should focus on the sustainable and reliable economy.
What is the product life cycle?  What are its four stages?  What changes are likely to occur in the market over the course of these four stages?
When a new product enters the market it evolves through a sequence of stages during its lifetime. The stages of product life cycle these are introduction stage, , maturity stage, growth stage and decline stage (Proctor,2014). In the introduction stage involves marketing, research and development and testing of the product. This is an initial stage that involves launching the new product which is expensive. There low sales at this stage. During the growth stage, it is characterised by high sales and profits thus boosting the company to invest more so as maximize its productivity. At the maturity stage, the manufacturer is required to maintain market share since there is much competition. Eventually, during the decline stage, the product mark share begins to go down. This is mainly because most of the new products are already bought, so the consumers tend to prefer other types of product.
What are the four major pricing objectives?  Choose any two and give examples of the specific objectives contained in each.
Price is a major component of the market mix. Prices are flexible. The four pricing objectives include survival, profits status quo as well as sales. A company accept survival pricing objective when it is ready to make some few losses but maintain their operation other than close down.
Pricing impacts on profits can be direct or indirect. Direct profit majorly focuses whether the cost of production is less than the revenues obtained. Nevertheless, indirect profit focuses on units of sale which increases the economies of scale. Profit based pricing help in maximizing price for profitability in the long run.
Work cited
Proctor, Tony. Strategic marketing: an introduction. Routledge, 2014.
Work cited
Proctor, Tony. Strategic marketing: an introduction. Routledge, 2014.

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