[MKT 510] - Midterm Exam Guide - Comprehensive Notes for the exam (28 pages long!)

• School: Ryerson University
• Department: Marketing
• Course: MKT 510
• Professor: Ida Berger

Document Summary

A strong brand"s ability to simplify decision making, reduce risk, and set expectations is invaluable. Creating strong brands that deliver on that promise, and maintaining and enhancing the strength of those brands over time, is a management imperative. Branding has been around for centuries as a means to distinguish the goods of one producer from those of another. Brand elements: the different components of a brand that identify and differentiate it. Product: anything we can offer to a market for attention, acquisition, use, or consumption that might satisfy a need or want. Steady investments in r&d have produced leading-edge products, and sophisticated mass marketing practices have ensured rapid adoption of new technologies in the consumer market. By creating perceived differences among products through branding and by developing a loyal consumer franchise, marketers create value that can translate to financial profits for the firm. Consumer: broadly encompasses all types of customers, including individuals as well as organizations.