All questions of Product Planning and Market Strategies for B Com Exam

While brand price premium is often associated with brand equity, it is not explicitly mentioned as one of the measures of brand equity in the provided text.

The multiple packaging strategy involves packaging closely related but different products together in a single package. This strategy aims to encourage consumers to purchase a set of products that complement each other, leading to increased sales and convenience.

Introduction:
According to Professor David Arnold, there are several criteria for the success of a brand. These criteria help determine the effectiveness and impact of a brand in the market. In this context, we will discuss the options provided and identify which one is NOT a criterion for the success of a brand.

Analysis:
Let's analyze each option and determine if it is a criterion for the success of a brand or not.

a) Consistency with its personality:
Consistency with its personality refers to the brand's ability to consistently reflect its values, beliefs, and attributes across all touchpoints. This criterion is crucial for building a strong brand image and maintaining customer loyalty. When a brand is consistent with its personality, it creates a sense of trust and familiarity among consumers, which can positively impact its success.

b) Tangible benefits:
Tangible benefits refer to the measurable and physical advantages that a brand offers to its customers. These benefits can include product features, pricing, quality, convenience, or any other tangible aspect that provides value to the customer. While tangible benefits are important for attracting and retaining customers, they are not the sole criterion for the success of a brand. Therefore, this option is NOT a criterion for brand success.

c) Intangibles besides tangible benefits:
Intangibles besides tangible benefits encompass the non-physical aspects of a brand that contribute to its success. These intangibles can include brand reputation, emotional connection, brand loyalty, trust, and other subjective factors that influence consumer perception. Focusing on these intangibles is crucial for building a strong brand identity and establishing a competitive edge in the market.

d) Relevance to the customer:
Relevance to the customer is a key criterion for brand success. A brand needs to understand its target audience and create products, services, and experiences that align with their needs, preferences, and aspirations. By being relevant to the customer, a brand can effectively communicate its value proposition, differentiate itself from competitors, and build long-lasting relationships with its target market.

Conclusion:
After analyzing the options provided, it is clear that option 'b) Tangible benefits' is NOT a criterion for the success of a brand according to Professor David Arnold. While tangible benefits are important for attracting customers, there are other factors such as consistency with personality, intangibles besides tangible benefits, and relevance to the customer that play a crucial role in determining brand success.

Understanding New Product Development Stages
The New Product Development (NPD) process consists of several critical stages that guide the creation and launch of new products. The first stage, Idea Generation, is crucial for setting the foundation for successful development.
What is Idea Generation?
- Idea Generation is the initial phase where various concepts and ideas are developed to solve a specific problem or meet a market need.
- It involves brainstorming sessions, market research, and gathering insights from customers, employees, and competitors.
Significance of Idea Generation
- Creativity and Innovation: This stage encourages creative thinking and innovation, allowing teams to explore diverse ideas without limitations.
- Diverse Sources: Ideas can come from various sources, including customer feedback, technological advancements, and industry trends, ensuring a wide range of possibilities.
- Foundation for Success: The quality and relevance of ideas generated will significantly impact subsequent stages, including concept development and testing.
Transition to Next Stages
- After gathering a pool of ideas, the next step is Idea Screening, where these ideas are evaluated for feasibility, market potential, and alignment with business goals.
- This strategic filtering is essential to focus resources on the most promising ideas that warrant further development.
In summary, Idea Generation is the first and vital stage of New Product Development, where the foundation for future success is laid by fostering creativity and exploring a broad spectrum of ideas.

Brand color is not mentioned as a category of brand assets in Professor David A. Aaker's classification of brand equity.

Brand equity adds value to a firm in the form of price premiums, trade leverage, and competitive advantage, enhancing the brand's overall worth.

Category redefinition happens when different products that were previously used differently start competing with each other in the same category due to changes in consumer habits or perceptions.

Product redefinition involves presenting an existing product in a changed version, which may include changes in packaging or form to make it more appealing.

Product profit generation involves using packaging strategies to minimize costs related to storage, transportation, and handling. Effective packaging design can lead to cost savings and improved efficiency throughout the supply chain, ultimately contributing to increased profits.

Marketers consider three levels of a product: Core product (core problem-solving benefit), Actual product (quality, features, brand, etc.), and Augmented product (additional services and benefits).

The family packaging strategy involves maintaining a common appearance for packages across a product line. This helps consumers easily identify products from the same brand or company. It promotes brand consistency and recognition, making it easier for consumers to associate products with a particular brand.

A good brand name reflects product dimensions and benefits. It should be easy to pronounce, remember, and differentiate from competitors. Lengthy and complicated names are less effective in branding.

In the "Growth Stage" of the product life cycle, a firm aims to build brand preference and increase its market share. This is a phase of rapid sales growth as the product gains more acceptance among the target audience.

Velvette gained market share by offering larger quantities of shampoo at a lower price through sachet packaging, which was procured from small-scale packaging units.

Packaging should be informative to provide essential product information to consumers, retailers, and distributors. Labels and packaging materials carry details about the product's contents, usage instructions, pricing, and other relevant information that assists in making informed purchasing decisions.

Industrial products known as "Materials and Parts" include raw materials and manufactured components that are integrated into the manufacturer's final product.

Primary packaging is designed to directly protect the product from damage, moisture, and contamination. It is the first layer of packaging that comes into direct contact with the product and ensures its integrity and freshness.

The primary advantage of using branded products for consumers is that branded products offer regular and stabilized prices. Branded products typically have the Maximum Retail Price (MRP) printed on them, preventing retailers from overcharging, and ensuring a more stable pricing experience for consumers.

The reuse packaging strategy involves creating packages that can be repurposed or reused after consuming the contents. This approach adds value to the product and encourages repeat purchases while promoting environmental sustainability.

Concept development and testing involve refining the initial ideas into detailed concepts and then testing these concepts with a selected group of target customers. This stage helps the company evaluate whether the concept resonates with the customers, meets their needs, and provides insights to further develop the concept before moving forward with product development.

Convenience products are consumer products that customers buy frequently, with minimal effort, and without extensive comparison. These products are often everyday essentials like groceries and toiletries.

Packaging plays a significant role in advertising and promotion. It serves as a silent salesman, attracting consumers and communicating important information about the product. Packaging design, graphics, and other elements are utilized to create an appealing and attractive product presentation, ultimately contributing to advertising efforts.

The Delta Habit Factor (DHF) measures the change in consumer habits related to a brand, including changes in duration of consumption, usage occasions, sharing habits, buying habits, and frequency of consumption.

Brand success means retaining a significant market share despite market changes, which could involve segment redefinition, product redefinition, or category redefinition. It's about creating a strong and lasting presence in the market.

Specialty products are characterized by unique features or brand identity, and a specific group of buyers is willing to put in extra effort to acquire them due to their distinctiveness.

Consumers shifted from HMT Watches to Titan Watches because Titan Watches represented a higher quality of life or a lifestyle product. The shift was due to repositioning of Titan Watches as more than just chronometers.

The main purpose of defining brand equity is to evaluate the value added by a brand to a firm's product or service, including aspects like price premium, trade leverage, and competitive advantage.

The stage of "Business Strategy Analysis & Development" involves analyzing various factors such as competition, costs, pricing strategies, and breakeven point. This analysis helps the company make informed decisions about the marketing and business strategies for the product.

Test marketing involves introducing the actual prototype of the product to a small group of customers in the target market. The purpose is to gather real customer feedback and insights on the product's performance, features, and any necessary improvements before the full launch. This helps the company refine the product based on customer input.

The entry of Nirma into the detergent market shifted consumers from the high price segment to the low price segment. This led to a redefinition of the market as Nirma's low-priced detergent powder disrupted the existing market dynamics.

Cost-based brand equity is determined by evaluating the cost of creating and maintaining the brand, as per Arthur Anderson Consultants' approach.

The purpose of the decline stage in the product life cycle is to manage declining sales and determine the product's future. Companies have options such as maintaining the product, rejuvenating it, harvesting it, or discontinuing it based on its performance and market demand.

Product identification is the packaging objective that focuses on making products easily distinguishable and identifiable on store shelves. Packaging design, colors, and graphics play a key role in helping consumers recognize and choose products from different brands.

The ecological packing policy is focused on minimizing pollution and environmental impact caused by packaging. This strategy aims to use materials that are biodegradable, reusable, or recyclable to reduce waste and contribute to a healthier environment.