Choose one of the following brands: Nike, Apple or Ikea.
- Describe the brand's 'brand equity'.
- Develop a brand extension idea that would fit the brand but doesn't already exist. Explain why you think it will be successful. Select any one product that the brand currently offers.
- Explain the product’s core value, the actual product and the augmented product. Provide one example for each.
- What is the product’s current life cycle stage? Explain why it is in that stage based on three characteristics of that stage. Companies can choose between broad or narrow market targeting strategies.
- Based on the product you selected, explain in detail which market targeting strategy the company is using to reach their target segment(s)?
- Based on the benefits and price of the product, what is its value proposition? Explain why. Companies have different pricing strategies for different products.
- What is the current price of the product?
- Explain in detail which major pricing strategy the company uses to sell this product.
- In your own words, explain the concept of psychological pricing. Explain how the company uses psychological pricing in marketing the product.
Sample Solution