The one main metric for successful brand strategy is ___________________

A ___________________ is a detailed description of the ideal buyer who would not be able to resist

buying your product or service.

Brands do evolve over time, but it’s important to set the creative guidelines before marketing

execution. This allows you to ensure that even in the future, your branding will match your story.

You need to understand how your brand fits into your customers’

lives. Understanding how your brand is a “lifestyle” will help you acquire customers in specific

parts of their consumer journey.

REASONS WHY BRAND SOMETIMES FAIL (CHOOSE 3)

"Every brand makes a promise. But in a marketplace in which consumer confidence is low and

budgetary vigilance is high, it’s not just making a promise that separates one brand from another, but

having a defining purpose"

People have an innate desire to build relationships. Research from psychologists Roy

Baumeister and Mark Leary best describes this need in their __________________________ which

states: "People have a basic psychological need to feel closely connected to others, and that caring,

affectionate bonds from close relationships are a major part of human behavior"

____________________ is defined as “the development and

market introduction of a new, redesigned, or substantially improved good or service.”

4 reasons to pursue innovation as drivers of business success

Entrepreneurs understand that product innovation is a continual process of incremental testing

and refinements to figure out what works and what doesn’t, and that failure along the way

actually leads to knowledge, breakthroughs, and growth.

A marketing

process that showcases the differences between products.

the introduction of the iPhone to the mobile phone industry (which has caused mobile phone users to

switch from Nokia, Motorola, Sony Ericsson, etc. to the Apple iPhone)

This is an example of?

Disadvantages of product innovation include: (choose 3)

the constant technological or process changes that lead to improved performance

of products and services.

______________________ innovation strategies involve defending existing technologies and markets while

being prepared to respond quickly once markets and technologies are proven.

The reactive innovation strategy is used by companies: (choose 4)

Companies with _____________________innovation strategies wait until their customers demand a

change in their products or services. Examples include automotive supply companies as

they wait for their customers to demand changes to specification before implementing

these.

a theoretically informed understanding of the environment in which an organization is

operating, together with an understanding of the organization’s interaction with its

environment in order to improve organizational efficiency and effectiveness by

increasing the organization’s capacity to deploy and redeploy its resources intelligently.’

attributes of strategic analysis (choose 3)

These include government regulations such as employment

laws, environmental regulations and tax policy. Other political factors are trade

restrictions and political stability.

These influence barriers to entry, make or buy decisions

and investment in innovation, such as automation, investment incentives and the

rate of technological change.

Buyer power is an assessment of how easy it is for buyers to drive prices down. This

is driven by: (choose 3)

Developed by Michael Porter, the _________________________ is a useful tool for analyzing

competitors. It emphasizes that the objective of competitive analysis should always be on

generating insights into the future.

_________________________ is based on the principle that organizations exist to create value for their

customers. In the analysis, the organization’s activities are divided into separate sets of

activities that add value.

There are three important considerations in evaluating the role of each activity in the value

chain.

An __________________________ is an exploration of your organization’s competency, cost

position and competitive viability in the marketplace.

____________________________ are a broad term that refers to what the organization has.

This relates to skill sets and abilities and processes that the firm has AND is

really good at.

______________ is the process of comparing your

current state to your desired future state, identifying and understanding the gaps that

exist between the two states, and then creating a series of actions that will bridge the

identified gaps.

The VRIO Analysis was developed by Jay B. Barney as a way of evaluating the

resources of an organization (company’s micro-environment) which are as follows: (CHOOSE 4)

The PEST framework is a great tool for specifically assessing an organization's

internal environment. It looks at the different internal resources of an organization and

categorizes each based on overall value to the organization.

The strategy evaluation process involves analyzing your strategic plan and

assessing how well you've done against achieving the goals in your strategy.

A strategy

control is an internal analysis tool and should be used as part of a broader strategic

analysis for the organization when making decisions about your strategy.

Accompanying an internal analysis should always be an external analysis - which

scans the degree of competition in the market.