Assignment 1: Pricing and Brand Equity
Firms often look for ways to improve the return on investment in costly innovation strategies. Barone and Jewell (2013) investigated a previously unexplored benefit of innovation that occurs when a brandâ€™s reputation as a provider of valued new offerings allows it to earn innovation credit, a form of customer-based brand equity.
Innovation credit provides brands with the license or latitude to use strategies that violate category norms without the penalty (in the form of impaired attitudes) that consumers have been shown to levy on less innovative brands. Consistent with the proposed theoretical framework, the authors posited in three studies that innovative brands are granted the license to employ nonnormative strategies without consumer sanction. In addition to providing evidence regarding the inferential mechanism underlying this licensing effect, one study shows that, under certain conditions, innovative brands not only escape the penalty associated with using atypical strategies but are actually rewarded for utilizing such approaches.
Review the following:
- Barone, M. J., & Jewell, R. D. (2013). The innovator’s license: A latitude to deviate from category norms. Journal of Marketing, 77(1), 120â€“134.
Use the University online library resources to identify two peer-reviewed journal articles on the concept of the innovatorâ€™s license.
Complete the following:
- Critically analyze the value of the innovation and branding approach suggested by Barone and Jewell. Be sure to provide your inputs on the pros and cons.
- Compare the authors approach to the other approaches you are familiar with.
- Assess how the Barone and Jewell approach could be applied to your own organization.
- Discuss what might work and what is not applicable in their approach.
- Support your positions with at least two peer-reviewed journal articles.
Write your initial response in a minimum of 300 words. Apply APA standards to citation of sources.
By Friday, June 6, 2014, post your responses to the appropriate Discussion Area.
Assignment 2: Advertising and Experience Design Strategies
In this assignment, you will analyze and assess advertising and experience design strategies. You will then evaluate and compare the strategies of two similar products from competing companies.
An area that marketing executives must manage is integrated marketing communications (IMC), which includes social media, experience design, and advertising. Communications decisions have changed over the past decade due to the Internet and other technological advances. Developing an IMC program involves setting appropriate goals, deciding on the appropriate message and tone, and selecting media. It also involves developing a media plan, setting a budget, and evaluating or measuring the effectiveness of the IMC plan.
- Use the University online library resources to identify five peer-reviewed academic articles related to social media, advertising, and experience design strategies.
- Examine the IMC strategy for a current product. Include pictures and advertisements or links to advertisements if possible.
- Identify the strengths and weaknesses within the strategy.
- Examine what effect IMC strategies have on marketing management.
- Evaluate and compare the communication strategies for the product you chose against those of a competitor. Use the literature to explain why one approach is superior to another.
Write a 4-pages report in Word format. Utilize at least five scholarly sources in your research. Make sure you write in a clear, concise, and organized manner; demonstrate ethical scholarship in accurate representation and attribution of sources; display accurate spelling, grammar, and punctuation.
By Monday, June 9, 2014, deliver your assignment .