MKT 301: Assignment

MKT 301: Assignment

Module 1

There are certain buying decisions in which the customers are more involved as compared to times in which they are fairly least involved in the buying decision. This level of involvement in the purchase decision can be classified as high involvement buying decisions and low involvement buying decisions. There are certain things that the customers attach more value to and it is important that they make the correct choice. This is mainly a high involvement buying behavior in which the customer focuses on gathering as much information on the products/services to make the correct choice. For Example, the decision of buying a house is a high involvement buying decision for the customer. It is obvious that a person does not purchase a house on daily basis. It is important that they do an extensive research on the market and gather as much information as possible. Low involvement decision, on the other end, it is the buying decision which involves the buying decision for products that are relatively inexpensive or cheap and they cause a low risk to the buyer in case of making a wrong choice even (Tanner & Raymond, 2011).

Module 2

Brands that create a strong impression on the minds of the customers and are able to differentiate them out of several other brands, are the brands that really get to survive in the market. The strong brand images help marketing in numerous ways like the differentiated brand in the market is able to influence the customer's choices and demands and also lets firms command an extra premium for such brands in the marketplace. A brand name is merely the first step in laying the foundation of a strong brand image of the product in the market.

If a brand wants to differentiate itself in the market with the other brands, that is quite a challenging task. However, the companies can put extra effort in making the product favorable to the customers as well as to the market. These may include special factors associated with the brand name like, significance of the product, the ease in recalling the product in the mind of the customers, and the ability of the brand name to offer a distinctive image over other competing products. Research has also suggested that consumers' tend to like those brands that are easier to pronounce and the brand name gives a warm soothing effect on the minds of the customers. It is very important that the customers are able to make an association with the brand name in order to get them loyal to a certain brand or a product (Kohli & Labahn, 1997).

Apple is an example of Good Branding. Apple products have achieved differentiation for their products up till now. With the introduction of other android phones and Samsung staying on top of the Phone market, the Iphones from Apple are still unbeatable. The customers who prefer Apple cannot think of switching from Apple to any other brand. Apple has created the image of ...