Question

1 (a) What are two misconceptions with firms and brands and specific examples.

(b) How will it be beneficial for a new marketing manager to understand the misconceptions that exist about marketing?

(c) What are other some other marketing misconceptions?

Answer 1

1 (a). Two misconceptions with firms and brands are:

- Brand is just a symbol and a logo – Brand is more than a name, logo or symbol. Branding says more about the company. It helps the customers to be (emotionally) associated with the company. For example, Apple is just not a mobile phone. It is a most preferred brand for its quality and technological innovations. Customers who love technology and innovation associate them with Apple.

- Fit everyone concept- Some marketers feel that their company need not specialize in products or do niche marketing. They believe in one size fits all concept. This was the case with Coca-Cola until they realized that people are shifting their lifestyle to a healthier lifestyle. This was the time that Coca-Cola innovate Coke-Zero to cater to people seeking fitness.

(b). It would greatly help a new marketing manager to understand the misconceptions that exist in marketing because his goals and strategies would be different which would not be beneficial for the company. The marketing manager needs to address these marketing misconceptions first before setting new goals for the company. Without evading these misconceptions, it is not possible for the company to survive in the industry.

©. Other marketing misconceptions are:

- Customers give importance only for the product or service – This is false because customers think more than just product/service. They associate themselves with the advertisements or promotional activities that come to their mind before making the buying decisions.

- CEO do not do branding, it is the job of the marketing manager- This is false because branding is a corporate level strategy and everyone in the company is responsible for branding the company or product/service.