Identify and Describe the Two Fundamental Assumptions About the Resources

question 49

Essay

Identify and describe the two fundamental assumptions about the resources and capabilities that firms may control that the RBV rests on.

Recognize the role of branding in consumer behavior and decision-making.

Analyze the effects of emotional and cultural branding on the public.

Appreciate the importance of brand extension and diversification.

Realize the impact of social media and modern marketing strategies on branding.

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Definitions:

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impact that these processes have on the consumer and society.

Cause Marketing

Marketing that promotes a cause or social issue, such as preventing child abuse, anti-littering efforts, and stop-smoking campaigns.

Companywide

Pertaining to or affecting all parts of a business or the entire company.

Possession Utility

The value or usefulness that comes from a consumer being able to possess a product, enabling its use when and where the consumer wishes.