Enterprise And Corporate Idenitity

Question 1

What is Market Research (+ what do companies look to find)?

Answer 1

Market research is a common and effective way for companies to find out information:

● They often find out about a users background for example collecting information on: Gender, residential location, disposable income.
● In addition identify why customers are motivated to buy specific items and certain branded products. Is this effect by their emotional needs? Or maybe other needs which include family, social, budget, brand etc.

Question 2

What is a Company’s Corporate Identity?

Answer 2

The branding that creates the company’s public image. This includes creating a brand/brand name with colour and typeset.

Question 3

Why is Corporate Identity Important

Answer 3

Customers will often return to a brand they like however with negative experiences avoid brands

Question 4

How can Companies protect their Brand

Answer 4

Companies can protect their brand identify using registered trademarks, which prevents other people/companies from copying logos, colour schemes and specific letter styles

Question 5

What do the Best Brands do to be Successful

Answer 5

● The best brands work at any scale, in full colour or black and white and in various mediums e.g. print, moving image, online etc.
● The most established brands can be recognised even when only partially visible
● Successful branding and marketing, associates companies and products to more abstract feelings

Question 6

Why is a Strong Corporate identity key to success

Answer 6

● A recognisable brand is important for repeat purchases – customers that like a product can easily spot it again
● Associating a brand with more abstract feelings can help build loyalty in the customer base – when a new product range is released, it often has the same kudos as the previous product

Question 7

What do Companies need to be careful of when it comes to Branding

Answer 7

● The use of language, colour and symbols in product logos and slogans must translate well in different cultures
● Careful research is required to understand differences in values and customs to avoid embarrassment and failure

Question 8

Pros and Cons of Global Marketing

Answer 8

Pros:
• Businesses can grow rapidly focusing on global markets

Cons:
• Market strategies can differ In each country due to cultural and religious beliefs.
• Language needs to be used with are so it does not mistranslate and inadvertently cause offence.

Question 9

What Methods of Promotion and Advertising are there

Answer 9

Promotion and advertising very important in creating consumer interest and demand.

● TV Commercials
● Radio Commercials
● Magazine advertisements and articles
● Internet pop ups adverts
● Billboards
● Bus shelter posters
● Social media
● In-store demonstrations

Question 10

What is Viral Marketing

Answer 10

As online content is shared repeatedly via social media, a message gains traction and snowballs, reaching millions in a matter of hours

Question 11

What Does Viral Marketing rely on?

Answer 11

Relies on people passing a marketing message to their friends. If large numbers of shares it “goes viral”.

Question 12

What is the Role of Packaging in Advertising and Promotion?

Answer 12

Packaging can be a integral part of brand identity. The primary purposes of packaging is to promote and protect a product.

● Packaging carries explicit information on a product e.g. product logo, country of origin, contents
● Implicit messages are carried via packaging too e.g. plastic free, biodegradable packaging demonstrates that a company is environmentally conscious

Question 13

What can Labelling show to Customers?

Answer 13

● Slogans
● Important information to customers i.e. dietary information, allergies, use by etc.
● Information also included about safety, BSI mark, CE, Age restrictions.
● Information on recycling and sustainability.

Question 14

What is the Cost Price and why’s it important

Answer 14

The cost price informs the retail and wholesale price of a product.

• Incorrect calculations could mean the business operates at a loss or sets the retail price too high to compete in the market.
• The cost of one unit is affected by the scale of production due to the economies of scale.

Question 15

Equation to Find the Total Production Costs

Answer 15

Direct Material Costs + Direct Labour Costs + Direct Manufacturing Costs = Total Production Costs

Question 16

Equation to Find the Cost Price of one Unit

Answer 16

Total Production Costs / Number of Products made = Cost Price of one Unit

Question 17

What is Product Costing made up of

Answer 17

Product costing is made up of Direct Costs and Indirect Costs

Question 18

What are examples of Direct Costs

Answer 18

• Labour
• Material Costs
• Direct consumable production supplies
• Direct factory overheads - machine tools, equipment.

Question 19

What are examples of Direct Costs

Answer 19

• Administration
• Security
• Maintenance and depreciation of equipment.
• Electricity and power.

Question 20

How do you calculate the unit cost of production

Answer 20

Total Direct Material Costs + Total Direct Labour Costs + (Total Manufacturing overhead costs / The number of units made) = Product Cost per Unit

Question 21

Entrepreneurs Definition

Answer 21

Entrepreneur is a person who demonstrates initiative and invest capital into a idea, perhaps setting up a business, project or other venture.

Question 22

What do Entrepreneurs do?

Answer 22

Entrepreneur is a person who demonstrates initiative and invest capital into a idea, perhaps setting up a business, project or other venture.

Question 23

What do Entrepreneurs do?

Answer 23

• Entrepreneurs commonly work with designers and engineers to turn their ideas into reality.
• Occasionally Entrepreneurs will have the skills to invent and design their own products.

Question 24

Why do Designers work collaboratively

Answer 24

● So they can connect with designers in Industry.
● Working in a team which includes via virtual meetings
● Working in collaboration with different countries which can be in different time zones.
● People with different skills and experience can work together to create more successful products.

How do Designers work collaboratively

Question 25

How do Designers work collaboratively

Answer 25

● Face to face meetings
● Designers work is associations or studios that work
● Video Conferencing directly with Entrepreneur - Seymour Powell
● File sharing - cloud based - same project in different time zones.

Question 26

The Importance of Marketing and Brand Identity

Answer 26

● How designers work with entrepreneurs, and sales and marketing teams.
● How designers use research and customer information in developing products and
packaging.
● How manufacturers promote their products in a global market.

Question 27

Why is Market Research Important

Answer 27

Market research is a common and effective way for companies to find out information:

● They often find out about a users background for example collecting information on: Gender, residential location, disposable income.
● In addition identify why customers are motivated to buy specific items and certain branded products. Is this effect by their emotional needs? Or maybe other needs which include family, social, budget, brand etc.

Question 28

Why is Viral Marketing so Dangerous

Answer 28

Viral marketing can be dangerous, because once the marketing has been posted, it cannot be retracted, as other people can share it and it can spiral out of control.