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Example research essay topic: Goods Or Services 1 St Edition - 1,574 words

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... of purchase. Until now, there have been a few studies of how several antecedents of behavioral brand loyalty are inter-related. If the antecedents are integrated to measure and predict brand loyalty, the measurement will be stable over time and accurate. The behavioral aspect of brand loyalty (e. g. , repeat purchases) has measured many studies on the topic of brand loyalty without considering cognitive aspects of brand loyalty.

From the conceptual and operational definition of brand loyalty, we can derive the two most important elements of brand loyalty: attitude and behavior, which have been extensively studied in the area of consumer behavior. The last stage in the evolution of brand equity enables firms to strategically exploit any equity the parent brand has built up. Brand extension allows companies to further grow brand equity by gaining loyalty for related brands from existing consumers and existing channels. One of the most difficult decisions facing the owners of existing brands is that to 'extend or not?' On the one hand, the brand owner foresees the possibility of endowing a new product with some or all the qualities of an existing brand. He can thus enter a market more cheaply, establish his new product more quickly and increase the overall support and exposure of the brand.

On the other hand, the brand owner faces the possibility that by extending the brand to cover a new product all he is really doing is diluting the appeal of this existing brand. Brand extension is the use of the school existing brand name to launch a product in a new category. For example, . Informatics, their core programme is of information technology related but when it decides to go into management, it acquires Curtin School of Business.

This will offer a number of advantages. A good brand name gives an instant recognition and earlier acceptance. It enables the school to enter into new product more easily. Brand extension also save considerable advertising cost that would normally be required to familiarize students with a new brand name.

As advertising cost is high, it become impossible to support too much brand and thus will only concentrate on a few. This then leads to concentration for the school towards only a few major extensions. Brand extension is the only way of defending a brand at risk. This is because it diversifies its risk dont put all eggs in one basket, and if any thing went wrong with one line, the school can always falls back to another. Thus, it is good to extent but too much extension will increase cost and that the management might not have enough qualified people to manage & educate the public. Once managers have been successful in using these resources for branding purposes, they will need to monitor the health of their brands.

In order to be able to sustain their brands strengths they require a method of regularly monitoring performance. Managers are particularly interested in measuring the equity that has been built up by their brand. One of the challenges managers face when attempting to measure brand equity is that there are numerous interpretations of this concept, each leading to a different set of measures. Keller (1985) regards brand equity as the result of consumers responses to the marketing of a particular brand, which depends on their knowledge of that brand. Naomi Klein in the flawed but brilliant No Logo; Klein asserts that this has already happened and that the separation of branding and production has led to the shameful phenomenon of developing-world sweatshops slavishly producing branded products for developed-world markets. This has echoes of the perennial debate over the power of advertising, the paradox being that outside observers tend to overstate the sinister power of the advertising process while those working within the industry fret ceaselessly about whether they are having any impact at all.

One way to think of a brand is as a "word in the mind." If that word, even a combination of meaningless letters, creates an instant mind-picture of a product and a set of values, that word is a brand. When you combine the letters V, M, and T in the order MTV, instantly you associate the letter sequence M-T-V with the music television channel, rock music, and all that rock music represents (good or bad). Likewise, when you combine the letters W, B, and M into a certain sequence, you get BMW, what most people think of as a high-priced, high-performance German automobile -- even though they also make motorcycles and the rather strange C 1 device that's some bizarre combination of the two. A brand, as defined by the David Aaker, author of the classic text Managing Brand Equity, is this: A brand is a distinguishing name and / or symbol (such as a log, trademark, or package design) intended to identify the goods or services of either one seller or a group of sellers, and to differentiate those goods or services from those of competitors. So, according to Aaker's definition, "Palm" is a distinguishing name that identifies the device we all know and love and helps us, as customers, to distinguish it from other interesting devices, such as the Nino, the Cassiopeia, the Newton, and even the old Sharp Wizard. For buyers, brands effectively perform the function of reduction: brands help buyers identify specific products, thereby reducing search costs and assuring a buyer of a level of quality that subsequently may extend to new products.

This reduces the buyer's perceived risk of purchasing the product. In addition, the buyer receives certain psychological rewards by purchasing brands that symbolize status and prestige, thereby reducing the social and psychological risks associated with owning and using the "wrong" product. For sellers, brands perform the function of facilitation - that is, they ease some of the seller's tasks. Because brands enable the customer to identify and re-identify products - all things being equal, this should facilitate repeat purchases on which the seller relies to enhance corporate financial performance. Brands also facilitate the introduction of new products.

If existing products carry familiar brands, customers will generally be more willing to try a new, seemingly appropriate product if it carries the same familiar brand. Brands facilitate promotional efforts by giving the firm something to identify and a name on which to focus. Brands facilitate premium pricing by creating a basic level of differentiation that should prevent the product from becoming a commodity. Brands facilitate market segmentation by enabling the marketer to communicate a coherent message to a target customer group - effectively conveying for whom the brand is intended and, just as importantly, for whom it is not intended. Finally, brands facilitate brand loyalty, particularly important in product categories in which repeated purchasing is a feature of buying behavior. (We argue that this is a facilitative function distinct from that of identification, which permits ease of repurchase for the buyer but does not ensure it. ) The adoption of information technology (IT) is shifting the power away from brand managers and will increasingly affect the role of the brand in simplifying customer search. IT enables more sophisticated stock control and merchandising among the better managed trade customers.

IT implementations are permitting leading-edge retailers in the United States, Europe, and other parts of the world to develop consumer loyalty programs; ownership of this customer information is becoming the key to power. In the past, consumer goods manufacturers used market-research survey data about consumers to gain an informational advantage over trade customers. Today, major retail chains own real-time information (collected by scanners, massaged by sophisticated software, and linked to frequent shopper programs) that identifies individual shoppers. It is now the retailer who dictates whether a product will be given shelf space: in the United States, the fast-moving consumer goods marketer was paying up to $ 222 by 1990 to introduce a single new product into a single store This shift in the distribution of power is not immutable, however. By using IT astutely, manufacturers can recapture power from the channel, and some are pursuing this course.

Bibliography: 1. Arnold D. , J. Gray, M. Prescott, (1993) The handbook of brand management, Pitman Publishing, 1 st Edition, London. 2. Aaker D. A. , Building strong brands, The Free Press, 1996. 3.

Burns A. C. & Ronald F. B. , Marketing Research, Prentice Hall International Inc. , 2 Edition, 1998 4. Hart S. , J. Murphy, Brands: The new wealth creators (1998) Macmillan Press Ltd, 1 st Edition, United States. 5. Juhasz F. (1985) The macro-economic impact of environmental expenditure, 3 rd ed. , Organisation for Economic Co-operation and Development, Paris 6.

Kapferer, J. N. , (1997) Strategic Brand Management: Creating and sustaining brand equity long term, Kogan Page Limited, 3 rd Edition, Tokyo. 7. Keller, Kevin Lane (1985) Strategic brand Management: building, measuring, and managing brand equity, 3 rd ed. , Prentice Hall, Sydney 8. Kolter Philip. , (1980) Marketing Management, Prentice Hall International Inc. , 9 Edition, Sydney. 9.

Kolter Philip. , (1997) Marketing Management, Prentice Hall International Inc. , 8 Edition, Sydney. 10. Murphy J. M. (1992) Branding: A key marketing tool, Macmillan Press Ltd. , 2 nd Edition, London. 11. Belch George E. & Belch Michael A. (1995) Introduction to Advertising & Promotion: An Integrated Marketing Communications Perspective, 3 rd ed. , Richard D. Irwin, INC, USA 12. Schiffman L.

G & Kanuk L. L (1994) Consumer Behavior, 5 th ed. , Prentice-Hall, London.


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Research essay sample on Goods Or Services 1 St Edition

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