What is Brand? American Marketing Association defines Brand as "Name‚ term‚ symbol‚ sign‚ or design or a combination of them‚ intended to identify a seller or a group of sellers and to differentiate them from those of competitors". Thus a brand identifies the seller or maker. A brand is a complex symbol that can convey up to six levels of meaning viz. Attributes‚ Benefits‚ Values‚ Culture‚ personality and User. Scott Davis suggests visualizing a Brand Pyramid in constructing the image of brand
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Brand Extensions are an important brand growth strategy The popularity of ‘Brand extensions’ rose since 1990s‚ with the increase in competition and the high costs of developing new brands (Chernatony & McDonald‚ 2002). This concept has been derived by marketers to optimize sales and profits by launching new or modified products under the parent brand name. In definition ‘Brand extension’ is using the leverage of a well-known brand name in one category to launch a new product in a different category
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1. the target market for the business’s products or services‚ Target Market When an entrepreneur is considering a new business is the time to target a market and to learn everything possible about target market members. This part of branding strategy requires knowing demographic characteristics of target market members. Demographic characteristics can usually be determined through research‚ including brain-storming and researching literature on the Internet and at libraries. 2. the name of
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Products are mute: the brand is what gives them meaning and purpose‚ telling us how a product should read. A brand is both a prism and a magnifying glass through which products can be decoded. Brands play a critical role in developing customer relationships and determining firm performance which eventually leads to brand commitment.. A brand is the identity of a specific product‚ service‚ or business. The brand is a focal point for all the positive and negative impressions created by the buyer
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Hewlett-Packard’s market share is currently declining and recent industry reports indicate that a Chinese low cost PC manufacturer‚ Lenovo‚ is now the market share leader. Over four primary sections‚ we performed an analysis of Hewlett-Packard’s strategy in the PC industry. First‚ we performed an external industry examination to obtain information on the current conditions of the market‚ including industry trends‚ buyer and supplier marketplace power‚ and emerging market concerns‚ such as the threat
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The relevance of case study approach lies in its case selection strategy (Elman et al.‚ 2016). There are two branches of case selection techniques called random sampling (random and stratified) and information-oriented sampling (extreme‚ maximum variation‚ critical and paradigmatic) (Flyvbjerg‚ 2006). While with random sampling‚ the decisive factor for generalization is the size of cases selected‚ information-oriented technique concern more about the characteristics of specific cases chosen and less
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AN ANALYSIS OF BRAND SWITCHING BEHAVIOUR SUBMITTED BY ABSTRACT: A proposed integrative approach measured consumer response to various incentives to switch brands. The response measure consisted of both actual behavior (i.e.‚ switching behavior) and an evaluative measure‚ which underlies the behavior. Self-perception theory was utilized to assess consumer switching behavior in response to intrinsic versus extrinsic motives. The integrative approach
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IKEA has created a global brand focused on low prices and contemporary designs. In 2009‚ Interbrand ranked IKEA 28th on its list of the top 100 global brands (# 35 in 2008 indicating 10% increase in brand value over just year). IKEA’s success is attributed to its vast experience in the furniture retail market‚ its product differentiation and cost leadership. The brand Ikea has become iconic in consumers’ minds. CEO‚ Anders Dahlvig‚ states “the awareness of our brand is much bigger than the size of
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and add value to a brand. Building a strong brand takes time commitment and hard work. The identity of the brand‚ from the perspective of the consumers‚ is the foundation of a good brand-building program. Effective brand management that encompasses brand personality is of major importance in reaching the company goals of satisfaction‚ loyalty and profitability. Building a powerful brand requires determining the substantial characteristics of the offerings that carry the brand name and the psychological
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it wants to go. RE-POSITIONING BRANDS As markets and customer needs evolve; brands can lose customers to new competitors. In addition‚ brands can become diluted as product or service offerings become commodities. When a brand loses meaning and relevance to target customer‚ a new brand promise should be defined so the brand can be repositioned. TYPES OF BRAND RE-POSITIONING Brand Re-positioning Brand re-positioning is changing the positioning of a brand. A particular positioning statement
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