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brand management

brand management

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Whatever is not there in the text book (BM): Brand identity concept: Brand identity stems from an organization, i.e.

, an organization is responsible for creating a distinguished product with unique characteristics. It is how an organization seeks to identify itself. It represents how an organization wants to be perceived in the market. An organization communicates its identity to the consumers through its branding and marketing strategies. A brand is unique due to its identity. Brand identity includes following elements - Brand vision, brand culture, positioning, personality, relationships, and presentations. Brand identity is a bundle of mental and functional associations with the brand. Associations are not “reasons-to-buy” but provide familiarity and differentiation that’s not replicable getting it. These associations can include signature tune(for example - Britannia “ting-ting-ta-ding”), trademark colours (for example - Blue colour with Pepsi), logo (for example - Nike), tagline (for example - Apple’s tagline is “Think different”),etc. Brand identity is the total proposal/promise that an organization makes to consumers. The brand can be perceived as a product, a personality, a set of values, and a position it occupies in consumer’s minds. Brand identity is all that an organization wants the brand to be considered as. It is a feature linked with a specific company, product, service or individual. It is a way of externally expressing a brand to the world. Brand identity is the noticeable elements of a brand (for instance - Trademark colour, logo, name, symbol) that identify and differentiates a brand in target audience mind. It is a crucial means to grow your company’s brand. Brand identity is the aggregation of what all you (i.e. an organization) do. It is an organizations mission, personality, promise to the consumers and competitive advantages. It includes the thinking, feelings and expectations of the target market/consumers. It is a means of identifying and distinguishing an organization from another. An organization having unique brand identity have improved brand awareness, motivated team of employees who feel proud working in a well branded organization, active buyers, and corporate style. Brand

identity leads to brand loyalty, brand preference, high credibility, good prices and good financial returns. It helps the organization to express to the customers and the target market the kind of organization it is. It assures the customers again that you are who you say you are. It establishes an immediate connection between the organization and consumers. Brand identity should be sustainable. It is crucial so that the consumers instantly correlate with your product/service. Brand identity should be futuristic, i.e, it should reveal the associations aspired for the brand. It should reflect the durable qualities of a brand. Brand identity is a basic means of consumer recognition and represents the brand’s distinction from it’s competitors. Brand Personality: Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/characteristics to a brand so as to achieve differentiation. These characteristics signify brand behaviour through both individuals representing the brand (i.e. it’s employees) as well as through advertising, packaging, etc. When brand image or brand identity is expressed in terms of human traits, it is called brand personality. For instance - Allen Solley brand speaks the personality and makes the individual who wears it stand apart from the crowd. Infosys represents uniqueness, value, and intellectualism. Brand personality is nothing but personification of brand. A brand is expressed either as a personality who embodies these personality traits (For instance - Shahrukh Khan and Airtel, John Abraham and Castrol) or distinct personality traits (For instance - Dove as honest, feminist and optimist; Hewlett Packard brand represents accomplishment, competency and influence). Brand personality is the result of all the consumer’s experiences with the brand. It is unique and long lasting. Brand personality must be differentiated from brand image, in sense that, while brand image denote the tangible (physical and functional) benefits and attributes of a brand, brand personality indicates emotional associations of the brand. If brand image is comprehensive brand according to consumers’ opinion, brand personality is that aspect of comprehensive brand which generates it’s emotional character and associations in consumers’ mind.

Brand personality develops brand equity. It sets the brand attitude. It is a key input into the look and feel of any communication or marketing activity by the brand. It helps in gaining thorough knowledge of customers feelings about the brand. Brand personality differentiates among brands specifically when they are alike in many attributes. For instance - Sony versus Panasonic. Brand personality is used to make the brand strategy lively, i.e, to implement brand strategy. Brand personality indicates the kind of relationship a customer has with the brand. It is a means by which a customer communicates his own identity. Brand personality and celebrity should supplement each other. Trustworthy celebrity ensures immediate awareness, acceptability and optimism towards the brand. This will influence consumers’ purchase decision and also create brand loyalty. For instance - Bollywood actress Priyanka Chopra is brand ambassador for J.Hampstead, international line of premium shirts. Brand personality not only includes the personality features/characteristics, but also the demographic features like age, gender or class and psychographic features. Personality traits are what the brand exists for. Creation of brand personality: A brand personality is created from all the different attributes of the brand. This can range from the very nature of the product - for example, athletic clothing is outdoorsy, young, and adventurous, while insurance is down to earth, upper class, older; a high-priced item might be seen as snobby or rich - to the way it is advertised. The brand personality can take on the same personality as the trademark characters/celebrities who advertise/endorse the product. Even its symbol, such as the Nike "swoosh" or Apple's apple, can be strongly associated with the product and therefore contribute to its personality. Characteristics of a brand: 1. A brand drives shareholder value 2. The brand is led by the boardroom and managed by brand marketers with an active buy-in from all stakeholders

3. The brand is a fully integrated part of the entire organisation aligned around multiple touch points 4. The brand can be valued in financial terms and must reside on the asset side of the balance sheet 5. The brand can used as collateral for financial loans and can be bought and sold as an asset 6. Customers are willing to pay a substantial and consistent price premium for the brand versus a competing product and service 7. Customers associate themselves strongly with the brand, its attributes, values and personality, and they fully buy into the concept which is often characterized by a very emotional and intangible relationship (higher customer loyalty) 8. Customers are loyal to the brand and would actively seek it and buy it despite several other reasonable and often cheaper options available (higher customer retention rate) 9. A brand is a trademark and marquee (logo, shape, colour etc) which is fiercely and pro-actively protected by the company and its legal advisors. Origin of some famous brand names: Mercedes This was actually the financier's daughter's name. Adobe This came from name of the river Adobe Creek that ran behind the house of founder John Warnock. Apple Computers It was the favourite fruit of founder Steve Jobs. He was three months late in filing a name for the business, and he threatened to call his company Apple Computers if the other colleagues didn't suggest a better name by 5 O'clock. CISCO It is not an acronym as popularly believed. It is short for San Francisco.

Compaq This name was formed by using COMp, for computer, and PAQ to denote a small integral object. Corel The name was derived from the founder's name Dr. Michael Cowpland. It stands for COwpland REsearch Laboratory. Google The name started as a joke boasting about the amount of information the search-engine would be able to search. It was originally named 'Googol', a word for the number represented by 1 followed by 100 zeros. After founders- Stanford graduate students Sergey Brin and Larry Page presented their project to an angel investor, they received a cheque made out to 'Google' Hotmail Founder Jack Smith got the idea of accessing e-mail via the web from a computer anywhere in the world. When Sabeer Bhatia came up with the business plan for the mail service, he tried all kinds of names ending in 'mail' and finally settled for hotmail as it included the letters "html" - the programming language used to write web pages. It was initially referred to as HoTMaiL with selective uppercasing. Hewlett Packard Bill Hewlett and Dave Packard tossed a coin to decide whether the company they founded would be called HewlettPackard or Packard-Hewlett. Intel Bob Noyce and Gordon Moore wanted to name their new company 'Moore Noyce' but that was already trademarked by a hotel chain so they had to settle for an acronym of INTegrated

ELectronics. Lotus (Notes) Mitch Kapor got the name for his company from 'The Lotus Position' or 'Padmasana'. Kapoor used to be a teacher of Transcendental Meditation of Maharishi Mahesh Yogi. Microsoft Coined by Bill Gates to represent the company that was devoted to MICROcomputer SOFTware. Originally christened Micro-Soft, the '-' was removed later on. Motorola Founder Paul Galvin came up with this name when his company started manufacturing radios for cars. The popular radio company at the time was called Victrola. ORACLE Larry Ellison and Bob Oats were working on a consulting project for the CIA (Central Intelligence Agency). The code name for the project was called Oracle (the CIA saw this as the system to give answers to all questions or some such). The project was designed to help use the newly written SQL code by IBM. The project eventually was terminated but Larry and Bob decided to finish what they started and bring it to the world. They kept the name Oracle and created the RDBMS engine. Later they kept the same name for the company. Sony It originated from the Latin word 'sonus' meaning sound, and 'sonny' a slang used by Americans to refer to a bright youngster. SUN Founded by 4 Stanford University buddies, SUN is the acronym for Stanford University Network. Andreas Bechtolsheim built a microcomputer; Vinod Khosla recruited him and Scott McNealy

to manufacture computers based on it, and Bill Joy to develop a UNIX-based OS for the computer. Yahoo! The word was invented by Jonathan Swift and used in his book 'Gulliver's Travels'. It represents a person who is repulsive in appearance and action and is barely human. Yahoo! Founders Jerry Yang and David Filo selected the name because they considered themselves yahoos. For some more in alphabetic order: http://en.wikipedia.org/wiki/List_of_company_name_etymologie s

Jingles: A jingle is a short tune used in advertising and other commercial uses. The jingle contains one or more hooks and lyrics that explicitly promote the product being advertised, usually through the use of one or more advertising slogans. Ad buyers use jingles in radio and television commercials; they can also be used in non-advertising contexts to establish or maintain a brand image. For example, a disk jockey at a pop music radio station or chain of stations may sing a jingle for station identification purposes. The jingle had no definitive debut: its infiltration of the radio was more of an evolutionary process than a sudden innovation. Product advertisements with a musical tilt can be traced back to 1923,[1] around the same time commercial radio began in the United States. If one entity has the best claim to the first jingle it is General Mills, who aired the world’s first singing commercial. The seminal radio bite, entitled "Have You Tried Wheaties?", was first sung over the air on Christmas Eve of 1926 in the Minneapolis-St. Paul radio market.[2] It

featured four male singers, who were eventually christened "The Wheaties Quartet", singing the following lines: Have you tried Wheaties? They’re whole wheat with all of the bran. Won’t you try Wheaties? For wheat is the best food of man. They’re crispy and crunchy The whole year through, The kiddies never tire of them and neither will you. So just try Wheaties, The best breakfast food in the land. The Wheaties advertisement, with its lyrical hooks, was seen by its owners as extremely successful. According to one account, General Mills had seriously planned to end production of Wheaties in 1929 on the basis of poor sales. Soon after the song "Have you tried Wheaties?" aired in Minnesota, however, of the 53,000 cases of Wheaties breakfast cereal sold, 30,000 were sold in the Twin Cities market. After advertising manager Sam Gale pointed out that this was the only location where “Have You Tried Wheaties?” was being aired at the time, the success of the jingle was accepted by the company. [2] Encouraged by the results of this new method of advertising, General Mills changed its brand strategy. Instead of dropping the cereal, it purchased nationwide commercial time for the advertisement. The resultant climb in sales single-handedly established the "Wheaties" brand nationwide. After General Mills' success, other companies began to investigate this new method of advertisement. Initially, the jingle circumvented the ban on direct advertising that the National Broadcasting Company, dominant broadcasting chain, was trying to maintain at the time.[1] A jingle could get a brand’s name embedded in the heads of potential customers even though it did not fit into the definition of "advertisement" accepted in the late 1920s. The art of the jingle reached its peak around the economic boom of the 1950s. The jingle was used in the advertising of branded products such as breakfast cereals, candy, snacks, soda pop, tobacco, and beer.

Various franchises and products aimed at the consumers' selfimage, such as automobiles, personal hygiene products (including deodorants, mouthwash, shampoo, and toothpaste), and household cleaning products, especially detergent, also used jingles. Brand associations: Brand Associations are not benefits, but are images and symbols associated with a brand or a brand benefit. For example- The Nike Swoosh, Nokia sound, Film Stars as with “Lux”, signature tune Ting-ting-ta-ding with Britannia, Blue colour with Pepsi, etc. Associations are not “reasons-to-buy” but provide acquaintance and differentiation that’s not replicable. It is relating perceived qualities of a brand to a known entity. For instance- Hyatt Hotel is associated with luxury and comfort; BMW is associated with sophistication, fun driving, and superior engineering. Most popular brand associations are with the owners of brand, such as - Bill Gates and Microsoft, Reliance and Dhirubhai Ambani. Brand association is anything which is deep seated in customer’s mind about the brand. Brand should be associated with something positive so that the customers relate your brand to being positive. Brand associations are the attributes of brand which come into consumers mind when the brand is talked about. It is related with the implicit and explicit meanings which a consumer relates/associates with a specific brand name. Brand association can also be defined as the degree to which a specific product/service is recognized within it’s product/service class/category. While choosing a brand name, it is essential that the name chosen should reinforce an important attribute or benefit association that forms it’s product positioning. For instance - Power book.

Brand associations are formed on the following basis: • Customers contact with the organization and it’s employees; • Advertisements; • Word of mouth publicity; • Price at which the brand is sold;

• Celebrity/big entity association; • Quality of the product; • Products and schemes offered by competitors; • Product class/category to which the brand belongs; • POP ( Point of purchase) displays; etc Positive brand associations are developed if the product which the brand depicts is durable, marketable and desirable. The customers must be persuaded that the brand possess the features and attributes satisfying their needs. This will lead to customers having a positive impression about the product. Positive brand association helps an organization to gain goodwill, and obstructs the competitor’s entry into the market. Types of brand associations:  Companies associate their brands with major trade groups, associations, and causes to achieve favorable marketplace results. The goal is increase sales for brands among targeted consumers, retailers, suppliers and increase brand loyalty. The results of companies will also associate their brands with causes that tie-in directly to their target consumers to achieve overall marketing goals and even as a turnaround tactic to address adverse publicity. Health  Health is a hot topic that particularly impacts companies in the food and pharmaceutical industries. Companies will explore strategies and tactics to associate their brands with positive, health-focused issues. For example, a cereal manufacture might produce a special brand that contains more fiber. Then the company might explore obtaining an endorsement from a respected source like the American Heart Association to include on product packaging, website articles and publicity. An aspirin manufacturer might associate their brand in conjunction with recommendations from respected medical organizations that promote taking an aspirin a day to reduce the risk of a heart attack.

Sports  Companies that manufacture sports gear, apparel, exercise equipment and fitness clubs often seek associations to affiliate their brands with major sporting leagues. Apparel companies structure licensing deals to emblazon their clothing with logos from the National Basketball Association, Major League Baseball, the National Football league and more. Brands also spend mega-millions to have their brands associated with sports superstars. Tennis great Serena Williams earns about $50-million a year to sport Nike apparel and provide commercial endorsements. Celebrities  Manufacturers of consumer retail brands across a wide scope of categories understand the power of celebrity associations. The goal is to generate a consumer association with specific brands “used” or “created” by celebrities. For example, for the last five years, major department store Macy’s has invested heavily in store-branded advertising and products using celebrities that range from Martha Stewart to Sean “Puffy” Combs, to Queen Latifah, and Ralph Lauren. The strategy results in cross-selling merchandise in categories that range from perfume to cooking utensils, apparel and more. Social and Environmental Causes  Savvy manufacturers leverage opportunities in a positive way to associate their brands with social and environmental causes and gain favorable attitudes and publicity. Many of these efforts are conducted to fulfill corporate social responsibility missions. After major disasters like Hurricane Katrina, the 2001 bombings on September 11th , and the 2010 Gulf of Mexico oil spill, companies provided human and financial capital to assist in recovery efforts. The efforts are conducted to demonstrate fulfillment and acknowledgement of corporate roles and responsibilities to “give back” and continue favorable public associations with brands. Brand Loyalty:

Brand Loyalty is a scenario where the consumer fears purchasing and consuming product from another brand which he does not trust. It is measured through methods like word of mouth publicity, repetitive buying, price sensitivity, commitment, brand trust, customer satisfaction, etc. Brand loyalty is the extent to which a consumer constantly buys the same brand within a product category. The consumers remain loyal to a specific brand as long as it is available. They do not buy from other suppliers within the product category. Brand loyalty exists when the consumer feels that the brand consists of right product characteristics and quality at right price. Even if the other brands are available at cheaper price or superior quality, the brand loyal consumer will stick to his brand. Brand loyal consumers are the foundation of an organization. Greater loyalty levels lead to less marketing expenditure because the brand loyal customers promote the brand positively. Also, it acts as a means of launching and introducing more products that are targeted at same customers at less expenditure. It also restrains new competitors in the market. Brand loyalty is a key component of brand equity. Brand loyalty can be developed through various measures such as quick service, ensuring quality products, continuous improvement, wide distribution network, etc. When consumers are brand loyal they love “you” for being “you”, and they will minutely consider any other alternative brand as a replacement. Examples of brand loyalty can be seen in US where true Apple customers have the brand's logo tattooed onto their bodies. Similarly in Finland, Nokia customers remained loyal to Nokia because they admired the design of the handsets or because of user- friendly menu system used by Nokia phones. Brand loyalty can be defined as relative possibility of customer shifting to another brand in case there is a change in product’s features, price or quality. As brand loyalty increases, customers will respond less to competitive moves and actions. Brand loyal customers remain committed to the brand, are willing to pay higher price for that brand, and will promote their brand always. A company having brand loyal customers will have greater sales, less marketing and advertising costs, and best pricing. This is because the brand loyal customers are less reluctant to shift to other brands, respond less to price changes

and self- promote the brand as they perceive that their brand have unique value which is not provided by other competitive brands. Brand loyalty is always developed post purchase. To develop brand loyalty, an organization should know their niche market, target them, support their product, ensure easy access of their product, provide customer satisfaction, bring constant innovation in their product and offer schemes on their product so as to ensure that customers repeatedly purchase the product.

Relaunching a brand: Re-launching a brand means thinking beyond a new design or a new name. It means, "going deeper." Many a time in marketing, there comes a stage in the life of a brand when it needs to be re-worked and relaunched to take it to a different level. This happens not only for brands which may not be doing well but also for brands that are doing well but would like to do better. Brands go through various stages of evolution in their life and often may need to be restructured and repositioned, revitalised or rejuvenated to improve their sales and market share and profits. Before getting into the methodologies and ways of launching a new brand(or Brand Relauncing), it is important to define the objectives for the relaunch. Some commonly used objectives are: • Is the objective to rejuvenate the brand as a contemporary one, as it is being perceived as dated and traditional?

Is the objective to relaunch a brand that has failed due to an inappropriate marketing mix?

Is the objective to relaunch the brand and reposition it for faster growth and market share? WAYS IN WHICH BRANDS CAN BE RELAUNCHED The first is to keep all elements of the mix the same but reposition the brand in the minds and hearts of customers.

Thus, nothing is done to the product, the pricing or the distribution but the communication and the entire repositioning exercise changes the perceived value of the brand. The elements used would be in the area of the communication mix including the packaging. This approach is usually followed when consumers have accepted the product, found it affordable and available but do not want to use it because they feel it does not match their needs or aspirations, keeping the psychographics in mind. Another method to relaunch the brand is to change the channel and distribution strategy. Other elements may be working but the distribution channel may be ineffective due to the choice of in-appropriate outlets or even ineffective trade margins and marketing strategy. This can be linked with the sales effort, sales organisation and structure. This happens in cases where the product is accepted, its awareness is high but it is not available. There is, therefore, wastage of advertising money. In this case, revamping the distribution structure becomes necessary. The third way to relaunch a brand would be to revamp every element of the marketing mix including the brand name, the product ingredients and pricing, and bring it out with a new price and bring it out as a new avatar. Brand Relauncing is a normal exercise but should be dealt with cautiously. If the brand is doing well because its positioning, distribution and pricing are accepted and it is growing as per the desired objectives, then it is recommended not to tamper with something which is working. Finally, it is important to say that while brand relauncing is implimented , the main objective should be to bring it to a better level in terms of sales, market share and profit than what its current position reflects. Rebranding:

Rebranding is the creation of a new name, term, symbol, design, or a combination of them for an established brand with the intention of developing a differentiated (new) position in the mind of stakeholders and competitors.[1] [2] Far from just a change of visual identity, rebranding should be part of an overall brand strategy for a product or service. [3] This may involve radical changes to the brand's logo, brand name, image, marketing strategy, and advertising themes. These changes are typically aimed at the repositioning of the brand/company, sometimes in an attempt to distance itself from certain negative connotations of the previous branding, or to move the brand upmarket. However, the main reason for a re-brand is to communicate a new message for a company, something that has evolved, or the new board of directors wish to communicate. Rebranding can be applied to new products, mature products, or even products still in development. Repositioning: Brand Repositioning is changing the positioning of a brand. A particular positioning statement may not work with a brand. For instance, Dettol toilet soap was positioned as a beauty soap initially. This was not in line with its core values. Dettol, the parent brand (anti-septic liquid) was known for its ability to heal cuts and gashes. The extension's 'beauty' positioning was not in tune with the parent’s “germ-kill” positioning. The soap, therefore, had to be repositioned as a “germ-kill” soap (“bath for grimy occasions'') and it fared extremely well after repositioning. Here, the soap had to be repositioned for image mismatch. There are several other reasons for repositioning. Often falling or stagnant sales is responsible for repositioning exercises. After examining the repositioning of several brands from the Indian market, the following 9 types of repositioning have been identified. These are:

1. Increasing relevance to the consumer 2. Increasing occasions for use 3. Making the brand serious 4. Falling sales 5. Bringing in new customers 6. Making the brand contemporary 7. Differentiate from other brands 8. Changed market conditions.

It is not always that these nine categories are mutually exclusive. Often one reason leads to the other and a brand is repositioned sometimes for a multiplicity of reasons.

Rejuvenation: Brand rejuvenation involves adding value to an existing brand by improving product attributes and enhancing its overall appeal. It is intended to re-focus the attention of consumers on an existing brand. Brand rejuvenation helps overcome the consumer’s boredom in seeing the same product on the shelves year after year. A consumer’s psychological desire for changing is one key factor behind brand rejuvenation. Quite often, we see ongoing brands appearing as; ’new’, ‘super’, ‘special’ ‘premium,’ deluxe, ‘extra strong’ and ‘fresh’,. They appear in new shapes, new pack sizes, new containers, new colors and flavors. Basically what happens here is an updating of brands. Corn Products reintroduced Rex jam with

pieces of fruit in it and packed them in new containers. Cadbury’s 5 star chocolate bar received a fill up through a new creamier and smoother version. Given below points presents some example of brands reappearing with the tag “New”: * New Burnol: Burnol became ‘New’ and appeared in a new pack. * New Horlicks : HMM its New Horlicks the New Horlicks claimed more nourishment through additional protein and calcium, eight essential vitamins and iron. * New Nescafe: Nestle rejuvenated Nescafe and brought in the New Nescafe. New Nescafe was made using the new agglomeration coffee process, instead of the fine powder form and the coffee now came in small round goblets. * New Bournvita: To give a push Bournvita, Cadbury’s came out with New Bournvita, with extra glucose in a new packing. * New Vicks Vapour: P&G’s 100 year old Vicks Vaporub has almost become a generic name for cold cure. Still P&G does not keep quiet. New packages appear, new promotion campaigns are launched and improvements in product formulation area also made. In late 1990s, the brand received one such facelift and appeared as New Vicks Vaporub. Objectives of Brand Rejuvenation> The main objectives of rejuvenation are: 1. Rejuvenation aims at revival of brand. The intention is to breathe some new life into a brand that may be showing signs of decline. 2. Even healthy, successful brands may need occasional rejuvenation. Because of competition, some re-formulation and refinement become necessary from time to time. The brand has to be updated. It ensures the steady success of the going brand. 3. It helps keep the brand live and in focus.

Some companies are constantly playing the rejuvenation game. Cadburys, Procter & Gamble and Hindustan Lever are examples of companies which believe in giving their products the occasional facelift through rejuvenation. They have a strong R&D base and are constantly striving to improve their existing brands. Hindustan Lever tops the list. It keeps updating most of its brands – Surf, Close up, Lux, Rexona, the list in fact is long. Even the 100 year old Lifebuoy got a facelift; it came in new 75 gm ‘rural pack’ as ‘New’ Lifebuoy. HLL conducts 15 to 20 rejuvenation programs, spread over its 30 major brands in various product categories every year. An essential part of the rejuvenation exercise is the promotion campaign surrounding it. Companies launch advertising and sales promotion campaigns to drive home the brand’s new arrival. Example of Hamam: When HLL look over Hamam from the Tatas in 1994 the brand had a market share of 7 per cent by volume. A major attraction for HLL in acquiring Tomco was Tomco’s brands, mainly Hamam. But Hamam at that time was a mere South Indian brand. HLL wanted to rejuvenate and reposition the brand as a national player. Hamam’s initial positioning: When Tomco launched Hamam in 1931, it was positioned as a men’s soap, and was later repositioned as a family soap. The main product attribute that was highlighted in all campaigns was: It is safe on skin. The brand became popular but its popularity was mainly in the four southern states where Hamam became the most preferred brand for the family. It was strongly recommended by the older generation.

HLL studying consumer perceptions towards Hamam: Before revamping Hamam, HLL, with the help of ad agency Clarion conducted a study on consumer perceptions towards Hamam. The study revealed the following: 1. Brand loyalty towards Hamam was under attack. Throughout late 1980s and early 1990s a flux of modern brands had entered. 2. Hamam suffered resistance from the younger generation in particular. They were now seeing a variety of brands – deodorants, medicated ones, freshness-based ones, and with new fragrances and natural ingredients. 3. Hamam has some strong points too. Hamam was still the fourth largest brand in the popular segment. Here was also very high loyalty among the older generation a very intense relationship between the older consumer and the brandsomething similar to a mother and child relationship. BRAND PORTFOLIO Introduction Due to limitations of line and brand extensions, companies have to go for a portfolio of brands. Portfolios offer advantages. At the same time, they also are not without disadvantages. The lecture discusses both. Brand portfolio and segmentation Every market can be segmented by product, customer expectation, or the type of customers. A chain of hotels may like to have its presence in different segments of the hotel market by having three-, four-, and five-star hotels. Its presence in three different segments addresses different needs of customers within those segments. Customers in the threestar segment are economy-oriented audience interested in neat accommodation with no frills at affordable pricing in a middle class area of town. Conversely, customers in the five-

star segment are desirous of high comfort, pampering, sophisticated ambience, and high status. Customers in the fourstar category fall in between the two ends of the spectrum. The example illustrates different products and different types of customers with different expectations. Considering the variance of factors among different segments, it is obvious for the company not to sell its services through three kinds of hotels under the same brand name. With the same name, customers in the five-star segment will feel degraded and under-served, while those in three-and four-star segments will expect to have upgraded service offered at the five-star set-up at the pricing of three-and four-star accommodations. It will lead to quite a confusing situation devoid of a rationale. The company therefore should consider different brand names for the simple reason that all three products relate to a particular set of corporate objectives through segmentation and differentiation. This implies that depending on the corporate objectives, degree of competition, and company’s resources, the The Positioning Map company should decide about the Multi-brand portfolio number of brands it should be having. In this case, it looks apparent to have three brand names for three different hotels. It, however, is a multi-stage process that drives one to decide the practical number of brands. The stages are related with a historical study of the segments tb h i ya h a e n o o r ar v e u e tn e i

n t e r e s t e d i n . s t f r l a o At to w lw e f lo g o iu e t s areas of marketing – segmentation and differentiation. That owes to the external growth factor of the total category. As mentioned above, given the degree of competition and historical perspective of the whole category, you position different brands in different segments. To address differentiation, you may not successfully do that by way of having just one brand do all the jobs for you. It is graphically illustrated.

Segment variance If the variance in terms of segments is too broad like in the case of the hotel, then one brand will work at cross purposes. You have to have different brands. If the variance is narrow, then you may go for an extension. But, you may still go for some distinction in name that signifies differentiation. It can be exemplified by way of calling one economy and the other executive. By competing at the bottom of the top segment (top right quadrant), you are defining new boundaries, repositioning the competition, and keeping it off-limits to your top-of-the-line offering, which is surrounded by two direct competitors. You are a little more expensive there, but less expensive at the bottom of the segment where you have a nice fighting brand with higher quality than those offered by two others. The variance in segmentation corresponds to different positions. That is, different positions on the positioning grid necessitate different brand names. A multiple brand policy therefore corresponds to a segmented market, where various expectations in each segment are not only different, but also seen as incompatible by consumers.

The above means customers in upscale segment will never accept the same brand name unless there is differentiation between their brand and the one that is perceived inferior. You may go back to the hotel example. As a comparison and conclusion, we can say that
• •

while brand extensions correspond to a strategy of domination and competitive advantage via low costs the multi-brand strategy is a logical consequence of a differentiation strategy and as such cannot coexist with low costs in view of reduced scale economies, technical specialization, specific sales networks, and necessary advertising budgets

Yet it should not mean that companies are prepared to spend unlimited sums in the areas of multi-brands. The objective to cut costs never escapes managers’ attention. They like to offer differentiation at the end of the production process, thus trying to make brands appear different. The tendency to achieve productivity gains via fragmentation of the assembly line at the fag end of the process kills two birds with one stone: • Companies try to achieve differentiation there and • Companies try to reap the benefits of the learning curve, which is characterized by a lot of common features Most of the multi-brands of cars make use of such productive gains. Look at the models by Toyota and see the differences between the base model and the saloon model. Differentiation seems to take place after having had the gains of productivity in terms of the shape of the model. Even the latest “Altis” with a bigger engine is subjected to the philosophy of production harmony and cohesion. What makes it necessary to have different brands? 1. Collective play One brand cannot develop the market. It’s the collective positions and communication campaigns that educate the customers about different features different brands

offer. When different players collectively promote their respective differences, it tends to promote the market collectively. Combinedadvertising offers a combined view of the whole category thus improving the whole category. Multiplication of players, therefore, becomes essential. 1. Market coverage The role played by multiple players automatically strengthens the concept of segmentation, because they all opt for different segments by positioning them uniquely. Such situations lead to coverage of the market that is not possible with just one brand. Different price-quality-indexes (PQIs) emerge and one brand revolving around all PQIs is bound to lose its identity. 2. Effective fight to competition You introduce a new brand to position it right below established competitors’ pricing. You don’t do that with the original brand, for that amounts to cutting brand’s pricing and hurting its image. Refer to figure 31. In other words, it offers you to create the territory of marketing battle away from that of your original brand. 3. Fills the market and keeps the competition out It offers you the opportunity in line with the fundamental that says a multiplication of players is important. A strong player can take on the role of a multi-supplier by having different brands and hence keeping the competition out. 4. Protects the main brand image If the new entry is not successful, it doesn’t hurt the original brand. 5. Responsive to retailers’ needs A multi-brand policy fulfills needs of different retailers, because different retailers cater to the needs of a different level of clientele and, hence, needing an array of different brands for different customers with different demographic backgrounds is essential. Actually, the identity of retailers is defined by the selection of different brands they carry and specialize in selling.

1. Takes over where extensions feel limited A multi-brand policy emerges from the limitation of extensions to look after all the segments of the market. A sophisticated market is bound to be confused by extension of one brand, if it addresses different quality and needs-fulfilling criteria across different zones of customers’ attitudes. Electronics offer a perfect example. Japanese electronics companies offer more than one brand of televisions and musical instruments by being sensitive to the following psychographics. • There are customers who buy on the basis of technical innovation and, hence, don’t care about the price. • There are customers who buy on the basis of basic needfulfillment, and hence, are economy-oriented • There are customers who buy on the basis of reliability and durability If you classify customers in the above three segments, you may like to have different brands for those segments. You, therefore, have to relate different features and benefits with the brands’ attributes. One brand extension cannot do that. Constraints 1. Clear meanings In multi-brand portfolios, each brand must have its clear meaning. If the differential between brands is minimal and not meaningful, then not only the customers, but also sales people feel confused and offended. 2. Cost management Costs always remain a prime objective of all businesses. They try to keep so many common features, which should not expose themselves to the point of undesirability. Should consumers perceive commonalities not appealing and rather offending, then managing costs for the sake of keeping them low can endanger brand’s image capital? Businesses must maintain a balance between such cost management and image capital of the brand. Developing the model – multi-brand portfolio

Just on the lines of brand extensions, we have to go by the following steps: Analyze and assess the potential each opportunity offers in targeting customers in each segment.

• Look for opportunities and growth areas.

• Go for the brand strategy that explains its positioning, its reason for being, and the strategic framework for executions of tactics.

Big Five: The aim of this study was to explore the relationship between consumer personality and brand personality as measured by constructs reflecting The Big Five dimensions in the context of fashion products. The findings of the study show that some dimensions of The Big Five constructs are significantly related to preferences on particular dimensions of brand personality. It was found that consumers who exhibit a Conscientious personality demonstrate preferences towards ‘Trusted’ brands. In contrast, those who are Extrovert in nature are motivated by ‘Sociable’ brands. Findings related to gender reveal that male and female consumers differ in how they express their personality when it comes to brand personality. Male respondents who are dominant on the Neuroticism dimension prefer ‘Trusted’ brand while ‘Trusted’ brand is preferred by females who are dominant on the Conscientiousness dimension. The results of this study will inform brand managers about how to tailor specific marketing strategies such that brand personalities communicated to consumers are congruent with their personalities.

INTRODUCTION Personality research as it relates to marketing is both an enigma and a thorny area of research for marketing scholars. A perusal of any basic text in psychology shows that personality research has been a cornerstone of psychology since the early 20th century.1 One of the most widely used approaches to the study of personality traits is the Big Five Model. The model's  capacity in helping to explain human behaviour has attracted the interest of researchers from other disciplines, including sociology, management and marketing. Management scholars have attempted to link employee personality to job satisfaction and leadership.2, 3 Researchers in marketing have explored the impact of consumer personality on perception, preferences and behaviour.4, 5 The results of studies have, however, been mixed. Although attempts to demonstrate the link between consumer personality and behaviour have not yielded many meaningful results,6 other methods founded on personal values and demographics have been more efficacious.7 In recent decades, personality research in marketing has focused on the validity of self-congruity theory in relation to different types of purchase behaviour and product contexts. The connection between personality and purchase behaviour was first introduced by Dolich8 who suggested that consumers prefer to buy products and brands that best reflect their personality. His theory which lacked empirical support has generated mixed results in other studies. Some researchers9, 10 support the theory whereas other researchers11, 12, 13 found little empirical evidence to confirm the relationship between personality and behaviour. Although the validity of self-congruity theory has been extensively researched, there is a dearth of empirical research which addresses the specific question of whether there is a significant relationship between consumer personality and brand personality. The research question is therefore: Do consumers exhibit a preference for brands that are congruent with their personality. Shank and Langmeyer14 stated that most personality research in marketing focuses on the impact of personality on product usage, decision process, brand loyalty, innovative buying behaviour and responsiveness to advertising rather than brand personality per se. Moreover, from a

methodological perspective, marketing researchers have been criticised for their tendency to develop their own constructs rather than using established psychological constructs when measuring consumer personality variables.15 While some scholars16, 17 have strongly supported the validity of self-congruity theory, empirical support for the relationship between personality and product choice in general is required. The aim of the study reported here was to contribute to the knowledge through an investigation of the relationship between the personality of consumers and their preference for brands to which they can relate because of their disposition. Advancing knowledge in this area is of value to marketing academics and practitioners. Research in marketing can uncover new facets of consumer behaviour such that managers can align their brand strategies with the needs of their target market. Understanding that brands possess unique characteristics that can be related to The Big Five is an aid to positioning and advertising strategies. Topof page REVIEW OF THE LITERATURE Consumer personality: ‘The Big Five’ Personality can be defined as ‘the intrinsic organisation of an individual's mental world that is stable over time and consistent over situations’.18 The history of psychology shows that researchers have attempted to develop a universal and systematic personality framework to explain individual differences. The quest for a systematic approach began in 1884 when Galton attempted to categorise personality-related words based on a standard English diction-ary. Galton's work was then followed by Thurstone, who conducted a factor analysis of 60 personality terms and came up with five common factors.19 Although Cattell embraced Thurstone's method he derived a more complex set of personality variables, now known as the 16 Cattell Personality Factors (PF).20Other researchers, including Fiske and Digman,21 conducted follow-up studies by analysing Cattell's 16 Factors and found out that only five factors were proven to be replicable across different contexts. Sub-sequent research has confirmed the reliability and generalisability of these Thurstone's five factors in different

cultural and research settings. These findings were embryonic in terms of the evolution of The Big Five Model. Today, The Big Five model of McCrae and Costa22 (see Table 1) is regarded as one of the primary benchmark in the trait theory of personality. Table 1 - The Big Five model.

Full table

As shown in Table 1 personality is described by emotional, cognitive and behavioural elements which are idiosyncratic. Each dimension consists of a set of correlated traits which are represented as bipolar traits (eg worrying-calm, etc). While individuals can exhibit all five dimensions they may score quite highly on one or several dimensions and lower on others.23 In the literature on branding, discussions about the application of brand preference constructs across different product categories24 have been limited to the relationship between consumers and brands,25 and the stability of brand preference across different categories.26 Therefore a gap in the literature was found concerning how consumers in respect of The Big Five personality dimensions exhibit preferences towards brands that reflect their personality. To address this gap, the work of Costa and McCrae27 was used in the development of the instrument for this study. Brand personality Brand personality is a set of characteristics that describe a brand.28 Brand managers are interested in promoting a brand personality which attracts consumers’ attention such that they may form a preference for a brand. Consumer preferences are a pivotal concept in marketing as they underpin customer choice among alternatives. Blackwell29 defines preferences as ‘attitudes toward one object in relation to another’. A preference may be transformed into a motivation which

ultimately finds expression in a specific behaviour. Despite the utility of this concept it should, however, be noted that consumer preferences alone are not the only factor implicated in a purchase decision. Factors such as price and in-store promotion can moderate a purchase decision despite a consumers’ preference for a particular brand.30 The premise of the research reported here is that if stability is a characteristic of personality then likewise the presentation of a consistent brand image with which consumers are comfortable will promote brand preference and may contribute to brand loyalty so long as instrumental needs are met. This is essentially the argument put by Aaker31 who stated that:‘the greater the congruity between the human characteristics that consistently and distinctively describe an individual's actual or ideal self and those that describe a brand, the greater the preference for the brand.’ Aaker and Fournier32 argued that a brand can function as a character, partner and person. Thus the premise of the research is to examine the extent to which consumers use brand personality as a vehicle to express their personality. Based on this premise, brand personality scales used in this study have been constructed which are reflective of The Big Five Model. This is consistent with the research aim which was to explore the relationship between consumer personality and brand personality. An expectation of the research was that each consumer personality dimension would be aligned with at least one brand personality construct. The brand personality scale was constructed by identifying descriptors of traits from The Big Five model that could be attributed to brand. It was found that some elements such as ‘worried’ and ‘anxious’ could not be directly related to brand. Thus only those descriptors that were transferable were embedded in the scale. Aaker33 conducted a study to measure the generalisation of Big Five model across brand and resolved five different dimensions which are Sincerity, Excitement, Competence, Sophistication and Ruggedness. Only three of the brand personality dimensions (Sincerity, Excitement and Competence) were, however, found to correlate directly with the personality dimensions (Agreeableness, Extroversion and Conscientiousness). None of them correlated directly with Neuroticism and Openness to Experience. In the research

reported here some elements of Aaker's brand personality dimensions (Friendly, Cool, Reliable) were also used in the construction of the scales used to measure brand personality. Table 2 shows those descriptors that were used to construct the brand personality scale. Table 2 - Hypothesised brand personality constructs.

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It was expected that respondents who were dominant on a particular dimension of The Big Five would prefer a brand personality which reflects that dimension or is close to it. Thus the following hypotheses are proposed: H1a: There is a significant relationship between consumers who have a high score on Extroversion and (i) Exciting Brand (ii) Sociable Brand H1b: There is a significant relationship between consumers who have a high score on Conscientiousness dimension and Trusted Brand. H1c: There is a significant relationship between consumers who have a high score on Openness to Experience and (i) Sociable Brand (ii) Exciting Brand (iii) Emotive Brand

H1d: There is a significant relationship between consumers who have a high score on Agreeableness and Sincere Brand. It was expected that those who had a high score on Neuroticism would prefer brands that may reduce their level of anxiety, hence: H1e: There is a significant relationship between consumers who have a high score on Neuroticism and Trusted Brand. The youth market The research context for the study was the youth market. Because of their age this segment of the population was expected to be motivated to express their personality through fashion products and clothing in particular.‘The clothes choices made by young people are closely bound to their self-concept, and are used both as a means of self-expression and as a way of judging the people and situations they face. Evidence was also found that clothing has a function in role fulfilment, making the wearer more confident and capable. Overall, clothing can be viewed as an essential social tool in the lives of teenagers.’34 Weale and Kerr35 emphasise the importance of fashion for teenagers and young adults despite their socio-economic circumstances. It is argued that young consumers form their fashion brand preferences between the ages of seven and ten.36 It has been found that a person's ratings on The Big Five factors can change over time such that Agreeableness and Conscientiousness increase, while Extroversion, Neuroticism and Openness generally decrease as a person ages.37 This finding supported the rationale for recruiting respondents from the same age group for the study. Gender differences In relation to personality theory, Piacentini and Mailer38 conclude that there are significant differences between genders in their use of fashion brands. Male consumers tend to

express their personality in their fashion choice whereas female consumers use fashion brand to relate to others. This argument is relevant to our study objective, since brand managers should understand the difference between male and female consumers in expressing their personality when it comes to brand personality. It seems also that there are differences between males and females such that women tend to show higher scores on Agreeableness and Neuroticism and that these observed differences are evident in different cultural contexts.39 These sex differences, however, do not of themselves demonstrate that the sexes are innately different in personality.40 Given these arguments a second hypothesis is proposed as follows: H2: There are significant differences between males and females in respect of the personality–brand personality relationship. Topof page METHODOLOGY The sample The respondents in the study were 251 undergraduate students (150 females and 101 males) enrolled within the Business School of one of the leading universities in Australia. University students were purposefully chosen as the study participants in order to be consistent with the research context (youth market). Most of the participants were aged between 18–20 (67 per cent) and 21–23 (23 per cent) years old. There were 168 local and 83 international students and more than 70 per cent of them had been studying in Australia for at least 24 months. Because of this and the natural curiosity of this age group it was reasonable to assume that international students were familiar with the Australian setting and with fashion brands in the marketplace. Sixty-two per cent of respondents were engaged in part-time paid work with an average income of AUD $8,000 per annum.

The questionnaire Since the research required respondents to disclose information about aspects of self, anonymity was viewed as important element in the methodology.41 Thus an anonymous selfadministered questionnaire was used for data collection. The questionnaires were distributed to participants in two different lecture sessions. Although participation in the survey was purely voluntary and no incentives given, there was a high response rate. Two hundred and sixty questionnaires were administered and 251 were completed in full. The questionnaire comprised three parts. Part A included The Big Five personality scale adapted from Costa and McCrae's ‘Big Five Trait Factors and Illustrative Scales’42 and shown in Table 1. Respondents were asked to rank themselves on a seven-point semantic-differential scale which contained the adjectives which related to each of The Big Five dimensions. Reliability analysis was performed on each personality dimension yielding Cronbach's alpha scores greater than 0.5. Part B comprised brand preference scales (see Appendix) that were distilled from the elements of The Big Five model shown in Table 2. Part C of the questionnaire asked respondents to provide demographic data including age, income, gender and country of origin. Topof page RESULTS Brand personality construct assessment Initially exploratory factor analysis was performed on the scales that had been constructed to resolve independent dimensions. These dimensions were subjected to a Confirmatory Factor Analysis. Only items with factor loadings above 0.5 were retained. Subsequently, four dimensions of brand personality were identified. The Emotive dimension was eliminated. A reliability analysis was conducted and it was found that the refined scales had Cronbach's alpha scores in the range 0.5– 0.8. Consistent with a priori expectations, the resulting factors were strongly reflective of the elements of The Big Five. Table

3 indicates the elements of our refined brand personality scale along with the corresponding Big Five dimension. Table 3 - Brand personality dimensions refined.

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The refined model seemed to suggest two latent factors, that is, Sociable and Exciting Brand had very high covariance (0.81). This required a need to check for the discriminant validity of these two constructs. A χ2-difference test was performed to assess whether Δχ2 (Δd.f.) was significant for unconstrained and constrained models. The unconstrained model had a χ2=113.5 and d.f.=38. The covariance was constrained to 1 (unit) and the model had a χ2=128.1 and d.f.=39. The differences was statistically significant exceeding the threshold (Δχ2=14.6 and Δd.f.=1, p<0.001). This exceeds the threshold of χ2>3.84, d.f.=1, p<0.05 thus the discriminant validity of the Brand personality construct was supported. The four dimensions of Brand personality that were resolved are shown in Table 4. This table shows the means, square root of average variance extracted, standard deviations and intercorrelations of the constructs operationalised in this study. Table 4 - Descriptive statistics and inter-correlations.

Full table

The strength of relationship A regression analysis was conducted to test the relationships between consumer personality and brand personality. In order to test the first hypothesis, the dimensions of The Big Five were used as the independent variables and each Brand personality dimension was used as a dependent variable in separate equations to test hypotheses H1a to H1e inclusive. The results are shown in Table 5. Table 5 - Regression analysis on brand personality and personality dimensions.

Full table

From the results in Table 5, it can be seen that the personality dimensions of Neuroticism (p<0.05) and Conscientiousness (p<0.01) drive preferences for a Trusted Brand. Thus support was found for H1b and H1e. The relationship between a Conscientious personality and Trusted Brand personality supports the validity of self-congruity theory in the context of brand preference. Consistent with our expectation, respondents who scored high on Neuroticism and thus may be prone to anxiety and worry show a preference for brands with a Trusted personality. That is, consumers prefer brands which are relevant to their own personality. From the table above, it can be seen that Extroversion and Openness to Experience influence preferences toward Sociable Brand, lending support to hypotheses H1a and H1c. It is worth noting that ‘friendly’ and ‘creative’ are distinctive elements of the Sociable Brand (Table 4). This suggests that respondents who scored high on Extroversion are very sociable and prefer Sociable Brand to express their friendly personality. In contrast, respondents who scored high on Openness to Experience are very open minded and creative and also prefer a Sociable Brand.

The results in Table 5 show that no significant relationship was found between The Big Five and the Sincere and Exciting brand personality dimensions. Thus hypothesis H1d is not supported. The results presented above are, however, strongly supportive of the proposition that consumers are drawn to brands whose personality is consistent with their own. Gender differences To test the second hypothesis, the data file was split according to gender. Regression analysis was then conducted on each type of brand personality again with The Big Five dimensions as the independent variables. Whereas previous analysis indicated that a significant relationship existed only between personality, Sociable Brand and Trusted Brand, the gender-based analysis generated broader results. The relationship between personality and brand personality was found to be significant across all brand personality scales. The following tables (Table 6a and b) summarise the results of the analysis. Table 6 - Regression analysis on consumer personality and brand personality dimensions across gender.

Full table

Consistent with the previous results, the adjusted R2 values demonstrate the weak predictive capability of the fitted equations. There are, however, differences in terms of the corresponding Big Five dimension in this gender-split analysis. As can be seen in the table, each brand personality dimension has significant relationship to at least one Big Five dimension, whereas previous analysis showed that significant relationship only exists in respect of Sociable and Trusted Brand preferences. Table 6b summarises the results of regression analysis for female respondents.

This table shows that there are differences in terms of the corresponding Big Five dimensions between male and female respondents. These differences are summarised in Table 7. Table 7 - Gender differences in brand personality.

Full table

The findings above support Piacentini and Mailer's43 argument that male and females are different in the way in which they express their personality through fashion brand personality. The results suggest that male consumers express Extroversion through Sociable and Exciting brands. On the other hand, females do not adequately express their personality in their brand preferences, since Openness to Experience and Extroversion personality traits do not match the personality elements of Sincere and Sociable Brands. However, when it comes to Trusted brand, it is worth noting that female consumers express their Conscientiousness characteristics whereas male consumers who are scored high in Neuroticism dimension prefer Trusted brand to reduce their anxiety. This result indicates that both male and females prefer brands that reflect some aspects of their personality, although there are differences in the extent of relationship between dimensions of The Big Five for each brand personality dimension. The findings here support the second hypothesis. Topof page DISCUSSION While past research has addressed the way in which personality affects preferences in different product categories, little effort has been devoted to examining the significance of personality in affecting preferences for particular brand personalities. Although many researchers have argued that consumers use

brands as a conduit to express their personality, there is a lack of empirical evidence to support the proposition. This study contributes to this research gap by assessing whether a significant relationship exists between consumer personality and brand personality dimensions. That is, whether consumers who are dominant on particular dimensions of The Big Five have preferences for brands that are congruent with their own personality. Although the results indicate the weak predictive power of consumer personality on brand preferences, which supports Shank and Langmeyer's44 argument, the study found some significant relationships between some of The Big Five dimensions and brand preference type. First, the results are consistent with Belk's45 findings that consumers use brands to express their actual personality. It was found that those who are Conscientious prefer trusted brands to reflect their reliable characteristics, and Extroverts prefer Sociable Brand to reflect their outgoing nature. Secondly, it was found that those who score high on Neuroticism have preferences towards Trusted Brands. It is suggested that such people use Trusted Brands to reduce their anxiety. Thirdly, consistent with Piacentini and Mailer's46 argument, the study found that males and females are different in terms of their personality–brand personality relationship. The results suggest that males are more selfexpressive in their brand preferences compared to the female consumers. These findings provide useful insights for brand managers in promoting brand personalities that are relevant to their target audience. Topof page RESEARCH CONCLUSIONS AND LIMITATIONS Theoretical and managerial implications This study has extended the scope of personality research in marketing by using psychological theory to understand the relationship between consumer personality and brand personality. The findings indicate that personality variables are not strong enough to be reliable predictors of brand preferences. Significant findings on the relationship between specific personality traits and brand preference, however, offer useful insights for managers. Personality-based segmentation

can be implemented by devising and promoting different types of brand personalities to target different customers. For example, positioning a company's brand as a Trusted Brand (trustful, reliable and persevering) may attract people with Neurotic tendencies. On the other hand, positioning a brand as a Sociable Brand (emotional, creative and friendly) may attract people who are Extrovert in nature. Those positioning their brand as a Sociable Brand, thus targeting Extrovert consumers, could use an outgoing sales person or customer service assistant to offer new products or services. This may be effective since individuals who are dominant on Extroversion are people-oriented and highly sociable.47 Brand managers should also implement advertising strategies that emphasise the personality of their brands. This type of advertising will enable target consumers to see the congruence between their own personality and that of the brand which is in line with their personality traits. Gender differences, particularly in respect to Trusted Brands also have significant implications for brand managers. Female consumers prefer a Trusted Brand to express their Conscientious (reliable) personality. Thus, brand managers targeting female consumers should position their brand as a Trusted Brand to enable consumers to reflect their reliable characteristics through the use or consumption of the products that belong to that brand. On the other hand, for male consumers who prefer a Trusted Brand to reduce their anxiety, brand managers can emphasise how their brand can assist consumers to minimise risks and reduce tension. Limitations of the study and future research direction The findings presented in this paper are constrained by a number of limitations. One limitation is the use of a self-report instrument to measure a respondents’ personality. Pervin and John48 argue that self-report instruments in personality measurement have weaknesses since respondents tend to report positively about themselves. Although the survey was anonymous, respondents may have scored themselves high on all dimensions conventionally perceived as ‘desirable characteristics’. Future research could employ triangulation by asking significant others to report on individuals in concert with self-reports by respondents.

The second limitation of this study is the development of brand personality scale based on The Big Five scale, which was originally created to understand the human personality. We intentionally developed our own brand personality scale rather than adopting the existing one in order to ensure consistency between the brand personality and consumer personality constructs. The issue of con-sistency is fundamental to the present study as we wanted to examine the strength of the relationship between the two constructs. Although the discussion in the results section has documented the validity of the scale, this newly derived brand personality scale needs further validation and application in other product contexts. This is an avenue for future research. Finally, the use of undergraduate students as the study sample is another limitation of this research. The group was relatively homogeneous and their incomes were low. Those on higher incomes might have different perceptions and place more importance on evaluating their brand preferences. Older consumers might have stronger brand loyalty or consider other factors when it comes to brand preferences due to their previous experience. Consequently, future research should replicate this study using a heterogeneous sample. Future research could investigate whether socio-economic factors moderate the relationship between personality and brand personality. Other factors such as marketing variables, emotional appeal, buyer motives and cultural influences should also be considered in measuring the relationship between the two constructs.

Brand extensions: A product line extension is the use of an established product’s brand name for a new item in the same product category. Line Extensions occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients,

package sizes. This is as opposed to brand extension which is a new product in a totally different product category.Line extension occurs when the company lengthens its product line beyond its current range. The company can extend its product line down-market stretch, up-market stretch, or both ways. Down-Market Stretch A company positioned in the middle market may want to introduce a lower-priced line for any of the three reasons: 1. The company may notice strong growth opportunities as mass retailers such as Wal-Mart, Best Buy, and others attract a growing number of shoppers who want value-priced goods. 2. The company may wish to tie up lower-end competitors who might otherwise try to move up-market. If the company has been attacked by a low-end competitor, it often decides to counterattack by entering the low end of the market. 3. The company may find that the middle market is stagnating or declining. Up-Market Stretch Companies may wish to enter the high end of the market for more growth, higher margins, or simply to position themselves as full-line manufacturers. Many markets have spawned surprising upscale segments: Starbucks in coffee, Haagen-Dazs in ice cream and Evian in bottled water. Leading Japanese auto companies have each introduced an upscale automobile: Toyota's Lexus, Nissan's Infiniti, and Honda's Acura. Note that they invented entirely new names rather than using or including their own names. Two-Way Stretch Companies serving the middle market might decide to stretch their line in both directions. Texas Instruments (TI) introduced its first calculators in the medium-price-medium-quality end of the market. Gradually, it added calculators at the lower end taking the share from Bowmar, and at the higher end to

compete with Hewlett-Packard. This two-way stretch won Texas Instruments (TI) an early market leadership in the handcalculator market. Examples include  Zen LXI, Zen VXI  Surf, Surf Excel, Surf Excel Blue  Splendour, Splendour Plus

Coca-Cola, Diet Coke, Vanilla Coke Reese's Peanut Butter Cups, Reese's Pieces and Reese's Puff Cereal

 Clinic All Clear, Clinic Plus

Service brand vs. Product brand: Brand is paramount in the product arena It creates awareness, drives perception and improves desirability, brands with top-of-mind awareness have higher perceived value which allows for higher price points. It's quiz time; match each of the following consumer brands on the left with the word that best describes it on the right: Apple Volvo FedEx Reliable Different Safety

If you matched Apple with “different”; Volvo with “safety”; and FedEx with “reliable”, then you are correct! Pretty easy? It should be. After all, they have spent hundreds of millions of dollars associating their companies with these words. These words represent the end of a comprehensive process that establishes what every good consumer product company relies on: its brand. Many service companies however, have not embraced brand

because they believe it to be largely the domain of product companies. But many of the same basic marketing principles apply: brand drives perception…drives preference…drives topof-mind awareness…drives higher fees, and so on. So why can't service firms reap the same benefits? They can, when branding for a service firm is done right. Before engaging in any brand development activities it is important to be mindful of these 4 key differences between consumer and service brands. Mass Market and Target Market Product companies sell to the masses through large scale advertising efforts. Following in the footsteps of these companies, many service firms, when attempting to build their brand, start advertising to the masses as Wrigley's Spearmint Gum or Coca Cola might. But for a service brand this is a waste. It's not targeted enough and it costs too much given the return that it provides. The dynamics of brand implementation are just different for service companies. Service firms need consistent articulation of their value proposition across all touch points of the marketing and sales process. While catchy jingles during primetime TV might work for a product company, they are simply inappropriate for service firms. But the right marketing program, that “touches” your prospects regularly, with highly targeted messages, will increase awareness and recognition so the next time you call to schedule a meeting, they're more likely to take it. Differentiation and Relevance Differentiation is important to product companies. Most brand models (and business schools) argue the need to differentiate. But it is a rare service brand that can stake the claim to categoricaldifferentiation. Let's face it, many service firms offer similar services. As such, it is difficult to own a unique market position. So forget about those product oriented one word descriptions.

Instead of attempting to be amazingly different from the rest, focus on being relevant. Specifically, relevance as it pertains to the client. The ideal service brand merges the needs, wants, and desires of the client with the character and values of the company. Creating a space where customer needs meet company essence, an ideal combination of rational and emotional attributes that apply to both groups. This common ground approach develops a brand that not only resonates with the client by delivering what is important to them, but also develops a brand that is genuine and distinct in the minds of clients and prospects. By staking a claim as to what you stand for, communicating how you help your clients succeed and communicating how reliable you are in doing this, you'll develop a unique identity. Most service firms don't have the sticktoitiveness to get this far, but if they do, they'll stand out in the market. Share and Revenue Product companies are taught that they must be number one or two in terms of market position to be successful. Service brands should concentrate on growing revenue, not gaining market share as product companies do. In a service industry, whether it be accounting, law, architecture, or consulting, even local markets are usually fragmented and crowded with many successful firms generating considerable revenue from like services. Service brands require a more directed effort that focuses on improvements to the bottom line. The pretty designs of a brochure, web site, or advertisement play a large role in driving consumer brands and growing market share, but design is just one part of a successful service brand. Internal and External Focus Service firms do not have a tangible display of products that

you can see, touch, and test out before deciding to purchase. As a service firm, your face to the world and what carries your brand most is your people. As such, do not underestimate the internal components of brand development. To create a collaborative culture, communicate your brand message to the troops so that each individual becomes a brand ambassador. This helps to ensure that every sales call, every client interaction, and every elevator conversation, delivers the brand as intended. Don't attempt to be Big Brother, but do provide a rallying point for the entire organization, because “speaking in one voice” is far more important for service firms who rely on direct, one-to-one interaction with clients. What is this Really All About A successful brand is really about a client centric approach tied closely to the firm's business strategy. Even in its simplest form, brands offer tangible benefits to the vast majority of service firms. So, think strategically, roll up your sleeves and you can expect the following of a well developed and implemented brand:

• A genuine and distinct market position • Improved external awareness, perception, and desirability • The development of a collaborative internal culture • Alignment and integration of all messaging • Revenue growth Along the way, you might even get some great looking marketing materials, but these won't be there simply for the sake of good looks. This is a process that drives revenue growth over the long term; the pretty pictures are just along for the ride. Industrial brands: There have been millions of words written on the subject of branding, but they nearly all relate to consumer products and markets.

This is hardly surprising in the light of the megabucks spent on brands by firms like Coca-Cola, Campbell’s, McDonald’s and Levi’s. However, for most managers of businesses, the strategies of the branding gurus are as remote as the sums of money which the big brands spend on advertising. A manufacturer of printing presses in Manchester, a supplier of automotive components in Birmingham or an office equipment supplier in London will find little relevance in the branding theories because they are not written with them in mind. This new e-book is written for managers whose customers are other businesses. Their products (or services) are not consumed in the High Street but are bought by other companies to help in their own output. This is the field of industrial and business-to-business marketing. This book has been written to show that branding is as appropriate for a company pressing metal pieces as it is for Pepsi Cola. It will work for a manufacturer of industrial hose just as it does for Honda. In fact, branding is working already for industrial companies but not with the efficiency it could. Many industrial companies have customers they have supplied for years. These loyal customers buy more than products; they buy trust, friendship, reliability and any number of other intangibles which have a value. The Power of Industrial Brands leads industrial branding out of the shadow of its consumer counterpart, highlighting the important differences between industrial and consumer branding. This distinction will enable you to get to grips with the application of branding in an industrial company. In industry, it is the company's name that holds the key – it is the embodiment of your customer's perception of your product, price, delivery and quality of your total service.

Few buyers would change their supplier just because someone knocks on their door offering the same goods for 10 per cent less. The premium which a product enjoys over and above its commodity price, is directly attributable to the benefits the customer believes they obtain as a result of buying from that company. That difference lies in branding. Based on the authors' 25 years of experience as marketing consultants to industrial companies, this book takes an entirely practical line, guiding you through each stage of the process to reveal:      How to create and build brands How to choose effective names How to promote a brand How to build in service and customer care How to continue to gain the maximum long-term value from branding

Luxury brands: Several years ago, during a project of designing an exclusive VIP service for a large bank, I came up with an unusual way to attract affluent customers and more importantly, hold them for the long run. The basis for the new service concept was an insight into a major covert expectation of most of the bank’s wealthy consumers: that rules and regulation be bent in their favor. After dozens of in-depth interviews it became increasingly percipient that the attractiveness of the special benefits they had received was important but actually secondary. An improved standard of service would have been welcomed, but would not constitute a decisive factor in assuring their loyalty to the bank. What these consumers really wanted was a very high level of informality. For instance, they wanted the branch to be opened especially for them at unconventional hours, if the need arises. They wanted urgently required documents to be delivered to their home during the weekend. They wanted procedures to be circumvented. They wanted direct access to high rank executives. And so forth. Analyzing their motivations I could see that these consumers wished to use banking services as a means to feel elevated from the

ordinary. The psychological and social instrumentality took precedence over the financial one. Following my advice, the bank extended a very secret permission to branch managers 'to deviate from the rules, with great apprehension and severe remorse'. This policy proved to have an enormous influence on feelings of association and on loyalty. This article is about the time proven principles for creating luxury brands in order to attract affluents. Attracting wealthy customers is potentially very profitable. After all, they have more money to spend, that can turn into your income. However, succeeding in this task involves a deep understanding of their psychological need, of their lifestyle, of the role of brands in their world and in their relationships as well as of their purchasing behavior and spending patterns. Some of these are truly counter-intuitive and surprising. But first, let's define what we are talking about and then let's discuss to what extent and in what manner the rules of this game has changed, as so many authorities claim in recent years. Defining luxury By definition, a luxury brand is an outstanding brand, justifiably priced highly and destined, at least primarily, to a select group of the social-economic elite. Luxury is not about unattainability though. After all, you cannot profit from consumers that cannot buy your brand. However, luxury is about the consumer outstretching herself a bit to buy something extraordinary but rather expensive for her financial ability. When you are used to flying business class it is no longer a luxury for you, although you might be pleasantly aware that it is for many. Alternatively, paying $5,000 to fly EOS' 48 passengers only, all premium business class (every person receives lumbar support seating, in a 21 sq. feet / 6 sq. meter of personal "suite" for a combined work / rest / dining area), round trip between New York’s JFK Airport and London’s Stansted Airport – will probably be more of luxury to you. Before entering a deeper discussion of luxury I think it will be good to acknowledge two basic facts: 1. Luxury is relative. One man's luxury is often another's (usually richer) everyday lifestyle.

2.

The standard of luxury is mutable. Today's luxury is often tomorrow's commonly expected standard. Luxury brands are under a constant pressure from non-luxury brands trying to offer a similar value for less, thus eroding the status of luxury. Even not-so-wealthy people now feel deserving of a taste of luxury. Thanks to technology, design and global competition, the standard is rising continually. There is a huge trend of offering the mid-market "popular" versions of products and services that were once the exclusive domain of the affluents. These include: flights, cellular phoned, laptop computers, vacation resorts, casinos, ski / golf / tennis clubs, home cinemas, plastic surgery, professional-level audio/video editing equipment, 4X4 cars, … and many other products and services.

There are five broad categories of luxury brands: - Sumptuous products (Cars, Jewelry & Watches, Fashion & Accessories, Cosmetics Makeup & Fragrances, Food & Beverages, Cigars & Cigarettes, Furniture, Magazines, Home ware & Electronics, …) - Exclusive services (Banking, Financial services, Insurance, Cellular, Airlines, Clinics, Consulting, …) - Luscious retail spaces (Stores, Chains, Shopping centers, Malls, …) - Illustrious Places (Restaurants, Bars, Clubs, Hotels, Resorts, Housing projects, Offices/commercial complexes, …) - Prestigious organizations (Brotherhoods, selective membership,…). The changing nature of luxury Much has been said lately about the changing nature of luxury these days. While some of the proclaimed changes are no more than the result of historical myopia, certain developments are worth noting.
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There are now more layers of luxury than ever before to match new levels of affluence. Generally speaking, buying power in the developed economies as well as in the emerging economies has been on the rise. We have more strata of wealth and more people in each one of them. More billionaires, more multi-millionaires, more

millionaires, more super affluents (annual income over $150K), affluents (annual income over $100K), and near affluents (annual income over $75K). A Toyota Camry (around $25K) is considered a luxury car at some level of affluence, at a higher level it's BMW 7 Series (around $115K), at yet a higher one it's Maybach 62 (around $375K). Rolex is considered a luxury watch brand by many. Not by buyers of Vacheron Constantin or Blancpain or Girard-Perregaux or Roger Dubuis or Patek Philippe for prices that normally range between $20K and over $2M. Every luxury brand must position itself vis-à-vis a certain layer of wealth or several ones. Sony felt the need to create Qualia, a more prestigious brand, in order to cover well the new various strata. Nissan created Infinity, Nokia created Vertu and there are plenty of other examples of such changes in brand architecture. It is a widespread view that luxury brands achieve their status by being the dream of many but only affordable for a few. This is indeed how it works for numerous luxury brands. Nevertheless, other luxury brands derive their status from being esoteric, i.e. known to only a selected few. Not many (alas, now more) know the gioielleria attolio Condognato at the San Marco square in Venice that has a cult-like following of celebrities and other moneyed mortals who travel the world to visit it and purchase its superb jewellery. Being discerning and in-the-know often defines an inner circle of sophisticated luxury buyers, thusly differentiated from more coarse others of similar affluence.
2.

Some of the luxury buyers are now somewhat less interested in purchasing uniform symbols of status / identity and they opt for developing an individual style and expressing themselves in original ways. Therefore, luxury has evolved and became more diverse and more creative. The tension between the traditional (more safely genuine luxury) and the innovative has always burgeoned forth luxury. Currently, luxury leans more towards the innovative than the traditional.

3.

There are more "out of class" purchases now, both upwards and downwards. This trend is not unrelated to the previous one. The wealthy feel no obligation to always buy expansive (actually, affluents typically look for the best deal on whatever they want to buy, no matter how extravagant). The result is that we often see combinations of luxury (a Bvlgary necklace) and non-luxury (Diesel jeans). The no so wealthy have also developed an appetite for luxury when and where they can afford it. So they buy Mizensir scented candles for $60 or make a great effort to buy that pair of Manolo Blahnik shoes they've been dreaming about for $800 for that special party.

4. There's a trend towards spending more on luxury experiences rather than goods, at least amongst wealthy Americans. Experiences include entertainment (theater, concerts and shows, casinos, etc'), social events, winning and dining, travel, SPA / massage / beauty treatment. This trend is stronger among seasoned affluents who already know that the attraction of objects wears out while cherished experiences just get better with time as they are remembered, told and re-told. This trend also includes the purchase of goods that provide experiences for the long run, e.g. home theaters. There's also the experiential value added value to goods that please the sense besides performing their function. Finally, the pleasure derived from the purchase experience becomes almost as important as the pleasure derived from purchased product itself and certainly a major motivator for retail preferences. 5. There are more luxury hits now and fewer classics. Luxury used to be defined in the tradition-driven past by classics. The novelty-driven present, that is evident in the nonluxury sectors as well, turns the success of luxury brands of the day into sweet but short-lived. Take the revolutionary Stokke Xplory (around $750) - the coolest ever piece of outdoor children's equipment. It's a baby buggy, a stroller and a high chair in restaurants ingeniously designed to keep kids away from car smoke.

It's great. It was a big success. Then rolled in the Bugaboo Cameleon (with a price tag of $879). It has all-terrain wheels and shock absorbers to help navigate and it morphs into a car seat, a two-wheeled beach walker, or a pram that lets babies lie flat. See what I mean? The unchanging nature of luxury Despite all these significant developments, the nature of luxury has remained unchanged in essence. There are sixteen usages that consumers have for luxury brands, a stable set of benefits that motivate us to buy. People buy luxury brands in order to: 1. Feel special and apart from the crowd. 2. Feel superior and privileged. 3. Feel of value and importance. 4. Exercise ability and freedom ("I can afford it", "I can do that"). 5. Reward themselves for efforts and achievements. 6. Console one and recuperate from a setback or misfortune. 7. Signal status and command acknowledgement and respect. 8. Demonstrate refinement, connoisseurship and /or perfectionism. 9. Delight the senses, experience pleasant sensations and feelings or create an infrastructure for future favorable experiences. 10.Participate in a certain group and lifestyle. 11.Signal affiliation and belonging. 12.Remind oneself of one's "real" (aspired?) identity. 13.Enflame hope and mobilize motivation and energy. 14.Indulge and pamper oneself, take care of oneself. 15.Feel loved, taken care of and even spoiled. 16.Show feelings of gratitude, admiration or great affection. Luxury brands are specifically designated to serve as means for consumers to fulfill one ore more of these tasks. We can distinguish between three lasting levels of luxury. Most luxury brands exist in only one or two of them, but certain

brands manage to co-exist in all (thus maximizing potentials for profit). This is not a trivial accomplishment. The levels are: - Signature brands – These are the most expensive brands in their category. They are personal creations, one of a kind, signed by a highly acclaimed authority or by an artist of supreme status (an outfit created by Tom Ford, a home designed by Frank Gehry, a consulting project by Dan HermanJ). - Supreme brands – These are products that are produced in limited series, often hand crafted (a Rolls Royce Phantom 101EX car, the service at Tiffany & Co., or a night at the Ritz Hotel in Paris). - High End brands – High quality mass production (from a BeoCenter2 music system by Bang & Olufsen to G Collection chocolate pieces by Godiva). There are three defining factors of luxury: 1. Luxury is nonessential. You don't need a Montegrappa fountain pen to write. You can do without it, but you don't want to. Luxury is desired, not needed. In luxury you are at your best. It makes you life richer and more worth living. 2. Luxury is "hard to get". Its availability is restricted by high price, by small series, by exclusiveness. If you are allowed at all to try and get it, it demands an effort, a sacrifice. You cannot ask for the Amex Centurion black card which attests that your credit is absolutely limitless. You have to be invited. 3. Luxury is superb, inspiring feelings of wonder and excitement. Just visit the exquisite Prada store in Tokyo. It represents an outstanding achievement, it is a divine experience. You cannot but admire the people that created it. You are so charged up that you must share your experience with other. The eternal principles Finally, here are the ten eternal principles for developing and managing a luxury brand:
1.

A luxury brand is first and foremost a product and/or service of superior quality (a quality gap from competitors

is recommended but not mandatory).
2.

The products and services are not designed and planned according to consumer tastes and expectations, even though they appeal and cater to sometimes-hidden deeprouted desires. A luxury brand sets its own standards and does not adhere to fashions. There is an air of leadership to it; it is exceptional, unique, original, artistic-creative, surprising, and novel (but never peculiar in a ridiculous or potentially repelling manner). It challenges its consumers (not too harshly) for their discerning taste, sophistication, refinement and dare. A luxury brand's most important value lies beyond the core product function or practicality. Luxury brands have something extravagant / excessive / redundant and overly generous about them. Something that is clearly not necessary: the use of unjustifiably expensive materials, performance that is far beyond all needs and requirements, an exaggerated level of service, … A luxury brand always expresses zealousness for quality, highly held values or even an ideology, a distinctive culture, together with sense of hedonism, passion for life, and a free spirit. It does that in all the facets of its being including products / services, management practices, marketing communications, ... A luxury brand will always be linked with the circle of those who "run the world" at that certain period of time – and with the success symbols of the time. Behind a luxury brand there are often legends of eccentric genius creators, mysterious production processes, secret formulas, exceptional preparations etc'. Stories like these create mystery. A luxury brand treats itself very seriously.

3.

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8.

A luxury brand is never managed in a democratic way, but rather with authority or even with dictatorship, by a genius creator or by an inspired leader who demonstrates, inside and out, a strong passion for the product and pedantry for every small detail. A luxury brand must be rare or difficult to reach in some way. The awareness to the brand and the desire for it sometimes wide-ranged (while the numbers of buyers has to be limited) and other times restricted to a few that are in-the-know. Even the buyers themselves, must not be inclined / capable to purchase the luxury brand too often. It is important to remember that the dream feeds the desire. We can never dream about the accessible.

9.

10.Luxury brand consumers expect to be distinguished from all others, and to be protected from them (the No-Mix principle). At the same time, they expect a special intimacy between them and the company and its managers, as well as flexibility regarding rules that are afflicted on others.

Heritage brands: Introduction and Background: Some brands have managed to enter deep into the cultural fray of Indian households. These are the brands that have withstood the test of time.. Milkmaid, Pear's soap, Mysore Sandal Soap, Colgate Toothpaste, Woodward's Gripe Water, Himalaya Herbal Healthcare, Amrutanjan, Farooqui Manjan, Baygon's Spray, Hawkins Pressure Cooker are symbols of heritage brands of India. Some of these brands are remnants of the Swadeshi culture, carried on as legacy into the Indian heritage.

Consumers constantly seek new products that can add value into their livelihood. They need to be felt that they have made a wise purchase decision. Changing life styles also play a major role in determining the relevance of the product purchase. Consumer's desires are transient and changing with time. These factors pose a major challenge to the marketer to make & sell products and services that benefit the customer. The challenges can be in the form of opportunities as well as challenges in the way businesses are done. Businesses that have built brands with are resistant to the changes today are seen with brands that have great cultural value. Certain brands that have survived the test of time despite tumultuous changes in the marketing scenario. They have a place into our lives, & surely we all love to have them that way. These traditional brands are cherished, but at the same time go as a matter of fact unnoticed because they have become a part and parcel of our living standards. A few examples of how they are icons into our lives is given below:

A typical household in Tamilnadu, begins the day with the housewife who brews "Bru-filter" coffee, while she pours the prepared coffee into steel tumblers, until the froth levels to the brim, family members gracefully wait to have their morning Bru-Coffee to Jump-start their day.

Similar To the above example of down south, another analogy can be drawn in this context. The feature in the morning of a Gujurati-household is the sight of a couple lightened up on the

traditional swing in the verandah sipping morning-tea made out of the brand is very much a common sight. This brand has omnipresence in Gujarat and has carved a place in the hearts of the consumers. That is how a typical day begins with " Wagh Bakri Chai"at most of the Gujarati homes.

When the friendly yellow non-allopathic balm lies at the bedside of a patient struck with viral fever, nobody pays much attention to its brand name is. Any one living in the country for sometimes knows for sure what Amrutanjan stands for. Because the brand has become almost synonymous to a pain balm, which has been silently performing over a century now, and still promises to do so in the future.

Yet another good illustration is the popularity of traditional brands found inside the shelves of Indian Bathrooms. It's a common picture to find Dettol- the antiseptic lotion in lying in many Indian household bathrooms normally a must have for all nicks & cuts, from shaving blades. Also traditional brands of soaps like Lux, Hammam, Rexona compete with one another for space in the bathroom closets, another add-on to this is the famous HLL's soap Brand meant only to wash hands after visiting the loo; Lifebuoy. These are just a few representative examples of the long list of the Heritage Brands. The strategies that these brands have followed are the lessons that every marketer, associated with the business of branding should know. Our father's generation and our grandparents once upon a time used these brands; and they still continue to be in the top-of-the mind recall, while we make purchase decisions. The reasons for what made the brands to be successfully and consistently, keep on staying in the consideration-set in the minds of the consumer is what makes them to be classified as heritage brands today. The following article, presents the Heritage Brands mostly in the Indian context. An attempt has been made in the article to

describe the various marketing strategies that were adopted to sustain these so called Heritage Brands. A few of the success and failure stories are covered in this article in the following sections. The Concept of Branding: The earliest form of branding was felt when the cattle rearers, branded their herds for identification. They branded the cattle for sorting and grading the cattle. This process is sometimes thought to have started the vital tradition of branding today's business world in all spheres of life. An oversimplified version of marketing is that Marketing is all about making sure that the business knows what customer wants. This process can be divided into two main parts. The first part is tracking what the consumers' want and then manufacturing it. The second part is branding the manufactured goods. While the first part is important, the second part is twice as important than the first part, in terms of criticality and value addition that it provides1. Branding is the task of owning up all the significant and insignificant functionalities of the product or service. Consequently the decision whether to brand or not to brand is a tough one. In an interview the Former CEO of Quaker once said-"If this business were split up, I would give you the land and bricks and mortar, and I would take the brands and trademarks, and I would fare better than you (-) Once the brand comes into existence, it becomes an entity. It has many similarities of a human being, the brand has a personality and an identity of its' own. But the similarities end here, because the brand can never die, unlike humans, it has perpetual existence: can be repositioned and re-launched. A brand possesses, an amazing gift of stretching itself into the time horizon into eternity. P&G believes that well managed brands are not subject to a brand life cycle. An analysis of branding challenges for heritage brands – the older the brand gets, the more heritage it carries. Brand managers must recognize and leverage that heritage and have to maintain it into the future. Technological Obsolescence

Owing to the changing lifestyle of consumers; new products are developed and old ones die. The famous Indian brand for "thermos flasks Eagle" is not present much now. Besides, facing competition from new brands such as " Cello" and "Milton". It's also facing competition new products such as Microwave Ovens. The launch of a microwave oven was the perfect solution to the needs of dual-income households, where neither the husband nor the wife has much time for lengthy meal preparation. Some brands obliterate due to technological backlogs while smart ones survive as they constantly aim for better alternatives. According to the managing Director of Eagle, Nadirshah Padamsee, in an interview with Brand Equity said "the flask market itself doesn't have potential for growth in the future, and might even shrink". Similarly, mobile phone technology got rid of brands, exclusively in the paging business. Changing technologies pose tremendous challenge in terms of opportunities and threats to the marketers. That's why Padamsee says that the company has decided to diversity into other categories like small electrical appliances3.

Godrej started as a locks manufacturing company, by a lockmaker Adi Godrej established in 1897 in India, moved into office equipment like typewriters and also home refrigerators. When typewriters, were invaded by computers, share of Godrej refrigerators by big MNCs like LG and Siemens, Godrej still kept its presence felt due to its strong foot hold in office furniture, and home almarahs- "Godrej store well" and many other operations. Today it is a $1 billion conglomerate with a workforce of 18,000. Inseparable from daily life in India, the Godrej name has been built on a spirit of innovation that has made it one of the country's most remarkable industrial corporations. The brand still suggests something for which it had started and promises to do so in the future as a seal for safety. Innovators have the highest Market Share.

Sony has been the highest seller for Cam cords, Walkmans, TVs and other electronic equipment, not only in India, but in the whole world, for a long time now. Sony from Japan, is a champion brand builder, with excellency in R&D. The caption reads "It's a Sony" speaks volumes.

Amul dairy - "the taste of India", is a firm example of how a small cooperative unit has set a new business model Innovating with operations and building brands co-operative culture, cooperative networking, market acumen and respect for both producer and the consumer.

Nike another winner in Brand building, which is synonymous to sports shoes in India, product innovation is in-built into their company's heritage. Nike understands customers needs, and consistently converts them into products. In an interview Phil knight, CEO & Chairman of Nike says" We used to think everything started in the lab. Now we realize that everything spins off with the consumer. And while technology is still important, the consumer has to lead innovation. We have to innovate for specific reason, and that reason comes from the market. Otherwise, we'll end up making museum pieces"2. The Ex-Editor in chief, Femina- Satya Saran, in an interview on brand building activity explained that- "Femina doesn't want to produce content for which there are no takers. That would make us like the art specialists who come up with abstract art and try and sell it to people who are least interested."9 Accordingly, Discovering how consumers think about brands and what they want gives them the mileage. Heritage brand may or may not maintain umbrella brands They can leverage their Brand names or strategize with separate family names for their products that work towards the company's competitive advantage.

P&G has an array of detergent brands under its patronage, but all have different brands like Crest, Tide, Duncan, Hines, Charmin, and Ariel etc. Even while the market of Ariel fell, the sales of Tide had compensated the net sales of P&G in the detergent segment. Despite the disadvantages & disregarding the cannibalization of brands, this works as an advantage to the parent company. A strategic decision to face external competition does not eat up the company's overall market share. On the other hand, Sony manufactures and sells, its entire product under one brand name. The products leverage the maximum from the blanket family name. At the same time Sony complements its brand image with zero-defect production. Similarly, Coke also offers, different flavors under the brand name Coke e.g.- Cherry Coke, New Coke or Coke II. Entry into new Market Segments: heighten life span:

Brands can move into new segments to increase customer base- Heritage brand need to make quick moves to increase their market base. There are success stories and failures to moving into new market segments. The case of Gillette razors moving into the women's fray under Gillette Venus competing with Phillips "Lady Shave"- to enter the female market segment turned out to be a major success story for entry into new market segments. Gillette's entry into oral care, and focus in Tie-ups is helping in leading its heritage. So also with Nike entering into shoes for the women segment, the old-aged and other niche groups to increase its market size and customer base. Calcium Sandoz recently launched the new female-version of chewable calcium tablets, tailored to suit female. HLL's power brand, Fair and lovely's masculine version – Fair and Handsome's launch is yet another, levelheaded struggle to enter the upcoming Indian male cosmetic market.

Overhauling yet retaining Originality and Consistency Familiarity breeds contentment, but too much of it can vex consumers from nostalgia, because consumers seek novelty. Old brand needs to be constantly upgraded especially in the case of image brands like Lux beauty baths soap and experimental brands like Fun Theme packs like Essel World etc. Brands carry feelings and Emotional associations with their Brand personalities. But Heritage brands, go one step beyond this, they carry some cultural authority with them. Despite shouldering this responsibility, they have a tough challenge in bringing forth novelty within the brand persona. These strategies have to be carefully planned and managed. "Lux" – the beauty soap has over the years changed the brand's endorsers in its ads in Indian media- starting right from Hollywood actress to Bollywood film actresses. The advertisements are creating waves using the Bollywood male star Shah Rukh Khan presently endorsing it, to attract female audiences. These marketing efforts are to enhance the brand personality and the feelings associated with it contemporary and up to date. "Lifebuoy" has upgraded the advertisement and pack design. The advertisement in mass media used to have the most famous jingle- " Tundurusti Kee Raksha Karta Hai Lifebuoy", the ad was very popular and the brand made full mileage out of it. Just as soon as the research proved that the target audience was no longer attracted to the advertisement, due to ad-wear out, the ad was changed. Also a massive program by HLL targeting rural children to keep hands clean was a massive brand-upliftment effort. Including this explicit importance was given to maintain the brand's hygiene associations.

Eveready batteries, would not be what they are today without their new aggressive marketing strategy." Roshan L.Joseph, Director, Eveready Industries India Ltd.

"I have been in this job for 30 years and I can confidently say that the kind of challenges that Eveready has faced, its difficult to find a company that has gone through so much and yet managed to remain on top." These batteries were used mostly inside torch lights, in the ancient days when electricity was a rare commodity. People placed torches under their pillow and the associated feeling was- "Man's Best Friend". Today batteries are used for many other reasons, than just for torchlight. With savvy marketing, Eveready demonstrates a new Brand Personality and portrays a new look of Youth and Energy. So the punch line- "Give me red"! and presently the slogan "Next Century of Power"! All the above illustrations show that Brands are to a great extent trying to update their brand image, and brand personality, without hurting the nostalgic sentiments of loyal customers. It is important that the Brands remain consistent with their personalities, or otherwise they may end up with no brand personality at all. There could also be a chance of loss of clarity in the consumer's mind. Brands have to maintain variations within the consistency limits, or they may have the fear of extinction, due to boredom fromThey can appeal to more than one Age Cohort or Generation. Most of the Heritage brands appeal to more than one age group or age cohort, what is used by one generation, had been used by the previous generation and is used presently by the current generation. The best example is Amrutanjan, the pain-balm started in 1893 by Shri Nageswara Rao Pantulu, who advertised it in the magazine "Andhra Patrika" he later started –, was an instant hit among all age groups. In an interview with India Infoline.com, Mr.S.Radhakrishna, Managing Director of Amrutanjan Limited spoke about the history, growth and performance of the company during the years. . It has now become a household product and is considered as a doctor in house. It is growing at the rate of approx. 15% and the company is constantly upgrading technology and the distribution network to cater to the growing market. The brand relies heavily on product and price features, rather than advertising creativity. Amrutanjan stands as a classic example

for "Functional heritage brand". A century later, the brand still holds 40% of the entire sales in pain balm, fighting tough battles with MNCs like Vicks. Amrutanjan has had the greater chance to satisfy customers seen as providing superior performance and high value5. The so-called children's magazine Chandamama, still has great readership because, it infact is read by the entire family, irrespective of any age barriers. Often it is seen that the grandparents, read the stories inside aloud to render morals to their progeny. In fact, in this era of Pokemons and Digimons, Chandamama today is safely anchored by adding novel contents which are still in synchrony with originality catching the interest of all ages groups. Heritage Brands: Command Pioneer advantage: Colgate Palmolive the shaving cream commands a little higher price than the other brands in the fray. So also Tanishq brand of TATA commands greater price among branded jewellery. Consumers become less price-sensitive to brands with legacy establishment. Mr. Piyush Desai, chairman of Wagh Bakri Tea, the biggest brand in Gujarat, said, "We have grown by almost 8%, but smaller packs are also growing. Various promotion offers tempt consumer at times. But switching back is bound to happen with people realizing true quality standards with time."

Being a pioneer gave "Colgate Dental Cream" the advantage of being everything to everybody. It claims successfully to be a germi-check toothpaste, family toothpaste as well as toothpaste that taste good. It is reasonably priced. Its positioning "suraksha chakra" has been consistently maintained. Colgate Tooth Powder has been developed specifically for India. The Tooth Powder gives the brand high awareness in the length and breadth of the country. Colgate was, till recently ranked as the brand with the highest topmind-awareness among consumers in the country. Pioneer

advantage and family habit put together make Colgate a formidable brand. Consumers are willing to pay an extra price, for a trusted dental care. Important of Consumers Tastes.

The disaster of New Coke gives a moral to the other brands aiming to venture into unwanted zones. When new Coke the sweeter version of coke was launched into the market, the loyal coke customers felt let down and sales dipped to an all time low, owing to the increased sugar contents. Also when Nirma launched the bath soap with the same brand, the consumers refused to accept the product as it gave feelings of caustic detergent in the new toilet soap developed by the product, a classic example of stereotyping, that worked to the company's disadvantage, and the effect was, non-acceptance of the product. Similarly when Lux, wanted to enter into the Shampoo category, it developed a black coloured hair shampoo, only to send signals of blackness associated with Indian Hair colour, but unfortunately, the product was not accepted, in spite of heavy product endorsements, by the famous, Bollywood film actress Tabu. The product didn't gather much share of the pockets, from the target segment. Good brand management results in consumers who have an emotional relationship with the brand. They identify with brand personalities and relate to the values that the brand possesses. When a brand changes the basis of the relationship or does something that is out of sync with its personality, it takes a risk to create dissonance among consumers who relate to the brand (3). Dalda-vanaspati was a mighty success and ruled the roost during its time. But unfortunately it was the concept of Vanaspati-vegetable based fat, that didn't strike enough chords to the consumers' mind. Today there is no other brand making sales in that category, neither would repositioning nor renovation work, because consumers have sent clear

messages, that they don't want to have vanaspati in their foods. Conclusion: Brand is a journey. The path a brand takes is always a bit unknown. This is the key point. We do not always know what lies in the "implicate order". (5) Great brands tie consumers with emotions. It is crucial that this link be present and underlying all brand building efforts. If brand effort doesn't touch people, emotionally their power to leverage and attraction is nil. Everything one does to promote the brand needs design consistency. Continuous management of appearance is critical in creating brand equity and leverage. (5) The biggest part of attraction that many people forget is that people need to know you are there! Brand consistency must be seamless and transparent. The effort should be clear. What makes people desire one thing over another? How does one brand attract people over the other? Anything can be managed as a brand by following simple rules and constantly out performing the other items in the castigatory. This performance doesn't have to be validated only accepted. Brand Building is a Marathon not a Sprint: In today's world of possibilities and global exchange, the only thing is brand. Price has been shown to be superfluous in the presence of a strong performing brand. People want dependability a known quality that differentiates itself from the pack of me-toos. Brand building is a constant and continuous journey a long-term approach.

Y&R BAV The Brand Asset Valuator (BAV) is a database of consumer perception of brands created and managed by Brand Asset Consulting, a division of Young & Rubicam Brands to provide information to enable firms to improve the marketing decisionmaking process and to manage brands better. Brand Asset

Valuator and BAV also describe the Y&R group managing the database. BAV provides comparative measures of the equity value of thousands of brands across hundredsof different categories, as well as a set of strategic brand management tools for planning brand extensions, joint branding ventures, and other strategies designed to maintain and grow brandvalue. BAV has now been linked to a unique set of financial analytics, which allows determining a brand’s contribution to a company’s intangible value. There are four key components of brand health in BAV – the four pillars. Each pillar is derived from various measures that relate to different aspects of consumers’ brand perceptions and that together trace the progression of a brand’s development. These four components for determining brand value are – 1. Differentiation:Differentiation is the ability for a brand to be distinguished from its competitors. A brand should be as unique a possible. Brand health is built, and maintained by offering a set of differentiating promises to consumers. And by delivering those promises to leverage value. 2. Relevance:Relevance is the actual and perceived importance of the brand to alarge consumer market segment. This gauges the personal appropriateness of a brand to consumers and is strongly tied to household penetration (the percentage of households that purchase the brand). 3. Esteem:Esteem is the perceived quality and consumer perceptions about the growing or declining popularity of a brand. Does the brand keep its promises? The consumer’s response to a marketer’s brand building activity is driven by his perception of two factors: quality and popularity. Both vary by country and culture. 4. Knowledge:Knowledge is the extent of the consumer’s awareness of the brand and understanding its identity. The awareness levels about the brand, and what it means, shows the intimacy that consumers share with the brand. True knowledge of the brand comes through building of the brand.

Cost based brand equity: Historical Costs: This is the money that has been spent on the brand till date. Suppose Rs.100 million have bean spent so far creating a brand called ‘X'. The value at which the brand can be sold to another organization should be Rs.100 million. This appeals intuitively though there are several problems in using historical costs. First, a prospective buyer is interested in the future cash flows from a brand and the fact that 100 million was spent on brand 'X' does not guarantee the realization of even a fraction of that amount in future sales. Costs incurred in brands are no measure of the efficiency with which the money was spent. The R& D budgets of GM, Siemens, Philips, Xerox and IBM are much more than their respective Japanese competitors namely Honda, Hitachi, Sony, Canon and NEC. Yet the number of successful models produced by the Japanese far outnumber the ones produced by their western counterparts. Poorly spent finances hardly get translated into brand equity. Historical costs may or may not be an adequate measure of a brand's future potential even when the costs are adjusted to the current prices. Product based brand equity: In spite of all the attention brand equity has received in the past decade, relatively little is known about how to measure it or how it changes over time. In this report, authors Ailawadi, Lehmann, and Neslin propose a simple and easily quantifiable measure of brand equity and validate it by examining its behavior over time and across product categories, and in response to marketing activities such as advertising and promotion. They conceptualize product-market-level brand equity as the incremental revenue that the brand earns over the revenue it would earn if it were sold without the brand name. The equity of the brand is calculated as the difference in revenue (i.e., price x volume) between a branded good and the corresponding private label.

They examine the measure for brands in 23 packaged goods categories over a seven-year period. The measure is found to be stable, yet still related in expected ways to marketing activities (that is, positively associated with advertising but not with promotion) and industry trends (in general it declined during the period when conventional wisdom suggests that national brands lost out to store brands). Further, the brand equity measure is positively associated with stockpileability and hedonic categories and negatively associated with private label quality. Finally, the "up" own-price elasticity, i.e., the effect on sales when price is increased, is significantly lower than the "down" own-price elasticity for high equity brands. Overall, this measure of brand equity offers several advantages to marketing managers. It is a simple measure that can serve as a practical standard of performance and it is readily calculable from existing internal statistics or publicly available data. Importantly, it should also have credibility with financial and operating managers who understand and see the value of increased revenue.

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