Marketing To Attract More Clients - How Brand Centric Is Your Marketing Plan?
I. Brand Extensions
Brand extensions increase the consumer perceived value of the brand. For successful brand extensions, consumers have to be able to perceive high fit between the extended product and the core brand. Other variables are involved in leveraging brand image in brand extensions as communication policy (Pina and Montaner 2009), brand type and cultural differences (Buil, De Chernatony and Hem 2009). In addition, Kapferer's model based on brand types demonstrates the importance for the brand to have a high brand meaning more adaptable and reliable into other categories.
Most brand extensions occur as line extensions, which use the existing brand names and products and extend them remaining in the existing product category.
A very interesting one which moves in brand extensions field is "Extending the brand: controllable drivers of feedback effects" by Montaner and Pina (2009). This paper seeks to analyse the influence of three variables: communication policy, brand breadth and extension-brand fit. The results show that brand extensions far from the current markets damage the brand associations, although the use of advertising focused on the new product can reduce this negative effect. The results suggest how to manage the launching of brand extensions in order to protect the extended brand image. moreover, Buil, de Chernatony and Hem with "Brand extension strategies: perceived fit, brand type, and culture influences" (2009) examined the impact of perceived fit, brand type and country's culture on the consumers' attitude towards brand extensions and on the parent brand equity. Brand extensions with high fit receive more favourable consumer evaluations and decrease the negative feedback effects of extensions on parent brand equity. Results also reveal that parent brand equity dilution is higher when the brand used to launch the extension has high equity. Brand Loyalty
High brand loyalty could be identified in the case of high purchase frequency, high penetration rate, when the price is higher than average in the category, when it refers to a leader brand. Very interesting for my research is Kapferer's Brand Loyalty model, which introduces as dimension of brand loyalty the trial of brand extensions next to brand presence and single product repeated purchase.
"Customer satisfaction and loyalty: start with the product, culminate with the brand" written by Torres-Moraga, Vasquez-Parraga and Zamora-Gonzalez (2008) enhances that studies on customer satisfaction and loyalty have focused on brand rather than product. It is not that brand is not important, but the process of loving a brand starts with a product. Customers appreciate products by themselves, independent of the brand, as shown in their pursuit of satisfaction and development of loyalty. The relationship satisfaction-loyalty is also present when evaluating product and brand combined, indicating that there is an intermediate position between product and brand. There are practical consequences of applying the typology and examining the findings, the relationship satisfaction-loyalty starts with the product, includes the product-brand, and culminates with the brand. This study introduces a typology underscoring the pursuit of satisfaction and development of loyalty in three conditions of product presence versus brand presence, that is, product alone, brand alone, and product and brand combined.
To what extent Brand Extensions might increase Brand Loyalty?
The trend is changing and it is no more the brand who validates the Consumer but the Consumer who validates the brand.
As a matter of fact, many leading luxury goods companies have been applying extension strategies such as new product lines, product categories, and brand names.
;Researches on non-luxury brands have shown that a major contribution of extensions is the enhancement of brand awareness. It means that brand extensions could damage the brand image of luxury brands, as these brands may be seen as widely available and accessible to the majority of people. For the actual Customers Brand Extensions for Luxury Brands improves Brand Awareness, however the Brand Loyalty could be damaged, since the brand lose his prestigious.
(1) the perceived fit between the parent brand and the extension; and
(2) the characteristics of the parent brand used for the extension.
Similarly, an extension with good fit may reinforce parent brand equity dimensions such as brand image (Zimmer and Bhat, 2004). When the firm launches a new product consistent with the parent brand, consumers perceive higher fit between the products associated to the brand and the extension. Likewise, high fit extensions may result in consumers buying more products of the brand (Swaminathan et al., 2001), facilitate parent brand categorisation (Morrin, 1999), and strengthen the awareness of the original brand through the brand extensions increasing the brand's visibility (Aaker, 1991).
Proposition: Brand extensions for Luxury Brands improves the Brand Loyalty if the perceived fit of the extended category is high.
Since Tod's is universally known at first for his core product, shoes, the author wanted to know if the respondents were usual to buy the pre-existing brand extensions of the Brand of our interest, such as bags and other accessories. Here multiple answers were possible, all of them related to the core value of Tod's and in general of Luxury Brand as: Easy chic style and design, Quality, Elegant and Classic mood, Comfort, Luxury Brand, "it is fashion".Thanks to this observation, it was found out that ;luxury Customers are always waiting for new brand extensions from the Brand they like more and they are wondering about the reasons why these products are still not existing in "their" Brand's range of products. The respondents are usual to share their Brand purchase, within the range of offered products, dedicating a 61,5% to the core Tod's product that are shoes, but this product comes out from 96 answers out of 100 respondents, a very relevant value since this means that the oldest Tod's product is highly deep-rooted amongst Tod's client. The "fashion" status seems not to be relevant for the majority when purchasing Tod's products, but they take in consideration the fact to buy; a Luxury Brand. Anyway the respondents considered them fashion and attribute them a Luxe status mainly thanks to the Brand Tod's core values.
As already enhanced, rarely researches were conducted on brand extensions for Luxury Brand, this means that the field has already to be discovered with its several aspects.
Much research can be done in the areas of both brand extensions and brand loyalty for luxury brands, as research in this area has only scratched the surface so far. So that it would be possible to identify further factors that facilitate successful brand extensions and that improve brand loyalty.
Moving in this context, the research have shown the relevance of two variables in order to reinforce the link between brand extensions and brand loyalty: a high fit which always refers to the degree of proximity between parent brand and the extension that consumers perceive; and the importance for the Brand to have a strengthened and broad core that let the Brand evolve gradually in extended brand.
Aaker D.A. (1990), "Managing Brand equity, capitalizing ont the value of brand name", The ; Free Press, NY.
Aaker D.A., Keller K.L. (1990), "Consumer Evaluations of Brand Extensions", Journal of ; Marketing, Vol. 54, No. 1, pp. 27-41.
Buil I., De Chernatony L. and Hem L.E. (2009), "Brand extension strategies: perceived fit, brand ; type and cultural influences", European Journal of Marketing Vol. 43 No. 11/12, pp. 1300-1324.
Kapferer J.N. (1995), "Strategic brand Management", Kogan Page Ltd.
Kapferer J.N. (2004), "The new Strategic brand Management (creating ans sustaining brand equity long term)", Kogan Page Ltd.
Keller K.L. (2007), "Strategic Brand Management: Building, Measuring, and Managing Brand ; Equity", 3rd ed., Prentice-Hall, New York.
Luxury Institute (2009), "12 Rules for the 21st Century Luxury Enterprise", Luxury Institute, NY.
Luxury Institute (2009), "Wealth and Luxury Trends 2010 And Beyond", Luxury Institute, NY.;
Montander T. and Pina Jose M. (2009), "Extending the brand: controllable drivers of feedback effects", Journal of Product ; Brand Management Vol. 18 No. 6, pp. 394–403.
Park C. W., Milberg S. and Lawson R, (1991), "Evaluation of Brand Extensions: The Role of Product Feature Similarity and Brand Concept Consistency" Journal of Consumer Research, 18 (September), 185-193.
Shukla P. (2009), "Impact of contextual factors, brand loyalty and brand switching on purchase decisions", Journal of Consumer Marketing, Vol. 26/5, pp. 348–357.
Zimmer M. R., Bhat S. (2004), "The reciprocal effects of extension quality and fit on parent ; brand attitude", Journal of Product and Brand Management 13 (1), pp. 37-46.
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Naming your company is as important as identifying your target market. Several business entrepreneurs brand their company without thinking if their target market would be able to relate the products and services which are being offered to the brand. The brand must be applicable to something about the product with the business or service. Business owners need to remember that the name of the company will certainly grow to be its identity.
If you are trying to gain the attention of the federal government or other government contract partners, a strong brand is essential. Your brand should answer those questions and any others about your identity and uniqueness. If the mentioned items are your goals, an image brand isn't important; it's an essential.
New homes have floor plans designed to facilitate interaction with family and friends.