Brand Management: Importance of Brands
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Provide a brief summary of the key points raised in the attached article. How would this article be beneficial for a Brand Manager or anyone responsible for managing the brand in a company?
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This solution provides a brief summary of the key points raised in the attached article "How Important Are Brands? A Cross-Category, Cross-Country Study". It describes how this article would be beneficial for a Brand Manager or anyone responsible for managing the brand in a company.
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This article explains the importance of brand management in generating future sales for the company and impacting firm valuation through brand management by pointing out that brand relevance in category (BRiC) is not equally important across all categories and in all countries. This is based upon "customers' ability to assess product quality in advance" (Fischer, Volckner, Sattler, 2010) and cultural values. BRiC is a method that measures the overall role of brands in customer decision making in specific categories. This categorization is based solely on categories, not on individual brands. BRiC is a quantitative measure to explain customers' sensitivity to differences in brands. Brands help a consumer develop their self-image, and the article points out that tradition and cultural norms are factored into the role of brands as status symbols. This varies by country, based on the category, with an example given of Germans valuing cars more than the French, most likely due to a deeper ...
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