Building a brand is crucial exercise that often takes years or decades to accomplish. The benefit of brand equity is realized in the bottom line. You researched brand equity from a consumer standpoint. For this assignment, you will select a big nationally or internationally known brand that has advertisements that feature a famous person or persons.
What does the brand mean in today's market?
How has it evolved over time?
What is the target market(s) for the brand? Has that changed from the past?
How is the competition positioned?
This section of the assignment requires the use of articles from the library's full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or reference books. The most popular databases in marketing are: ABI Inform Global, Academic Search Premier, and Business Source Premier. This section of the paper should be at least 2 pages in length.
PART 2: Application
Marketing is not all serious research involving scholarly, statistical, and practitioner resources; it is also about trends, buzz, and pop culture of the day. Actors, models, musicians, athletes, and reality stars of the moment are hounded by the press. Their lives unfold in the media, and many are seen wearing, carrying, eating, or driving a particular brand. For this section, you may research the following in any media outlet:
What celebrities endorse your brand? Why are they a good fit? To what target market do they connect?
What other famous characters could be connected to your brand? Explain why.
What about the competition? What kind of endorsers do they use?
In an aggressively competitive market, branding is still relevant to the success of an organization. Branding is still phenomenon that exceeds cultural national and international boundaries, however, a brand does deliver the same ironclad total quality of products as it once did several years ago. Products sold based on the name supporting the product and consumers obtained the peace of mind that if they purchased a specific product from a particular brand consumers will definitely get their money's worth out of the product. Currently, products do not offer consumers the same guarantee. For example, when the iPhone first launched consumers were already complaining about technical difficulties, consumers had to wait patiently for Apple to eliminate all of the glitches in the System. When Nintendo's Wii launched, consumers complained that the system did not function properly with their television. "According to Performance Research (www.performanceresearch.com), 41% of United States consumers believe companies can best improve brand perceptions by increasing their cause sponsorships-for the first time surpassing sports and arts/cultural categories as ways to boost consumer opinion. Wendy Liebman, chief executive at WSL Strategic Retail (www.wslstrategicretail.com) found that a store supports the community or worthwhile causes came in number eight on the list of the 10 reasons shoppers consider a store as their favorite. And Carol Cone, of Cone, Inc. urges that 'goodness is now required.'" (Washington and Miller, 2010).
There was a time when products use to live up to the name of the brand, and now consumers are less likely to place their faith in the brand. Consumers may purchase a product from a well known brand only to purchase a product with mediocre assembly or a possible hazardous risk to the consumer. For example, mothers have purchased baby slings for decades, in the year 2010 there was a nationwide recall on a specific brand of baby slings that could put a consumer's child a risk. Another example would include Tylenol for Arthritis pain, the drug was ...