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Discuss BMS within the Marketing Research forums, part of the Resolve Your Query - Get Help and discuss Projects category; This paper tries to look beyond the obvious benefits that might be derived out of celebrity endorsement. It tries to ...

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ankit_rk
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BMS - June 23rd, 2009

This paper tries to look beyond the obvious benefits that might be derived out of celebrity endorsement. It tries to understand the process of consumer psychology and impact of celebrity endorsement on the overall process of brand building. The in-depth study of various models brings to light the complexities pertaining to celebrity endorsement. Analyzing its success is as much a necessity as is the understanding of its need. The importance of celebrity management has been emphasized to realize success or failure in its true sense. A symbiotic model has been proposed to define: how to make celebrity endorsement a win-win situation for both the brand and the brand-endorser.
"Brand" is the most valuable asset of any firm. Any thoughtless adventure can be like the Sword of Damocles. It's the "strong idea" of promotion which is a more strategic means of brand-building; which can be an economical alternative over celebrity endorsement.
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Abhijeet S
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Re: BMS - July 2nd, 2010

Brand management is the application of marketing techniques to a specific
product, product line, or brand. It seeks to increase the product's perceived
value to the customer and thereby increase brand franchise and brand equity. Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with future purchases of the same product. This may increase sales by making a comparison with competing products more favorable. It may also enable the manufacturer to charge more for
the product. The value of the brand is determined by the amount of profit it generates for the manufacturer. This can result from a combination of increased sales and increased price, and/or reduced COGS (cost of goods sold), and/or reduced or more efficient marketing investment. All of these enhancements may improve the profitability of a brand, and thus, "Brand Managers" often carry line-management accountability for a brand's P&L (Profit and Loss) profitability, in contrast to marketing staff manager roles, which are allocated budgets from above, to manage and execute. In this regard, Brand Management is often viewed in organizations as a broader and more strategic role than Marketing alone.

Principles
A good brand name should:

•be protected (or at least protectable) under trademark law.
•be easy to pronounce.
•be easy to remember.
•be easy to recognize.
•be easy to translate into all languages in the markets where the brand will be used.
•attract attention.
•suggest product benefits (e.g.: Easy-Off) or suggest usage (note the trade off with strong trademark protection.)
•suggest the company or product image.
•distinguish the product's positioning relative to the competition.
•be attractive.
•stand out among a group of other brands.


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Jitendra Mazee
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Re: BMS - March 3rd, 2016

Quote:
Originally Posted by ankit_rk View Post
This paper tries to look beyond the obvious benefits that might be derived out of celebrity endorsement. It tries to understand the process of consumer psychology and impact of celebrity endorsement on the overall process of brand building. The in-depth study of various models brings to light the complexities pertaining to celebrity endorsement. Analyzing its success is as much a necessity as is the understanding of its need. The importance of celebrity management has been emphasized to realize success or failure in its true sense. A symbiotic model has been proposed to define: how to make celebrity endorsement a win-win situation for both the brand and the brand-endorser.
"Brand" is the most valuable asset of any firm. Any thoughtless adventure can be like the Sword of Damocles. It's the "strong idea" of promotion which is a more strategic means of brand-building; which can be an economical alternative over celebrity endorsement.
Hey ankit, i read your article and i think you are talking about the brand and brand building. Well, i have also got some information on brand building and its impact on consumer behavior. I am uploading the document and would like you to check it.
Attached Files
File Type: ppt Brand Building.ppt (151.5 KB, 0 views)
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