How Do Flash Sales Work?
Flash sales have become extremely popular these days. There are several websites which are dedicated to providing flash sale opportunities to their customers. Rue La La would be a great example of such a website. It exclusively sells products on flash sales and has a turnover of over $100 million. On the other hand, there […]
From Kirana to Kopitiam: A Case Study of the Changing Indian Retail Industry
Using the PESTEL Framework to Analyze the Transforming the Indian Retail Industry We explore the Political, Economic, Social, Technological, Environmental, and Legal forces that impact the Indian Retail Industry using the PESTEL framework. This framework is especially pertinent and relevant as it lends itself to a thorough macro analysis of the industries and more importantly, […]
Brand Management Challenges in Changing Times
Last few decades have changed our world beyond recognition. There has been unprecedented progress in all spheres of life. Technology and scientific advancement has played major role affecting all parts of the economy, politics as well as markets. With globalization and opening of markets we see a lot of changes in the way business is […]
Retail Mechanism – How does retail work ?
Retailing is defined as the process of selling merchandise to the consumers for their end use in small quantities. The retailer sells products to the end-users either in single units or in small quantities as per their need and capability. Retailer ……………………………. Consumer (End – User) Retailing How does retail work ? Let […]
Catch Them Young and Watch Them Grow: CSR Initiatives in Primary and Secondary Education
CSR Initiatives in Primary and Secondary Education CSR or Corporate Social Responsibility initiatives can extend to the realm of primary and secondary education. This entails close engagement and involvement of corporates in the schools, colleges, and universities where the corporates provide for funds, training, and associated programs with a view to educate the future workforce […]
Are brands built or do they just happen over a period of time?. Well, this is a difficult question to deal with for, both are true.
One of the essential characteristics of successful brands being the fact that they withstand the test of time, we should agree that in many cases the brands actually become successful due to the customers and the achieve a cult status over a period of time.
Look around some of the most famous brands that have not only created a cult and global fan following, but have become closely associated with the lifestyle and social culture of individuals and society.
Brands like Marlboro, Harley Davidson, Apple, Mont Blanc etc have become a part of the psyche and culture of communities across the world. Most often you will find that the individual pegs his success by owning a Harley Davidson or a Merc. Only when he has purchased and possessed one of these brands does he consider that he has made it in life or has arrived.
Ask the owners of these brands whether they had thought of building the successful brand at the beginning of their success story and in all probabilities, they would never have expected to do so. In the natural course off business, these Organizations have rolled out products to further their business.
In order to build loyalty and deliver increased value to the customers, they would have invested in enhancing the value proposition continually and focused on promoting the brand.
Over a period of time, the promotional activities and the product would have matched with the aspirations and expectations of the customers leading to intense loyalty on the part of the consumers with the particular brand. Thus the brand acquires the power and status. We must at this point of time recognize that the empowerment of the brand has happened from the customer’s end.
Realizing the phenomenon of increased brand power, the Organizations would have engaged in building the brand and advertising to increase its reach and acceptance. Slowly with more and more customers enlisting their loyalty to the brand, it becomes a cult.
When a brand commands huge popularity and becomes a cult, you will note that the organization has been involved in sustaining and growing the brand. They invest into the brand interms of its utility, features, quality and promise as well as build some of the implied values or soft values that appeal to the customers and makes the brand endearing.
Harley Davidson promises a certain kind of adventure, freedom and spirit, thus appealing to that adventurous streak in men who begin to identify with it and thus form communities and groups to celebrate the brand.
Take the case of Mac, you will find techies being die hard apple fans across the world. The product is distinctly different from the rest of the computers in the form of its operating systems and capabilities.
Customers are hooked to Macs not only for the ease of use, but for the technical capabilities, superior performance and unmatched quality. The brand comes with a guarantee and no Mac user ever thinks of comparing Mac with others or even contemplates doubting the capabilities of a Mac. You can see in this case, that the brand is backed by the superior product quality and performance as well as contains an unsaid promise from the brand owners.
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