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1. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 1 AN EXPLORATORY STUDY ON BRAND MANAGEMENT: CURRENT TRENDS AND FUTURE DIRECTIONS HEMANTKUMAR P. BULSARA1 , MEENU SHANT PRIYA2* , SAMANT SHANT PRIYA3 1 Assistant Profesor, Incharge Management Department, Sardar Vallabh National Institute of Technology, Surat, India 2 Research Scholar, Sardar Vallabh National Institute of Technology, Surat, India 3 Faculty, Sinhgad Institute of Business Adminsitration and Computer Application, Lonavala, India ABSTRACT Brands are perceived as valuable assets from both consumer and company perspectives. Business leaders are fully aware of the importance of brand, branding and brand management for their survival and maintaining sustainable development in competitive and globalized world. The importance of brand, branding and brand management is not only felt and experienced by corporate but even the countries, individuals and political parties are not untouched with this. This paper provides a synthesis of the fragmented literature on brand management that is organized under seven heads: different definitions on brand, layers of brand, importance of brand management, brand concept management, brand management models, current trends in brand management and conclusions. The ultimate section of the work that is future scope will open the path for future research in the area of brand, branding or brand management. Keywords: Brand, Brand Management, Sustainable Development. 1. INTRODUCTION In the words of Philip Kotler, a leading Marketing Guru; “The art of marketing is largely brand building. If not a brand, it will be viewed as a commodity”. Globalization has made the whole world as a village. The competition has compelled companies to focus on product differentiation for maintaining and sustaining survival and long term success in the market. Companies are trying to create an image in the mind of customers that may influence customer satisfaction and drive a significant role in generating demand for products and may help in creating the market share and finally value for the company. Sarkar & Singh (2005) in their work have clearly reported that the study on brand management is age old and was event pertinent in the civilizations like Mesopotamia and Greek INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME: www.iaeme.com/ijm.asp Journal Impact Factor (2014): 7.2230 (Calculated by GISI) www.jifactor.com IJM © I A E M E
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 2 where they have cited the use of marks, sign and name identity to identify their products. The word brand is derived from the old Norse word BRANDAR, which means to burn, as brand were & still are the means by which owners of livestock mark their animals to identify them The studies on brand and brand management has become even more important than it was a decade ago as the product life cycle is shrinking every now and then and that’s why the researchers and practitioners as well all around the world seem to be digging deep in this area. Buchholz and Wordemann (2000) have proved that product universe is expanding and the consumers’ universe is shrinking. Not only that, product and services have also become interchangeable. So it is impossible to sell the product on the basis of quality and price only. Although, consumers are enriched with huge information of product and competitive products in the same category and so it is impossible for them to remember all. Hence in that case, managing product is possible only with the help of unique brand management practices. Brand management is the terminology used by different researchers, practitioners and industrialists in order to secure long term success. Davis `(1995) has indicated that brand management should take a long term perspective and has suggested that “management wants to change its ways and start managing its brands much more like assets and increasing their value overtime”. In present situation, brands play incredible role. ‘Branding is everything’, Said Matt Haig. ‘Companies LIVE OR DIE on the strength of their brands’. Brands have penetrated in almost every part of our life: social, economic, cultural, and sports etc. The journey of brand management that started by burning the skins of the animals for recognisition, today is the foundation between business and its customers to achieve the targets of the company and to satisfy the willingness of the customers. In this article we have explored the available literature by putting the key words used for this work; brand, brand management, Layers of brand, the importance of brand management, brand concept management, models of brand management and current trends in brand management. After the conceptual framework is summarized areas for further research identify. 2. VARIOUS DEFINITIONS OF BRAND The exploration of available literature could not have resulted in a universally accepted definition of brand. Various thinkers have proposed different definitions which seem to be correct in that context and perspectives in which the researches were set. The reported definitions are tabulated below as a quick reference in chronological order; TABLE NO 1.1: TABLE SHOWING DEFINITIONS PROPOSED BY VARIOUS RESEARCHERS Sr. No. Author/institution Year Description 1 Gardner and Levy 1955 A brand name is more than the label employed to differentiate among the manufacturers of a product. It is a complex symbol that represents a variety of ideas and attributes. 2 American management association 1960 The American Marketing Association (AMA) definition of a brand is “a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors”
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 3 3 Farquhar 1989 Defines a brand as “a name, term, design or mark that enhances the value of a product beyond its functional purpose” 4 Kotler 1991 A name, term, sign, symbol, or design, or combination of them which is intended to identify the goods and services of one seller or groups of sellers and to differentiate them from those of competitors. 5 Aaker 1991 A brand signals to the customer the source of the product, and protects both the customer and the producer from competitors who would attempt to provide products that appear to be identical. 6 Ambler 1995 A brand is a bundle of functional, economic and psychological benefits for the end user. 7 Aaker 1996 Brand is defined as the assets or liabilities associated with the brand that add to, or subtract from, the value the product provided. 8 Hutton 1997 This is reflected in buyers’ willingness to pay a premium for a favored brand in preference to others, recommend to peers, and give consideration to other company offerings. 9 Chernatony and McDonald 1998 Brand is an identifiable product, service, person or place, augmented in such a way that the buyer or user perceives relevant, unique added values which match their needs most closely. 10 Dalrymple & Parsons 2000 A Brand is a name; term, sign, symbol or design intended to distinguish the goods and services of one seller from another. 11 Srinvasan, Park & Chang 2005 Brands basically create perceptions in the mind of the consumer that it is unique and there is no other similar product or service in the market. 12 Logo Design works 2007 Customer’s simple understanding of brand is to associate and reckon with easy information processing about products purchasing and being certain about the brand to build their trust with time. 13 Kapferer 2008 A brand is not the name of a product. It is the vision that drives the creation of products and services under that name. 14 De Chernatony 2009 More recent work where a brand is defined as “a cluster of values that enables a promise to be made about a unique and welcomed experience”.
International Journal of Management (IJM), ISSN 0976 Volume 5, Issue 4, April (2014), pp. If one critically analyzes all the above mentioned definitions, it may be concluded that brand is some promise or set of promises delivered for a mutual beneficial relationship between the parties selling and purchasing it. 3. THE LAYERS OF A BRAND To understand the brand in real sense, researcher has mentioned layers of brand. According to Levitt brand are made of four layers. 1) Core product and services 2) Basics brand 3) Augmented brand 4) Potential brand. Given below is a diagrammatic representation of “layers of brand” FIGURE No. 1.1: Source: Adapted from Levitt T.., “Marketing Success through differentiation Business Review January- February 1980, Pg. 86 Name Design PackagingFeatures Quality Service Delivery and Installation Guarante Credit & International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 (2014), pp. 01-18 © IAEME 4 If one critically analyzes all the above mentioned definitions, it may be concluded that brand is some promise or set of promises delivered for a mutual beneficial relationship between the parties To understand the brand in real sense, researcher has mentioned layers of brand. According to Levitt brand are made of four layers. product and services 2) Basics brand 3) Augmented brand 4) Potential brand. below is a diagrammatic representation of “layers of brand” FIGURE No. 1.1: Layers of Brand Levitt T.., “Marketing Success through differentiation – of anything.” Harvard February 1980, Pg. 86 Quality rint), ISSN 0976 - 6510(Online), If one critically analyzes all the above mentioned definitions, it may be concluded that brand is some promise or set of promises delivered for a mutual beneficial relationship between the parties To understand the brand in real sense, researcher has mentioned layers of brand. According to product and services 2) Basics brand 3) Augmented brand 4) Potential brand. of anything.” Harvard
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 5 In the figure (layers of brand) above it has been expressed that survival of product is not possible only with functional benefits which has been given in core product and service. For this reason company start branding their product with basics brand strategy such as name, logo, quality, packaging etc or amalgam of all these to differentiate one seller product to other. After that successful company will enlarge the core product and services with supplementary paradigm information and quick services which enhance the consumer total purchasing power and experience and to overcome the competitors. At last, a brand achieves its positions as a potential brand by adding more values to product and services and creates loyalty among customers to purchase products even rise in price of the product. 4. BRAND MANAGEMENT AND ITS IMPORTANCE The researchers considered the importance as argued by Keller, (2006) and Berthon et.al (1999). They coded brand provide value to both firms and customers that has been explained below with the help of table(2.1) mentioning the roles played by brands (Keller, 2006) and functions of brand as elaborated in the figure below given by Berthon et al. (1999) (Fig No. 2.2) Table No. 2.1: Roles That Brands Play To Consumers To Manufacturers Identification of sources of product. Means of identification to simplify handling or tracing. Assignment of responsibility to product maker. Means of legally protecting unique features. Risk reducer. Signals of quality level to satisfied customers. Search cost reducers. Means of endowing products with unique associations. Promise, bond or pact with maker of product. Source of competitive advantage. Symbolic device and Signal of quality. Source of financial returns. (Source: Keller, 2006) With the help of this table, Keller has given important benefits to both consumer & manufactures. In summary, to consumer’s perspectives, the special meaning that brands take on can change their perceptions and experiences with a product. Brand simplify decision making, reduce risk and enrich the lives of customers. Accordingly, Manufactures can benefit from branding whenever consumers are in a choice situation. (E.g. profit, competitive advantage, quality product and legal protection).
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 6 FIGURE No. 2.2: Importance of Brand Management as Suggested By Brethon et. al(1996) Importance of brand has been illustrated by Brethon,et al. with the help of above figure. They stated that brand drives various prominent functions/importance for the buyer as well as for the seller. Brands help buyers to easily identify the product which lead to simplify their purchasing decision by reduction in search cost. Furthermore buyer perceives a lower risk because of quality purchasing good & services. On the other hand, Brand is fruitful to seller perspective as well. Seller can get profit from repeat purchase, launch new products and can even simplify promotional work of company. Subsequently, promote brand loyalty and fascinate premium pricing for company. Product Identification facilitates repeat Purchases Product Differentiation facilitates premium pricing Familiarity facilitates new product introduction Ability to identify facilitates promotional effortsCoherent message facilitates market Segmentation Identification facilitates loyalty in purchasing category Status and Prestige reduces psychological risk Assurance of quality reduces perceived risk Identification reduces search Cost Functions of a Brand BUYERS SELLERS
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 7 The researchers finally concluded with the following thoughts on the importance of the brand. 1) Customer satisfaction: Brands provide identification, reduction in search cost, reduces risk and finally quality of the good and services. 2) Share performance: Strong brands enhance market performance and benefits a range of constituents from the companies themselves to individual shareholders, institutional investments --- etc. 3) Brand develops economics of scale and Competitive economy: Brand develops economic of scale and ensures a competitive economy by distinguishing the good and services. And it also helps the economy to adapt and grow. In spite of that brand enhances business cross geographical and cultural border as well. 4) Benefits all stakeholders: such as supplier, consumers, supporters, shareholders, legislators, business partners, regulators, employees and even competitors. 5) Brands ensure business is accountable for their social responsibility: Brand ensures that companies act responsibly. Past experiences has shown that well to do brands manage and maintain the corporate social responsibility and business ethics. 6) Brands develop globalized world - In spite of that brand enhances business cross geographical and cultural border as well. 7) Brands develop unity in diversity- brand integrates the individual, social, culture, nation and international etc. Overall, brand management is the foundation of building synergy with company and customers. It helps in generating healthy, wealthy and prosperous global economy. In order to understand the literature review of brand management in proper manner researcher has considered the ‘BRAND CONCEPT MANAGEMENT’. 5. BRAND CONCEPT MANAGEMENT Brand concept management was introduced by Part, Jaworski and Macinnis in1986. Brand concept is created from consumer basic needs and can be divided in to three main categories dependent on the motives of consumption: functional, symbolic and experiential needs. The brand concept management is managed by three stages-1) Introduction 2) Elaboration and 3) Fortification (Park et al, 1986). This model focuses on building brand equity for a company in its introduction phase which is based on communicating the brand and expatriating the operating activities. These two tasks are co-dependent to achieve the marketing mix target and creating synergy effect (Part et al, 1986).
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 8 FIGURE No. 3.1: Brand Concept Model Source; Adopted from Part et. al (1986) In general, brand concept management should be regarded as the long term investment, which will provide long term competitive advantage to company by differentiating strength and performance of the products. Although, the decision made in each stage will influence the effect in next stage as well. Therefore, the framework of brand concept management provides key elements in deciding the brand position. After understanding the brand concept management, the next phase of article based on brand management model. 6. BRAND MANAGEMENT MODELS In this section the researchers present two brand management models. First strategic brand management process given by keller in 2006 based on SBMP and second a conceptual model for brand building based on review of published literature. STRATEGIC BRAND MANAGEMENT PROCESS Strategic brand management process includes the design and implementation of marketing programs to build, measure, and manage brand equity. Hence, SBMP model involves four main steps Identifying and establishing brand positioning and values The brand strategies start with brand positioning. Kotler defined brand positioning as the “act of designing the company’s offer and image so that it occupies a distinct and valued place in the target customer’s mind”. Brand positioning involves brand mantra and core brand values. Core brand values are related to attribute and benefit that characterizes a brand and the brand mantra is shown as the most important aspect of brand and core brand. Both are heart and soul of the brand. Planning and implementing brand marketing programs Once the brand positioning strategies are determined, the next step of marketing program is to create and maintain unique identification of brand in the market. This is possible by integrating the brand element into marketing activities, supporting the marketing program and the final way to build brand equity to leverage secondary association.
International Journal of Management (IJM), ISSN 0976 Volume 5, Issue 4, April (2014), pp. Measuring and interpreting brand performance For understanding the impact of brand marketing program, it is interpret brand performance. Useful tools in this regard brand value chain, brand audit, brand tracking and brand equity management system. This provides a systematic overview of key concept in measuring brand equity. Grow and sustain brand equity Finally, the last step in brand strategies is to grow and sustain brand equity or maintain and expand brand with the help of brand reinforcement and revitalization. FIGURE No. 4.1: Strategic Brand Management Process Keller (2006) 6.2) PCDL MODEL :A CONCEPTUAL MODEL FOR BUILDING BRAND A conceptual model for brand building based on literature review known as PCDL Model,in competitive markets is mentioned below. The conceptual mo Communicating the Brand message, Delivering the Brand performance and Leveraging the Brand Equity explained below. Identify and Establish Brand Positioning and values ∙Mental Maps ∙Competitive Frame of reference ∙Points of parity and Points of Differences ∙Core Brand Values ∙Brand Mantra Measure and Interpret brand performance ∙Brand value chain ∙brand audits ∙Brand tracking ∙Brand equity management system International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 (2014), pp. 01-18 © IAEME 9 Measuring and interpreting brand performance For understanding the impact of brand marketing program, it is essential to measure and interpret brand performance. Useful tools in this regard brand value chain, brand audit, brand tracking and brand equity management system. This provides a systematic overview of key concept Finally, the last step in brand strategies is to grow and sustain brand equity or maintain and expand brand with the help of brand-product matrix, brand portfolios, brand expansion and Strategic Brand Management Process Keller (2006) PCDL MODEL :A CONCEPTUAL MODEL FOR BUILDING BRAND A conceptual model for brand building based on literature review known as PCDL Model,in competitive markets is mentioned below. The conceptual model elements are; Postioning the Brand, Communicating the Brand message, Delivering the Brand performance and Leveraging the Brand Identify and Establish Brand Positioning and reference ∙Points of parity and Points of Differences ∙Core Brand Values Plan and implement brand marketing of program ∙Mixing and matching of brand elements ∙Integrating brand marketing activities ∙leverage of secondary association Measure and Interpret brand ∙Brand value chain ∙Brand equity management system Grow and sustain Brand equity ∙Brand-product matrix ∙Brand portfolio and hierarchies ∙Brand expansion strategies ∙Brand reinforcement and revitalization∙ Strategic Brand Management Process rint), ISSN 0976 - 6510(Online), essential to measure and interpret brand performance. Useful tools in this regard brand value chain, brand audit, brand tracking and brand equity management system. This provides a systematic overview of key concept Finally, the last step in brand strategies is to grow and sustain brand equity or maintain and product matrix, brand portfolios, brand expansion and Strategic Brand Management Process Keller (2006) A conceptual model for brand building based on literature review known as PCDL Model,in Postioning the Brand, Communicating the Brand message, Delivering the Brand performance and Leveraging the Brand Plan and implement brand marketing of ∙Mixing and matching of brand elements activities of secondary association Grow and sustain Brand equity product matrix hierarchies ∙Brand expansion strategies ∙Brand reinforcement and revitalization∙
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 10 FIGURE No. 4.2: PCDL Model, adapted from Ghodeswar (2008) Positioning the Brand Positioning the brand is related with creating perception of brand and unique differentiation in the customer mind compared to its competitors. By strategically positioning it in the minds of target audience, the company can build a strong identity for the Brand. Whereas Upshaw(1995) identified eight alternative positioning tools used by companies as : feature driven prompts; problem /solution prompt target – driven positioning ,emotional, psychological positioning, benefit-driven positioning, aspiration positioning, and value positioning. Finally, Brand positioning will build up brand loyalty which helps in customer based Brand equity Communicating the Brand How the Brand perceived by the target audience? Answer would be communication!!!!!!!!!!!! Therefore, long terms integrated marketing communications is must for building the relationships with customers and the company. The various communication channels are advertisement, word of mouths, events, internet, promotion ---- etc. which enables the company to rig our sly increase the brand recognition or recall in the mind of customers which may subsequently enhance the brand positioning in the mind of the target customers. Delivering the Brand Performance Company need to reinforce the eagle eye on their brands against the competitors. They should beat the competition by identifying how their brands are doing in the markets and this is possible by keeping the record of their brands performance, brand recognition or recall, brand image, brand awareness, brand loyalty and finally Brand equity. And this brand equity is managed by company amalgam of delivering the product performance, service performance, customer care, customer satisfaction and customer delight and operational standards. (The operational standards are the assurance to the target audience that the Brands promise delivered to them) Leveraging the Brand Equity Keller (2003) defined leveraging process as linking the brand to some other entity that creates a new set of associations from the brand to the entity as well as affect existing brand associations. Company employs the different strategy to leveraging the Brand likes line Brand extension, Brand extension, Ingredient Branding, co-Branding, Brand alliances and social integration.
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 11 PCDL model is the path for molding the general customers in to specific customer, by generating brand equity to particular brands and with the help of customer brand equity companies are trying to secure customer market share and benefits. 7. CURRENT TRENDS IN BRAND MANAGEMENT Contemporary issues in brand management have reflected different brand strategies. With changes in the time, brand has emerged as a top priority of the management in the last decade due to the realization that brands are one of the most valuable assets that firms have. Managing, maintaining and sustaining the brands have become prominent part in globalized and competitive world of twenty first century. Many scholars have conducted researches in the field of branding, but many opportunities are still in existence in this field which has been cited below; 1) Co-Branding, 2) Corporate Branding, 3) Global Brand, 4) Employer Branding 5) Business to Business Branding 6) Corporate social responsibility in branding and 7) Green Branding 8) E- branding 7.1 CO-BRANDING Co-branding is a brand alliance strategy in which two or more brands launch a new product and simultaneously presented to the market. Co-branding, co-partnership and dual branding are the strategy used by the company to expand the customer base, increment in profitability, strengthen competitive position through market share, create new customer perceived value, and yield operational benefits through reduction in cost and enhance the product extension through brand image. According to Dignam,(1999), in current scenario 40% annual growth rate in companies is because of co-branding and it has become a strategic tool to attain higher market share. Rao and Ruekert (1999) have given co-branding desire to enhance new market and to attend unobservable quality. Lance Leuthesser et.al. (2002) have suggested, co-branding has the potential to achieve ‘best of all worlds’ synergy that to capitalizes on the unique strengths of each contributing brand. Grossman,(1997) explain how marketers have began to pair their new brands with existing brands that have powerful images attached to them in the hopes of linking these positive images with their products. Wei-Lun, (2009) has cited if the two companies do not consider the position and strategy adequately they will be taking larger risks and probably face static and uncertain environment purchase intent and match up dilution. Stavros P.et al(2012) according to them brands with equivalent equity levels shared the benefited of the Co-branding equally, while lower equity benefit more from the alliance than higher equity partners. 7.2 CORPORATE BRANDING Corporate branding has become a significant business strategy in market. Corporate branding is the practice of corporate brand equity to create product/brand recognition in the mind of the customer. Corporate brand identity constitutes customers, employee, investor, environmentalist, shareholder, supplier and society. Under this it include all touch point including logo, customer service treatment, training of employees, packaging, advertising and quality of product etc. which help in creating the corporate brand equity for customer. Anandan pillai(2012),has given in his literature review that Corporate branding has been gaining importance in the market like combating competition ,increasing stakeholder value and brand image in the mind of customers. Van Riel (2002) has cited that business unit should use a corporate brand as communication activities. Marc etal (2012) has explored three main approaches to corporate branding research (Internal, transactional, external).
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 12 Globalization has made rapid changes in business strategy and it has created complicated and competitive Business environment. Therefore, the move from product branding to corporate branding has emerged as a key challenge. This has been supported by many scholars in their finding namely Aaker and Joachimsthaler(2000), Balmer (1995), Hatch and Schultz(2001),Keller (2000), and Aaker (2004) define a corporate brand as a brand that represents an organization and reflects its heritage, values, culture, people, and strategy. McDonald et al. (2001) have focused corporate brand research on service area. John M.T, Balmer (2001) suggested the three virtues of corporate brands are that they-Communicate(C), Differentiate (D) and Enhance (E). 7.3 GLOBAL BRAND According to Levitt(1983) “because the world is shrinking- due to leaps in technology, communication, and so forth—well managed companies should shift their emphasis from customizing items to offering globally standardized products that are advanced, functional, reliable and low priced for all”. Corporate mantra of success is to meet the global demand in order to achieve the target of profit. Some pioneer global brands are Coca cola, Nestle, Procter & Gamble, Apple and Mercedes-Benz more recently Samsung. A number of issues emerge in attempting to build a global brand. Levitt has argued that companies are needed to learn to operate as if the world were one large market – ignoring superficial regional and national differences. In (2010) Dimofte et al, has showed direct effect of globalist on perception and purchase of products. Whereas Ozsomer et.al (2012) has cited that globalization has put global brand in center stage of market. 7.4 EMPLOYER BRANDING Employer branding is playing a fundamental role in creating, maintaining and retaining employee in the organization. “Employer branding is a term often used to describe how organizations market their offerings to potential and existing employees, communicate with them and maintain their loyalty; advancing, internally and externally in the organization, a clear view of what makes a firm different and desirable as an employer” Backhaus and Tikoo (2004) and Ewing M.T etal.(2002) has given in knowledge management companies are increasingly placing emphasis on employment branding. Whereas Luthans F and Petersons J. (2002) has stated that relationship between employer engagement and perceived managerial effectiveness will have direct effect on rated effectiveness. Morakol and Uncles (2008) explored how companies can successfully implement employer branding and benefits of their company as staff and employer. And Van Hoye (2011) has proved that informal communication, like word-of-mouth is playing a significant role in employer branding. 7.5 B2B (BUSINESS TO BUSINESS) BRANDING Business-to-business (B2B) describes commerce and transactions between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer. Therefore, B2B products and services are sold from one company to another.Rick Wise and Zednickova (2009) have shown that B2B branding is more crucial in present scenario. In 2004, Bendixen et al. proved that business to business buyers are willing to pay a premium price for their preferred brand and they also expand brand good-will to other product lines and recommend the brand to others. Kuhan et al. (2008) examined the applicability of Keller’s (2003) consumer based brand equity pyramid model to a B2B context. Vargo,S.L and Lusch(2011) have given contribution of B2B marketing can be seen as applicable to mainstream marketing. Some studies have taken place in internal brand building within the company by the Urde (2003).Moreover prior studies on brand equity B2B services were happened in the contexts- of Financial services (Taylor, Hunter and Lindberg (2007), logistic services Davis (2008), IT software(Kim and Hyun (2011) and service identity in B2B service by Darren et al (2011).
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 13 7.6 CORPORATE SOCIAL RESPONSIBILITY IN BRANDING In contemporary era Companies’ responsibility is not only profitability but also belongs to the social responsibility. Carroll (1979), argued that corporate social responsibility has four distinct themes namely management of stakeholder concern, economic viability, philanthropic action and ethical practices. Dannielle Bluenthal and Alan Bergstrom (2003), has discussed that branding has changed from simple image –production scheme to a massive organizational alignment tool and According to Cryer (1997) that consumer really cares business ethics on purchase. Menon and Menon (1997) have demonstrated that consumers have shown positive change in their purchasing power toward environment friendly businesses. BhattacharyaSen, Korshun (2008), has given corporate social responsibilities can be used to attract talented employees. Elisa Arigo (2013) has cited corporate social responsibility as a source of competitive advantage for global firm. 7.7 GREEN BRANDING Green branding is the burning topic of the world after Kyoto protocol (1997 Summit) which compelled the corporate world to introduced sustainable development strategy in market process and diverted the market strategies toward green branding. Green brands are those brands that associate with environmental conservation and sustainable business practices. For the last four decades the researches are on in the area of green marketing and this was mainly contributed by different researcher. But a very few studies had focused specifically on green branding. Some research work reflected the concept of green brand effects on attitude of functional versus emotional positioning strategies this statement was proven by the Patrick Hartmann (2005). Coddington (1993) suggested that green positioning and green communication as an important instrument for green branding. Yu- Shan-Chen (2009) has given that Green Brand image, Green trust and Green satisfaction lead Green brand equity. Vincent Wee and Periyayya(2013),has proposed that Green brand image has a strong influence towards green branding. Whereas Pui Pong etal (2003) had analyzed that positive perception of consumer towards a green product and create a green brand value and green equity. 7.8 E-BRANDING E-branding refers to the sum total of a company’s values, competencies, attitudes, vision, mission personality and appearance that is projected to the audience through online. Ibeh,Luo and Dinnie (2005) has said that “E-brands are increasingly becoming imperative for growth seeking internet companies” where as Gommans, Krishnan and scheffold(2001) has provides a conceptual framework of e-loyalty and its drivers. McWillam(2001) has given building strong brands through online communication. And according to Bernd (2000), well designed websites is a powerful dimension of the corporate brand. Phil Carpenter (2000) has cited that e-brand will prove truly durable brands. 8. CONCLUSIONS The goal of this article to discussed the conceptual framework of brand management that would assist the manager to develop a brand building strategy and academicians studying different perspectives of brand management. It was observed during the course of paper that there is no unanimously agreed definition of brand. ‘There is a brand in every one of you’ this has been proved as today customers are deliberately asking for the brands during their purchases and that may be a reason for researchers who are always in pursuit of development of new brand management processes and for which they every now and then are developing new brand management models. It was also observed during the literature review that importance of brand and its management is growing; it is not only growing but is also becoming complex day by day. The importance of branding is not only significant to
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 14 companies involved in it but it has become important to customers and employees as well then article considered the framework of brand concept management provides key elements in deciding the brand position which is based on the idea of function, symbolic and experiential brand concept. Researcher also critically analyzes the brand building model of Keller and Ghodeshwar. And at last, this article provides the contemporary issues on brand management which will definitely provides the learning opportunity to all who are interested in studying the new age of brand management like B2B, Corporate Social Responsibility branding, global branding employer branding, co-branding e- branding and green branding etc. Therefore, the implication of this article for managers on brand positioning and brand building decision on the other hand it will assist the researcher and academician in current trends and further study on brand, branding and brand management. 8.1 ISSUES FOR FURTHER STUDY RESEARCH TOPICS FUTURE SCOPE OF THE STUDY CORPORATE BRANDING 1) More studied are expected to be based on corporate branding & its impact on retention of employees. 2) Future study may be based on corporate brand that leads the competitive advantage or increasing market share by taking any country or sector for the study. 3) Is that corporate branding leads to sustainable business development? CO-BRANDING 1) Further study may be based on co-branding to prove that it is a strategy to win the market share. This study may be based on any country and sector. 2) Co-branding is the tool to survival for company in the recession period. 3) Co-branding and its evil effect on survival of their partner company. GLOBAL BRANDING 1) Is global brands decreasing the effects of local brands? 2) Impact of online purchasing on Global brand is another issue for further research. 3) Consumer perception toward global brands in developing countries (specifically rural area context) EMPLOYER BRANDING 1) To analyze whether Employer branding is a tool to attract, develop and retain talented employees. 2) Impact of employer branding on organizational effectiveness. 3) Employer value proposition is a key factor in building employer branding. 4) Impact of Advertisement on employer branding in Indian context against world.
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 5, Issue 4, April (2014), pp. 01-18 © IAEME 15 BUSINESS TO BUSINESS BRANDING 1) Factors effecting B2B brand equity in different sectors of the economy. 2) Is that existing measure of brand equity is applicable to B2B markets. 3) Is that B2B branding applicable to functional and emotional benefit. CORPORATE SOCIAL RESPONSIBILITY BRANDING 1) Whether Corporate social responsibility affects the corporate branding. 2) Is Corporate social responsibility branding a tool for sustainable development for company and consumers? 3) Whether the CSR branding based companies have any impact on the perception of the consumer towards company product & service. GREEN BRANDING 1) Validate customer based green brand equity . 2) Green branding and its impact on competitiveness & price elasticity of demand. 3) Impact of communication on green branding. 4) Measuring the perceptual and attitudinal effects of alternative green positioning strategies and which may lead to development of more competitive green branding initiatives. E-BRANDING 1) Studies are required in the area of e-branding for virtual companies. 2) Examining the impact of e-branding on retail sector in developed & developing countries. 3) Analysis of the perception and emotional effects of e-branding in different nations especially in Indian context. POLITICAL BRANDING 1) Analysis the different factor of political branding. 2) Examine the impact of political branding on developing the state, nation etc. 3) Role of political branding in making the nation as an international brand. Role of financial or ethical promotion in political branding specially in Indian context. INDIVIDUAL BRANDING 1) How individual branding specially sport star, actor etc assist the organization. 2) Is that individual branding enhancing the competitiveness and value of product? CULTURAL BRANDING 1) Analysis the different factors influencing the cultural branding. 2) Cultural branding is the tool for success in competitive era. 9. REFERENCES 1) Aaker, D.A. (1991). Managing Brand Equity .New York, the free press. 2) Aaker, D. A. (1996). Building Strong Brands. New York, the Free Press. 3) Aaker, D. A. (1996). “Measuring brand equity across products and markets”, California Management Review, Vol. No. 38 (spring), pg. 102-120.
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