The Outsider Essay Example

The Outsider Paper The Outsiders S. E. Hint No rival gangs, only Soc. And you cant win against them no matter how hard you try, because theyve got all the breaks and even whipping them isnt going to change that fact. The Outsiders a novel that was first published In 1 967 by the author S. E Hint Is not only a novel about gang mentality and gang rivalry but is also about how a person could feel like an outsider based on where they live or how much money they have. In Pony Boys case it was his grades that made him feel like an outsider within his own family. Pony Boys a great example of what happens when you are involved with gangs, violence etc. You can become an outsider quite quickly just based on rumors and what people assume that gangs are like. S. E Hint was 16 when she wrote this novel and so Im assuming that she was surrounded by the same thing the character Pony Boy was brought up in. Greaser Greaser Greaser Oh victim of environment, underprivileged, rotten no-count hood. is Just some of the things that people used to describe the greasers, nowadays names like that are still seed to describe the underprivileged people that may not be as well off as the upper or middle classed people. We will write a custom essay sample on The Outsider specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Outsider specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Outsider specifically for you FOR ONLY $16.38 $13.9/page Hire Writer I feel like these names are not only hurtful but also Incredibly degrading; no one should be called a rotten no-count hood, no matter the circumstance. Pony Boys social status also lead to him being rather isolated during his schooling, this in itself is enough to force anyone to start to give up on what theyre doing. Pony Boy did a very admirable thing by choosing to ignore these names and continue to strive to the best of his abilities; this, in my opinion, is an exceedingly amendable quality to possess. Suddenly it was deathly quiet. We had all frozen. Nobody in my family had ever hit me. Nobody When Diary hit Pony Boy a lot of feelings would have been rushing through his head, a big one would have been Dally doesnt love me, nobody does. This particular feeling Is quite common in teenagers but one thing that we need to realism Is that we are loved UN-conditionally. At the present time, Pony Boy TLD realism this but towards the end of the novel he soon becomes aware of It, this Is a key turning point In the novel. Love Is a very strong emotion and shouldnt be taken for granted or forgotten, although it can be lost within the darkness of society and stress, it can be found in even the smallest of smiles. Being labeled by society was something that was a main focus in the book and is still a big thing in the society today. Although people are trying to get the message heard, it still isnt getting through to certain people. But I goat do something. It seems like theres goat be someplace without greasers or Soc, with just people. Plain, ordinary people. Pony Boy is longing for a world without a social hierarchy, a world that everyone is treated as equals, rather than on how much money they have or on their appearance. Personally I feel quite strongly on this topic because as a child I was treated differently because of my hair color and because of the fact that I also wore glasses. This Is a very degrading feeling and It can make you feel horrible. When I was reading the book I kept trying to put myself In the position of the greasers and how they would feel after being discriminated by the cocos. This labeling. S. E Hint has given good insight to the life of a teenage boy that has been brought up in gang and hasnt had the best life but still ends up coming to terms with some of the cocos and his other family members. Pony Boy was a very strong character whose life wasnt so good but he still managed to enjoy the majority of it. With all the drama that had carried on during this novel I think that Pony Boy did an exceptional Job of staying strong and keeping to terms with his feelings. He is a very empathetic character, who will always try to see things from both points of view, l mean I cant take sides. Itd be a lot easier if I could be I see both sides. Although he did snap and run, when he realized how his family were feeling, he was starting to second guess his choices and admit that he was wrong to do so; admitting youre wrong to someone else is hard, but admitting it to yourself is the hardest. This to me demonstrates that even though he has not been brought up in the best of places, he still has a bright future ahead of him.

Research Paper on Advertising

Research Paper on Advertising After a long day’s work or a hard day at the office, people come home, sit in the Laz-e-Boy recliner, and flip on the television. Watching a favorite TV show has become many people’s favorite way to relax or past the time. A wide variety of programming exists and most anyone will be able to watch something they can enjoy. The television industry is part of the entertainment business and has high entertainment value for viewers. In that respect, it is an important industry, for example in terms of the time people spend watching TV. At the same time, it is important as a means of transmitting advertising. Television therefore has a two-fold role, both as a provider of entertainment and a transmitter of advertising. This research paper will discuss the relationship between the TV market and the product markets through the market for advertising. It will also examine the different types of advertising, advantages and disadvantages of TV advertising, and how the rivalry between TV channels and the profit potential in product markets affect TV channels’ prices on advertising slots, programming decisions, and the producers’ purchase of advertising on TV. From the beginning of television, advertising and programming were connected through network personnel and sponsorship. At first, television programs were owned by advertisers, which based the content of the shows on the interests of the audiences they wished to reach (Folkerts 241). Today it is rare for an entire program to be sponsored by one advertiser. Rather, networks or stations sell time for ads during a show. A basic feature of the television industry is that viewers dislike commercials and are attracted to a channel that invests in its programming. However, a TV channel earns its revenues by selling advertising slots to producers in the product market and attracts viewers for this advertising by investing in programming. Producers in product markets increase sales by advertising. Since an increase in advertising tends to reduce the number of viewers, there are diminishing returns to television advertising. The law of diminishing returns states, â€Å"as successive units of a variable resource are added to a fixed resource, beyond some point the extra, or marginal, product that can be attributed to each additional unit of the variable resource will decline† (McConnell Brue 160). Thus, the more a producer advertises its products on a TV channel, fewer viewers are available there for other producers to advertise to. There are several common types of television techniques and advertisements used by producers. The first is the straight announcement, which consists primarily of someone looking at the camera and delivering a sales talk. Demonstration is important in TV because viewers are interested in what the product will do for them. A testimonial by a famous person can draw attention to a product or idea. Testimonial commercials work best when the celebrity has credibility as a source (Dunn 324). In a dramatized commercial, the point is presented through a story that can be told very briefly. Dialogue is a commercial in which two or more people are talking. The basic advantage of the dialogue is its ability to involve the viewer and encourage them to participate in the dialogue. The biggest advantage of television advertising, if used wisely, is the unbelievable impact on viewers. It is basically almost the same as a door-to-door sales staff that can make visits at a very inexpensive rate. And when the person presenting the sales pitch is a popular personality, the advertising can be extremely effective. Another benefit of TV advertising is that it impacts a large number of persons not reach by print media. If a person doesn’t want to read a newspaper or magazine to find out what’s going on, they will more than likely turn on the evening news. Constant repetition of a sales message helps make people feel that they know the product, whether or not they like it. Television makes it possible to repeat a message as often as an advertiser can afford. Commercials are extremely flexible and allow advertisers to demonstrate their product, create a mood, make a blockbusting announcement about the product, or try it out in certain areas. Advertisers can usually find some combination of TV presentations that will communicate the desired impression. Television advertising also involves several unique problems. Advertising messages on TV come and go quickly. If people have their sets on, but are not watching or listening, they cannot return later. And when commercials are bunched together, a viewer might use the time to get a snack or see what else is on. Although some network shows reach viewers for a surprisingly low cost, certain minimum cost considerations can price the medium-sized advertiser out of the television field. Newspapers and other printed information carry a stamp of authenticity that television broadcasts don’t have. People tend to believe something more if they actually see it in print. Another disadvantage is that mass coverage creates the lack of selectivity for the audience. It is difficult to determine exactly the viewing audience and there by choosing which commercials to air at certain times. Television is used to build and reinforce brand image and awareness. TV gets more than half of all national consumer-advertising dollars. Using the networks as a marketing strategy has become very popular. In the short run, television advertising can dramatically increase a producer’s share in a specific market. In a study done on dry cereal advertising, all brands except Ralston’s made heavy use of network television. The goal was to observe the effects mass-market advertising would have on Ralston’s market share. Ralston began using some network television advertising halfway through the 12-week study period. Ralston saw its market share go up from 4.8 in the pre-TV period to 5.9% after utilizing the networks (Jones 37). Company sponsorship of individual TV programs saw decline after the quiz show scandals of the 1960s. Although one advertiser doesn’t sponsor an entire show today, the influence it has on programming still exists. Individual advertisers occasionally affect content, but advertising as a form of financing has a more pervasive impact. A decision a TV channel must make within its schedule is the amount of advertising to allow. Some programs that are very flexible, such as newscasts and sports events, permit channels to air large quantities of advertising time. When a channel only sells a small amount of advertising, it can fill in with advertising for its own programs. A TV station’s time scheduling will in many cases put restrictions on the quantity of advertising to allow. If, for example, a TV channel broadcasts a series of 25-minute sit-coms during an evening, there will only be time for 5 minutes of advertising per half hour. By considering the amount of advertising a c hannel allocates, a producer can speculate the audience size their commercials receive. TV channels programming decisions, as well as advertising firms advertising decisions, are always made before TV viewers make their choices. At the same time, the effect of advertising on the product markets is only felt after the advertising has been actually aired and watched by the viewers. Thus, product-market competition takes place after the TV viewers decisions are made. Advertising firms make their decisions about how much to advertise on each channel only after the TV channels have committed, not only to their programming, but also to their quantities of advertising. For discussion purposes, television advertising can be broken up into four stages. The first stage involves each TV channel choosing its quantity of advertising and a programming schedule. A TV channel’s profit is the difference between its revenue from advertising and costs of investments in programming. The goal is to maximize profits by determining how much advertising to allocate and which programs to broadcast. In the next stage, each producer determines how much to advertise on a specific TV channel. An advertising firm looks at viewer demographics and audience size when deciding which channel and commercial to use to realize the most benefits. The viewer then decides whether or not to watch TV and, if so, which TV channel to watch. They make their decision after the TV channel and producer have already completed their advertising decisions. Finally, the producers compete in the product market by advertising and differentiating their products. The goal is to distinguish their product from others. By making price less of a factor than product differences, producers participate in non-price competition (McConnell Brue 230). We are now in a position to investigate how the equilibrium outcome detailed in Section 2 is affected by a change in the number of advertisers, n. This number may increase, either through an increase in the number of firms in each market, i.e., a decrease in market concentration throughout the economy, or through an increase in the number of product markets. Total spending on advertising increases as a result of a reduction in the number of firms, keeping constant the number of product markets. A reduction in the number of firms makes each remaining firm more concerned about the fact that own advertising tends to reduce the number of viewers. This dampens the incentive for each firm to increase advertising and would, all else equal, result in a reduction in total advertising. On the other hand, fewer firms result in a higher price-cost margin. This encourages firms to advertise more. The latter effect turns out to dominate, and it is reinforced by the TV stations’ responses. T hey invest more in programming, thereby attracting more viewers and even more advertising. The result is that both total advertising and total investment in programming increase following a reduction in the number of firms. Note also that the total number of viewers increases following a reduction in the number of firms. Since advertising increases as well, which tends to reduce the number of viewers, the driving force behind this result is the TV channel’s increased investment in programming. Finally, note that the price per advertising slot also increases. This follows directly from the fact each TV channel’s two choice variables mutually reinforce each other [see Nilssen and SÃ'ˆrgard (2001) on this reinforcement property]. However, total spending on advertising can also increase as a result of an increase in the number of advertising firms, if this latter increase is solely due to an increase in the number of product markets. In such a case, price-cost margins are unaffected by a change in the number of firms. Now, an increase in the number of firms makes each firm less concerned about own advertising’s effect on the number of viewers. This spurs an increase in total advertising. Again, the TV channels’ response reinforces the initial effect. They invest more in programming, thereby increasing the total advertising even more. The economic literature on advertising has been slow on modeling the market for advertising. The present contribution aims at filling this gap, by presenting a model of the market for advertising that incorporates some crucial features of the TV industry, the main provider of advertising space. Most importantly, we assume that viewers are attracted by TV channels’ investments in programming but dislike their advertising. Combining this model of the TV industry with a model of product-market competition with advertising, we are able to discuss how asymmetries between various product markets affect the equilibrium outcome. We find that even small asymmetries have dramatic effects. In the case of two product markets where one product market has more firms than the other, but where the markets otherwise are identical, the firms in the product market with many firms choose not to advertise. The crucial feature of our model producing this result is TV viewers’ dislike for advertising, entailing congestion among advertisers. At an increase in the price of advertising, the firms in the market with many firms would, as expected, reduce their demand for advertising. This would, in turn, reduce the congestion of advertising on TV and thereby attract more viewers. The fir ms in the market with few firms would respond to an increase in the number of viewers by increasing their demand for advertising, despite the price of advertising having increased. The TV stations exploit those firms’ ‘perverse’ demand by increasing their price so that, in equilibrium, the firms in the market with many firms decide not to advertise at all on TV. The second issue is how product-market competition affects the equilibrium outcome. We found that the profit potential in the product market is of importance for the amount of programming investments as well as for the amount and price of advertising. The less intense product-market rivalry is, the larger is the potential revenue generated by advertising. A TV channel exploits this in two ways. First, it reduces its supply of advertising slots. Second, it invests more in programming to attract more viewers and thereby to encourage the producers to advertise more. As a result, a relaxation of price competition in the product markets results in higher prices of advertising, more advertising, and more investment in programming. This suggests that there are two successive battles over the profit potential in the product markets: one among the producers and one among the TV channels. An escalation of advertising by the producers spurs more investment in programming, and vice versa. Produc t market competition may also be affected by a change in the number of firms. We found that the effect of increasing the number of advertising firms depends on whether the increase is by increasing the number of firms in each market, making the markets less concentrated, or by increasing the number of markets. The former way of increasing the number of advertising firms reduces the price-cost margin and thereby the profit potential in the product markets. Thus, while there now are more firms demanding advertising, they also earn less from advertising.

Product Development and Packaging Essay Example | Topics and Well Written Essays - 2000 words

Product Development and Packaging - Essay Example Some of the well-informed customers often figure out what improvements need to be made before other customers are aware. Some ideas are also arrived at by figuring what the products lack and rushing to bridge the gap. Sony is known for its innovative products. With Apple iPod being a tremendous success with a market share of 80% in the digital portable media player market and sold over 30 million iPod devices by 2005. A market research of about 20,000 iPod consumers was undertaken in order to receive a feedback. The sample was random and consisted of subjects surveyed in diverse geographical areas of the country. The target segment included current iPod users and future iPod purchasers as well as those who were planning to purchase a home theatre system or a high-level stereo system within the next year. The fact that emerged most often was that multiple numbers of speakers were utilized to project sound in the room, and this was slightly cumbersome and the positioning required some effort. The separate speakers like the Dolby Surround Sound 5.1 standard based speakers, required several wires to be installed and once the speakers were installed, their positions were fixed and hence the sound was confined to the one spot. Portability was an issue. The survey subjects welcomed the idea of a single integrated speaker doing the work of the multiple ones. Idea generation Brainstorming sessions were held to discuss the gap in the market for such a product. With the spark for an idea generated, the cross-functional team consisting of consisting of engineers, market researchers, financial analysts and advertising agencies met to discuss and develop the concept. The benefits of having a cross-functional team served to bring in expertise from all related departments. The diversity of the team members brought in different cultural viewpoints that added to decision making potential. It helped reduce inefficiencies because problems were addressed in the initial process itself, rather than addressing them afterwards, that might have proved costly at the end of the product development process. The idea generation sessions that were on going, specific and involved, resulted in several viable alternatives. These were carefully screened to see if they aligned closely to the goals and strategy of Sony they were compatible to the existing production and packaging lines could be marketed through the current distribution channels and promotional expenditure that would be required Concept Development and Testing Careful analysis of the concept design, product/packaging prototype, justification, feasibility, delivery model was undertaken. The need for an integrated speaker replacing several speakers capable of throwing sound to various areas in the room was an exciting product idea to pursue. The ability of a transportable speaker that would be versatile and more usable was a stimulating concept. The product would be Sony's new spherical speaker that can be placed in the middle of a room to project sound in all directions. This would be instead of the consumer having to buy many speakers to project the sound inwards. It

Strategic Choice and Evaluation Essay Example | Topics and Well Written Essays - 1000 words

Strategic Choice and Evaluation - Essay Example A grand as well as the generic strategy will also be adopted to enhance growth. Such strategic plan components will guarantee that Wal-Mart remains a leader in the industry (Giudice, Carayannis & Peruta, 2011, pp. 104-105). This paper gives a limelight to the strategic alternatives and offer sound recommendation on the best strategies to implement based on the current climate in the retailing industry. It is undoubtedly obvious that all the value disciplines, including product leadership, customer intimacy, and operational excellence are likely to benefit Wal-Mart in exceptional ways. However, one of the most effective disciplines that the firm can adopt is operational excellence since it will enhance the internal operations and do away with wastes within the internal processes. Using such a value discipline will also continue giving the firm a competitive edge and improve on its logistics as well as purchasing. To do this, it must continue focusing on offering low prices by negotiating with the suppliers to reduce their costs through economies of scale. As a result, this helps it to offer diverse products with competitive service, while at the same time maintaining affordable or reasonable prices. Placing an immense focus on operational excellence will also help in mitigating the prevailing risks in the business world of been undercut on prices by the rival firms such as Target ( Lynch, 2013). Coming up with an excellent supermarket chain that is capable of accommodating growth requires high degree of operational excellence. In that case, the firm must also be focused on adopting projects that boosts productivity and reduces costs. It should also continue investing in information technology to improve on the inventory system, communicate promptly with the suppliers, and deliver the necessary data on time. Continuous improvement on operational excellence will go a long way to improve the firm’s productivity, offer

Economics Essay Example | Topics and Well Written Essays - 500 words - 39

Economics - Essay Example As individuals continue to think that Netflix stands for a great compelling entertainment, the speed with which streaming movies adopt in general, and in particular, looks to be importantly slower compared to previous anticipation. To survive, Netflix should spend more on initial programming with an effort to draw closer more customers. The original investment will be of a positive effect in the long run. According to an article in the Wall Street Journal: In early January last year, after a disappointing Charismas season and amid worries about competition from discount retailers, Zale Corp. decided to shake things up: The self-proclaimed jeweller to Middle America was going to chase upscale customers†¦.The move was a disaster. The Irving, Texas, retailer lost many of its traditional customers without winning the new ones it coveted. (From Ann Zimmerman and Kris Hudson, â€Å"Chasing Upscale Customers Tarnishes Mass-Market Jeweller,† Wall Street Journal, June 26, 2006. P. A1. Why would a firm like Zale abandon one market niche for another market niche? We know that in this case the move was not successful. Can you think of other cases where the company successful changed its business strategy? Firms like Zale may move from one market niche to another market niche due to monopolistic competition. This is where by many firms compete in a market, there are no barriers to entries and products available in the market are differentiated. The weak economy and fierce competition led Zale to move to another market niche (Mihaljevic, 2013) The dry cleaning is indirectly practicing price discrimination as there exist a difference in cost involved in accomplishing the work. Besides, there is a big difference in price we are not aware of incase it is the real costs’ differences. As an economist I am not for support of law such as this as hair grooming, dry cleaning and laundry are jobs that can be

Brand Extensions In Fashion

Brand Extensions In Fashion The Indian market and the Indian consumer are evolving. India is currently on its growth path, and India, currently the worlds twelfth-largest consumer market today is expected to become the fifth-largest consumer market by 2025 (Zachariah, 2012).The Indian consumer has become aware and is moving from need based to kind of need based, thanks to the upbeat mood of the economy and populations increasing integration with globalised lifestyle and consumption patterns (Gupta,2011).The Indian consumer market, primarily dominated by the younger generation, is also becoming increasingly sophisticated and brand conscious. The Indian consumer today prefers to carry out a research and compare various brands and product features, prices etc before making a purchase decision. In most cases their evaluation and the purchase decision is based on their previous experience with a brand or a friends suggestion. These changes in the Indian market and the Indian consumer have created opportunities as we ll as challenges for the Indian and the multinational companies operating in India, and these challenges have called for innovative and pragmatic responses from the marketers (winning with the Indian consumer, 2012 )(Zainulbhai, 2009).Thus, various companies, in order, to respond to the constantly changing consumers needs and to understand what they truly value, are trying to build their brands and businesses around this new Indian consumer. To keep at pace with the evolving market and to claim success in this rapidly changing marketplace, companies are innovating with increasing speed, efficiency, and quality and launching new products to satisfy constantly changing consumer demands. New product and brand development has thus, become one of the most powerful business activities (Gupta,2011). But one of the challenges of brand management in todays over-cluttered world of information is to generate strong and positive feelings towards a specific brand and build brand equity. The new products, brands thus, easily become prone to failures because building brand equity is difficult due to many factors like the high level of advertisement costs and the increasing competition (Zachariah,2012). Therefore, in an effort to reduce new product and brand failure rates and to maximize the returns for their stakeholders, more and more companies with strong brand equity are opting for brand extensions, as they believe that innovating products within established brands that consumers trust is a powerful strategy(Gupta, 2011) 1.1.2 Brand extension, an important marketing strategy Brand extension is a marketing strategy, in which a firm marketing a product with a well developed image uses the existing brand name, in the same or a different product category. Organizations use this strategy to increase and leverage brand equity. It increases awareness of the brand name and increases profitability from offerings in more than one product category. A brands extendibility depends on how strong consumers associations are to the brands values and goals (Jonathan Ablett, 2007).Brand extension is, thus one of the, new product development strategies to introduce new products, create awareness and promote new products benefits and to create sales, since launching a new brand is risky, time consuming and also requires a big budget. But like everything else there are various advantages as well as disadvantages of brand extensions. Some of the benefits being that it makes acceptance of new product easy and also has feedback benefits for the parent brand and the organization. Whereas, on the other hand, if the brand is extended into an unrelated market or is extended too far, then it might lose its reliability, and also, the new product might generate implications that in turn might damage the image of the core brand. Therefore, poor choices for brand extension may dilute and deteriorate the core brand and damage the brand equity, and result in a diluted or severely damaged brand image. In the past, along with many successful brand extensions there have also been many failures. The failure of extension may come from difficulty of connecting with parent brand, a lack of similarity and familiarity and inconsistent messages conveyed to the consumer(Ashok Gopal,2006).In case of brand extension failures, the equity of a brand can be significantly affected, and they can also disturb and confuse the original brand image and meaning in the mind of the consumer. Thus the marketers need to pay close attention to brand extension strategy, because one small mistake can be of considerable damage to the brand equity. A number of elements related to the existing brands, in a companys portfolio need to be considered. The current equity of the brand should be transferrable to the extended product/category and it is also essential that the effect a brands current equity will have in the branding strategy is well understood. So basically while evaluating a brand extension opportunity, some fundamental questions need to be considered by the brand managers, i.e. if it makes sense strategically, for the brand and the company in terms of its product and brand portfolio ; further, if it makes sense strategically, then will the change fit in terms of brands equity ; and lastly, if the change makes sense strategically and the brand logically fits into the new market, then will it be profitable for the company. 1.1.3 Role of consumer in evaluation of brand extension Another important factor to be closely studied by the marketers when considering brand extension is consumer. In fact, consumers evaluation of brand extension plays a major role in determining success or failure of an extension, with consumer playing a moderating role in the evaluation process. It is the consumer, who has the ability to process information into useful knowledge by measuring and comparing the difference between core brand and extension product on the basis of former experience and knowledge. Consumers evaluation is a part of consumers buying behavior process, which often takes place over a period of time. The consumers buying behavior process consists of, searching for, evaluating, purchasing and using of products and services that the consumers expect will satisfy their needs. The overall goal during this decision process is to evaluate various alternatives and choose the product that satisfies them in an optimal way. Therefore the brand managers and the marketers, c onsidering brand extensions are required to study the consumer buying behavior for better understanding of the consumer. 1.1.4 Brand extensions in the world of fashion In the world of brand extensions, fashion brands have a relatively easy path from clothing to fashion accessories. It is not uncommon, for example, to see brand names that may have started their lives associated with fine clothing become equally known for handbags, footwear, jewelry and other accessories. In fashion industry, brands from the luxury segment also get into extensions, through brand diffusion, wherein they mix haute couture with lower priced range of ready to wear, at the same time there are some luxury brands refuse to go in for the same, because they feel that this would just confuse the existing customers of the brand. But a perfect example of a fashion brand, which has successfully got into various line and category extensions, is Armani. The brand has successfully extended itself by sticking to the core values of the brand i.e. by been consistent in its strategy of launching exclusive products to a high end category of customers. Similarly, many fashion brands have successfully evolved and extended themselves into various lines and categories. For instance, Ralph Lauren, a brand that began almost 40 years ago with a collection of ties has today grown into an entire world, redefining American style. The brand includes childrens wear, eyewear, underwear, jeans wear, shoes, accessories, house wares, furs, luggage, and a range of many other products, and over the years the brand has not suffered from brand image dilution due to rapid expansion and instead has only strengthened with time is because, it has been able to maintain its American Aristocrat image all along, i.e. the brand has always stood for providing quality products, creating worlds and inviting people to take part in his in dream, and has been able to maintain it across the extensions. But not all brand extensions are accepted by the consumers, like in case of levis. In the early 1980, when the brand had attempted to introduce a tailored classics line of mens suits, the extension was not well accepted by the consumers due to the lack of fit between the brands informal, rugged, outdoor image and the image the company sought from its suits. 1.2 Problem Identification Consumers play a major role in determining the success and the failure of the brand extension. Consumers evaluation of brand-extensions is in turn influenced by various factors. Most of the existing literature on the same focuses on the western countries, thus limiting the validity of the findings to our country. This study aims to fill this gap by studying consumers evaluation of brand extensions in the Indian context, for the fashion and lifestyle brands in India. 1.3 Project Objective To define the role of brand equity in shaping consumers attitude about a brand extension. To determine the various factors that influence Indian consumers evaluations of brand extensions, especially of premium fashion and lifestyle brands based in Delhi, NCR. 1.4 Research Approach Literature Review: The approach to writing this paper included literature review to understand the context of consumers decision making, brand extension (branding strategy), and consumers attitude towards brands extensions. For a good understanding of the same, various case studies of brand extensions in the west and in India were explored. Studying various success and failure stories, helped in determining how consumers evaluate brand extensions and the various steps a brand needs to adopt when considering a brand extension. Methodology: Primary and secondary research methods were used for the study. Primary research method was used to ascertain the learning and reflections from the literature review for the Indian market and consumer. It was done with the help of quantitative research by conducting structured surveys, with the help of self administered questionnaires, with close ended questions. Secondary research method was used to study the premium fashion and lifestyle brands in India already into or working towards brand extensions. 1.5 Scope The research has helped in establishing the role and importance of various factors in shaping consumers attitude about brand extension and also the significance of consumers evaluation of brand extension in making it a success or a failure. 1.6 Significance and Value Since, India has heterogeneous consumer segments, and every segment has different needs, this study will be of great help for fashion and lifestyle brands in taking insightful decisions within consumers decision making/consumers evaluation parameters regarding brand extension in India. Moreover, a lot of fashion and lifestyle brands in India are diversifying into new segments due to many reasons like in order to increase their shop productivity, to make shoppers spend more time in their shops and buy more, etc, but at the same time there is also a lot of risk involved in extending into new segment. This study will help them to understand consumers evaluation criteria, which will in turn help them create a connection with their consumers. Limitations The limitation of the study is that the research could not explore the entire Indian market due to geographical constraints. Chapter 2: Literature Review 2.1 Brand Principles of Marketing, by Philip Kotler and Gary Armstrong and the American Marketing Association (2008) defined brand as a name, term, sign / symbol or a combination of these that identifies the maker or seller of the product and differentiates them from those of the competition. Aakers (1991) widely accepted definition of a brand is to identify the goods or services of whether one seller or a group of sellers, and to differentiate those goods or services from those of competitors. Brands are thus, valuable assets and tools influencing consumer behavior which includes awareness, choice, use, satisfaction, recommendation, trust and loyalty. They reduce information search costs and risk for consumers and deliver quality, values, promises, and lifestyle enhancement (Czellar, 2010) .According to Keller (2002) the benefits of a strong brand can be categorized under 4 different categories, namely, product-related effects, price-related effects, communication-related effects and channel related effects. Product-related effects of brand include consumer product evaluations, consumer confidence, perceptions of quality, and purchase rate positively related to a brand name. If consumers are well aware of a brand, their attitude and their purchase intention toward the brand are increased. Price-related effects refer to the fact that brand leaders have higher priced positions and consumers have a lower level of price sensitivity toward those leaders. Communication-related effects refer to how the evaluation of brand advertising can be positively biased when consumers have positive feelings toward a brand which is a well known and well-liked brand and the effect of the well-known brand, which is most likely to have competitive advantage in marketing activities, is the channel-related effect. 2.2 Fashion and Branding According to Solomon and Rabolt (2004), fashion is defined as a style that is accepted by a large group of people at a given time. Generally people use the term fashion and style interchangeably. In the fashion context, consumers choose a certain fashion brand over others because they are associated with a certain style (Ferney et al.2005).The way individuals have their own distinctive personalities and styles in the manner of living, speaking as well as dressing, the brands too can be associated with a particular personality, because branding has the propensity to distinguish a brand from others by creating an individual brand personality, by using different brand elements like name, logo, symbol, and package design(Newman and Patel ,2002).Branding is important in fashion retailing as the brand can project a specific image like personality, sex, lifestyle and age, to the target consumers. Like in case of a sports brand, the attribute of sporty feeling would be formed in consumers mi nd whereas a casual fashion brand would be associated with the casual attribute (Keller 2002). The brand image allows fashion merchandise to communicate a distinct symbolic meaning, through merchandise, store atmosphere, sales associate attraction with customers, and marketing campaign, between the retailers and the consumers (Ferney et al, 2005). Newman and Patel discovered that brand image is crucial in this intensely competitive fashion retail sector. As different types of fashion consumers are matched with particular clothing styles, brand image can create a point of difference and assist consumers in selecting a suitable fashion brand. A successful fashion brand can capture the market share and maintain a positive relationship with its customers, therefore creating an appropriate fashion brand is one of the primary ways for the marketers to differentiate the products from the competitors. In brief, fashion and branding are closely related (Solomon and Rabolt 2004; Newman and Pa tel, 2002). 2.3 Brand Equity In Building Strong Brands, David Aaker defined brand equity as a set of brand assets and liabilities linked to the brand-its name and symbols-that add value to, or subtract value from, a product or service. The major asset categories are brand loyalty, brand name awareness, perceived quality and brand associations. http://www.tvonlinesurveys.com/enquete/Brand%20equity%20model%20Aaker.bmp(Aakers Brand Equity Model) The model mainly talks about how brand equity is formed of five components and how each has a role to play in the performance of the brand and indicates that how the brand equity will rise with the increase in brand loyalty, brand name awareness, and perceived quality and with stronger and positive brand associations and also with the increase in the number of brand related proprietary assets. This model can thus be used to get to grips with a brands equity and gain insight into the relation between the different brand equity components and the future performance of the brand. Apart from the five components, the model also reflects indicators or the consequences of the pursued branding policy. (Aaker, 1991) The five components and the factors having an influence on these components are: Brand loyalty: Aaker (1991) defines brand loyalty as the attachment that a customer has to a brand. Two different levels of loyalty are classified: behavioral and cognitive loyalty (Keller, 1998). Behavioral loyalty can be indicated by a number of repeated purchases (Keller, 1998) or commitment to buy the brand as a primary choice .Cognitive loyalty refers to the consumers intention to buy the brand as the first choice .Another indicator of loyalty is the customers willingness to pay higher price for a brand in comparison with another brand offering similar benefits. The extent to which people are loyal to a brand is expressed in the following factors: Reduced marketing costs, as hanging on to loyal customers is way cheaper than charming potential new customers. Trade leverage, as loyal customers represent a stable source of revenue for the distributive level. Attracting new customers, as current customers can help boost name awareness and hence bring in new customers Time to respond to competitive threats, as loyal customers that are not quick to switch brands give a company more time to respond to competitive threats. (Aaker, 1991) Brand awareness: It is a key determinant of brand equity. It is defined as an individuals ability to recall and recognize a brand. Top-of-mind and brand dominance is other levels of awareness included by Aaker (1996) in measuring awareness. Awareness can affect customers perceptions, which lead to different brand choice and even loyalty (Aaker, 1996). A brand with strong brand recall (unaided awareness) and top of mind can affect customers perceptions, which lead to different customer choice inside a product category. The extent to which a brand is known among the public ,can be measured using the following parameters: Anchor to which associations can be attached (depending on the strength of the brand name, more or fewer associations can be attached to it, which will, in turn ,eventually influence brand awareness) Familiarity and liking (consumers with a positive attitude towards a brand ,will talk about it more and spread brand awareness) Signal of substance/commitment to a brand. Brand to be considered during the purchasing process (to what extent does the brand form part of the evoked set of brands in a consumers mind) (Aaker, 1991) Perceived quality: It is defined as the customers judgment about a products overall excellence or superiority in comparison to alternatives brand and overall superiority that ultimately motivates the customer to purchase the product (Aaker and Jacobson, 1994). It is difficult for customers to make a rational judgment of the quality. They are likely using quality attributes like color, flavor, form, and appearance of the product and the availability of production information to infer quality. The extent to which a brand is considered to provide good quality products can be measured on the basis of the following criteria: The quality offered by the product / brand is a reason to buy it. Level of differentiation/position in relation to competing brands. Price, as the product becomes more complex to assess and status is at play, consumers tend to take price as a quality indicator. Availability in different sales channels, i.e. consumers have a higher quality perception of brands that are widely available. The number of brand extensions (this can tell the consumer the brand stands for a certain quality guarantee that is applicable on a wide scale) (Aaker, 1991) Brand associations: Consumer must first be aware of the brand in order to develop a set of associations. Brand association contains the meaning of the brand for consumers; it is anything linked in memory to a brand (Aaker, 1991). Brand associations are mostly grouped into a product-related attribute like brand performance and non product related attributes like brand personality and organizational associations. Customers evaluate a product not merely by whether the product can perform the functions for which it is designed for but the reasons to buy this brand over the competitors. Brand personalities include symbolic attributes (Aaker, 1996; Keller, 1993) which are the intangible features that meet consumers needs for social approval, personal expression or self-esteem. The associations triggered by a brand can be assessed on the basis of the following indicators: The extent to which a brand name is able to retrieve associations from the consumers brain, such as information from TV advertising. The extent to which association contribute to brand differentiation in relation to the competition (these can be abstract association or associations with concrete product benefits) The extent to which brand associations play a role in the buying process (the greater this extent ,the higher the total brand equity) The extent to which brand associations create positive attitude/feelings(the greater this extent, the higher the total brand equity) The number of brand extensions in the market (the greater this number, the greater the opportunity to add brand associations) (Aaker, 1991) Other proprietary assets: Some of the examples are patent and intellectual property rights, relations with trade partners, etc. (the more the proprietary rights a brand has accumulated, the greater the brands competitive edge in those fields) (Aaker, 1991) The model also provides an insight into the criteria that indicate to what degree actual value is created with both consumer and company due to pursued branding policy. However, this model does not make a clear distinction between added value brand can have for the consumer /customer and added value it can have for the brand owner/company and does not even discuss the process that goes into building strong brands, and is only useful to gain insight into the various brand equity components and the relation between them. (Wood, 2000) 2.4 Kellers Customer-based Brand equity model This model depicts the process that goes into building strong brands. It is set in the realm of brand added value, i.e. the focus of this model is on the added value a brand offers its customers/consumers. Kevin Lane Keller introduced this customer-based brand equity model, and has defined it as the differential effect that consumers brand knowledge has on their response to the marketing of that brand (Keller 1993).Differential consumer response is mainly based on consumers knowledge of the brand as well as the favorability of associations. The model is made up of various steps, which should be taken in a fixed order. The model talks about the six dimensions of brand equity, namely, brand salience, brand performance, brand imagery, consumer judgments, consumer feelings and brand resonance. According to Keller, the highest level of brand equity is realized when the top of the pyramid is attained. In his view, the resonance comes about when the consumer has a high level of awareness of and familiarity with the brand and holds some strong, favorable and unique associations in memory. (Keller, Strategic brand management, 2002) http://markhendrikse.squarespace.com/storage/post-images/july-2009/cmmemodel.jpg?__SQUARESPACE_CACHEVERSION=1247443493748 (Kellers customer based brand equity model) The six dimensions and the process that goes into building of strong brands, as identified by Keller are: Brand Salience: The first step in the development of a strong brand involves describing its identity, and revolves around the question: Who am I? .To achieve this, the brand managers need to ensure that the customers should be able to identify with the brand. A clear associative link between the brand and a specific product class/category has to be established in the mind of the consumer, this also further helps in creating a solid footing for the building of brand awareness and knowledge. Salience basically refers to how familiar consumers are with a brand and whether the brand is actively considered when consumers find themselves in purchase or consumption situations. A high level of salience means that a consumer has knowledge of both the depth and the width of a brand, (depth here refers to the ease with which a brand can be activated in the consumers brain, while width refers to the extent to which happens when the consumer is making a purchase decision.)Brand Salience is thus a precondition for moving up on the brand pyramid. (Keller, 2002) (Keller, Strategic Brand Management: a european perspective, 2008) Brand performance and brand imagery: when brand salience has been realized, the process moves on to the next steps in the development of brand meaning. The second step basically answers the question: What am I?This question is answered by using intrinsic (tangible) and extrinsic (intangible) characteristics of a brand.(Intrinsic characteristics refer to the degree to which a product/service is seen to perform by consumers, and extrinsic characteristics refers to how consumers think about a brand. In order to boost overall brand equity the focus needs to be on both brand performance and brand imagery, since they together add on to the brand associations. Raising brand performance starts by delivering a product/service that fulfills current customers needs, followed by attempts to surpass the triggered customer expectations. Brand imagery on the other hand can be increased by tailoring to consumerspshyco-social needs. Imagery refers to what people think about a brand (in terms of value and meaning) and not so much about what exactly the product does or can do (in terms of functionality).It can be raised directly by creating brand experience or indirectly through advertisement. In the end, these two dimensions together need to bring about certain brand associations that are strong, positive and unique. These dimensions also play an important role in creating brand loyalty. (Keller, 2002) Brand judgments and brand feelings: After realizing strong, positive and unique brand associations, the third step deals with the way consumers think and feel about a brand. This step basically contains the responses to the efforts from step 2(performance and imagery).the brand is evaluated and judged at this stage, formulating a certain attitude towards the brand. The two dimensions at play here are: brand judgments (rational) and brand feelings (emotional).the former denotes the opinion consumers have of a brand, and how they evaluate the brand. The opinion in this case is formed rationally and based on three criteria, quality, reliability and superiority. Brand feelings on the other hand are the emotional reactions by consumers to brands and their marketing efforts. What feelings does the brand evoke in the consumer, and in the social environment? Are these feelings intense or not, positive or negative? These feelings can very strong and can have an affect on brand observation dur ing actual use of the product. These feelings are based on various factors, namely, warmth, pleasure, tension, security, social acceptance and self respect. (Keller, 2002) Brand resonance: once when the consumer has acquired a positive idea of the brand in both a rational and an emotional sense, a solid base is created to further jump on to the last stage. This stage answers the question whether the consumer is willing to enter into a (lasting) relationship with a brand. If this stage is attained, then its considered as the brand has achieved true brand loyalty, where the consumer identifies him/herself with the values of the brand to a considerable degree and is willing to invest in a relationship. Brand resonance is an ultimate relationship between a brand and a consumer. The closeness of the bond can be measured using factors like loyalty, emotional bond, being a member of a brand community and active brand involvement. (Keller, 2002) Brand equity if used appropriately, possesses a huge potential to create advantages and benefits for the firm, the trade and the consumer. Some of the benefits of strong brand equity being, improved perceptions of product performance, greater loyalty, less vulnerability to competitive marketing actions and marketing crises, larger margins , more inelastic consumer response to price increases and more elastic consumer response to price decreases ,greater trade cooperation and support ,increased marketing communication effectiveness along with licensing opportunities and additional brand extension opportunities.(Wood ,2000 ; Feldwick, 1996) 2.5 Brand equity and brand extension Brand equity can be leveraged by building it, borrowing it, or by buying it. Building brand equity is not an easy task due to the rapid increase in the number of brands and the intense competition that is prevalent in many industries. Thus, the brands generally prefer to opt for the alternatives to building brand equity i.e. by borrowing it or buying it. (Moisescu, 2005; Tuominen, 1999) Since the study focuses on the role of brand equity in brand extensions, leveraging brand equity by borrowing it, will be discussed. Borrowing brand equity: According to Tuominen (1999), many firms borrow on the brand equity in their brand names by extending existing brand names to other products, which is referred to as brand extension. There are two types of brand extensions namely, a line and a category extension. A line extension is when a current brand name is used to enter new market segment in the existing product class, whereas, a category extension is when the current brand name is used to enter a different product class. A line extension occurs when a company introduces additional items in the same product category under the same brand name. A line extension often involves a different size, color, flavor or ingredient, a different form or a different application for the brand (Richard Elliot, 2006). Products in line extensions are technically congruent, i.e., similar in many attributes. They belong to the same product category or subclass. The vast majority of new-product activity consists of line extens ions. Excess manufacturing capacity often drives a company to introduce additional items. The company might want to meet the consumers desire for variety. The company may recognize a latent consumer want and try to capitalize on it (Moisescu, 2005). The company may want to match a competitors successful line extension. Many companies introduce line extensions primarily to command more shelf space from resellers. Line extensions involve risks. There is a chance that the brand name will lose its specific meaning. This is called the line-extension trap (Eun Young Kim, 2000) .The other risk is that many line extensions will not sell enough to cover their deve

Trust Thy Self :: essays research papers

Trust ThySelf:  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  To believe your own thought, to believe that what is true for you in your private heart is true for all men, -- that is genius  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Your genuine action will explain itself, and will explain your other genuine actions. Your conformity explains nothing  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  A man should learn to detect and watch that gleam of light which flashes across his mind from within, more than the lustre of the firmament of bards and sages. Yet he dismisses without notice his thought, because it is his. In every work of genius we recognize our own rejected thoughts: they come back to us with a certain alienated majesty.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Trust thyself: every heart vibrates to that iron string. Accept the place the divine providence has found for you, the society of your contemporaries, the connection of events. Great men have always done so, and confided themselves childlike to the genius of their age, betraying their perception that the absolutely trustworthy was seated at their heart, working through their hands, predominating in all their being. (Trust who and what you are)  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  No law can be sacred to me but that of my nature.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  What I must do is all that concerns me, not what the people think  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  It is the harder, because you will always find those who think they know what is your duty better than you know it. It is easy in the world to live after the world's opinion; it is easy in solitude to live after our own; but the great man is he who in the midst of the crowd keeps with perfect sweetness the independence of solitude. (Peer Pressure)  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The other terror that scares us from self-trust is our consistency; a reverence for our past act or word, because the eyes of others have no other data for computing our orbit than our past acts, and we are loath to disappoint them.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  But perception is not whimsical, but fatal  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Man is timid and apologetic; he is no longer upright; he dares not say `I think,' `I am,' but quotes some saint or sage. (Given up on self)  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Insist on yourself; never imitate Except yourself:  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  There is a time in every man's education when he arrives at the conviction that envy is ignorance; that imitation is suicide; that he must take himself for better, for worse, as his portion; that though the wide universe is full of good, no kernel of nourishing corn can come to him but through his toil bestowed on that plot of ground which is given to him to till.