This Brand Personality Importance Assignment brings study about measurement & research methodology of brand equity and buying behavior.
Brand Personality Importance – Introduction
Customer buying behavior for purchase of a product would take into account many factors which would include price, product feature, quality and brand of the product bought by the customers. Brand personality of a product is important for the customers in present age especially for the product into luxury segment (Reibstein et al, 2010). Selection of a brand is done by the customer basis on several parameters so that brand personality of the brand should match with the personality of the user (Fitzroy and Hulbert, 2005).
Competitiveness of a brand into market would depend upon the brand personality of the brand so that positioning of the brand can be found out among the consumer behavior. Basis on the brand personality of particular brand ratings can be given to the various brands (Chu and Hean, 2006). Hence brand personality measurement is an important step so that each brand can know their relative position in market in respect to other brands available in the market.
The present research paper study would help in evolving matrix which can be used in order to measure the brand personality for a brand. For the current research luxury brand have been considered and various elements of the brand personality matrix would be applied on the luxury brand in order to measure the brand personality of the brand in relation to other competitive brands present in the market (Neumeier, 2006). For conducting the present research brands selected are Gucci, Louis Vuitton, Hermes, Chanel, Cartier and Rolex, Venition, etc for which brand personality would be measured in a comparative manner.
In order to measure the brand personality of the Gucci, Louis Vuitton, Hermes, Chanel, Cartier and Rolex, Venition etc. First model of brand personality measurement would include two major dimensions which would be degree of adjacency between brand product category and premium degree of brand. While the second model of the brand personality measurement would include four important parameters which are external, internal, tactical and strategic (Matt, 2010). All these parameters would be key elements in order to define the brand personality of a brand in comparison to the other brand’s personality.
Brand name is one of the key strength of a brand where in brand owner can take advantage by developing a sustainable competitive advantage over its competitors in the market and can distinguish itself from other brands prevailing in the market.reference Brand equity can be considered as one of the most valuable asset for a brands in the world where in consumers are highly loyal to their brands (Schmidt, 2002). Brand equity can help in order to enhance the financial and marketing value of the brand and can impact on the profitability, market share, consumer recognition and overall consumer share etc (Aaker, 2006). All these factors would help in smooth selling of the brand and would give an edge to the brand in comparison to the other brands present in the market.
Measurement of a brand personality or strength is important to understand the market positioning of the brand which would give opportunity to the brand owner in order to re-invent the brand. There are several levels on which brand equity can be measured which are firm level, product level and consumer level (Matt, 2010). On firm level the brand strength measurement involves calculation of a brand based on the financial and marketing value of the brand and considers the brand as the intangible asset for the company (Grannell, 2009). Measurement of the brand value based on firm level would involve calculation of the overall market capitalization of the brand and reducing overall tangible assets of the brands so as to find out the value of intangible asset for the brand which is nothing but the brand equity (Holt, 2004).
Consumer level market brand equity measurement would involve the measurement of brand based on the positioning of brand in consumer mind. This approach of brand equity measurement would involve measuring the brand strength with the help of brand image and awareness which consumer has for the brand (Keller & Kevin, 2003). Some of the important techniques which can be included a part of the brand equity measurement are projection test and free association test etc.
Measurement of brand equity
Measuring a brand involves identifying the various characteristics of the brand which are significant in order to define the brand personality of the brand. Some of the important measures of the brand equity can be given as below:
- Sincerity: Sincerity of the brand defines some of the important characteristics such as the brand should be domestic, cheerful, genuine and honest etc.
- Excitement: A brand should have excitement in order to appeals to the customer, some of the important characteristics which represent excitement are daring, up to date and spirited etc.
- Competence: Important characteristics in competence element of the brand include reliability, efficient and responsibility.
- Sophistication: Important elements of the sophistication element for the brand include romantic, charming and glamorous etc.
- Ruggedness: Sub elements included in the ruggedness factor for the brand equity includes tough, strong and outdoorsy etc.
- To illustrate how brand personality can be measured.
- To develop matrix for measurement of the brand personality in comparison to other comparative brands present in market
- To determine what impact does a brand personality have on loyalty and under what situations is one brand personality preferred over another?
- To explore how brand personality can create and lead to a successful brand.
Research methodology is the tool in order to conduct the research which has been proposed and main aim of the research methodology is to identify the techniques which would be adopted in research so as to accomplish objectives of the research. For the present context of measurement of the brand personality for luxury brands named Gucci, Louis Vuitton, Hermes, Chanel, Cartier and Rolex, Venition etc. the research conducted would be qualitative in nature as the elements of brand personality can be measured through their qualitative value only and no quantitative aspects are involved in brand personality of a brand (Harich et al, 2005). Further in order to collect the data for brand personality measurement primary and secondary research methodology would be involved where in primary data collection process would be accomplished with the help of preparation of questionnaire and involving sample to collect their response on these questions. Based on the responses collected from sample data would be analyzed through content analysis method for analysis of qualitative data.
As shown in the figure above that there are four major parameters which are included in the overall measurement of the brand personality for a brand. These four important parameters are strategic, tactical, internal and external. Further classifications have been done in order to measure the brand personality of a brand which is purpose, performance, positioning and promise of a brand. Purpose of a brand can be measured with the help of vision, corporate culture and business realities of the brand (Aaker, 2001).
Aspiring stars would be the brands which are having high rating on the premium degree of brand while measure low on the degree of adjacency between brand product category. While brands with low premium degree of brand and low on degree of adjacency would be categorized as dying stars and these brands would not survive more in industry. Reference Brands with high degree of premium brand and high on degree of adjacency would be termed as the star brands while brands with high on degree of adjacency and low on premium degree of brand would be termed as the warning stars (Neumeier, 2008). Star brands would be leading in the market while a company needs to exit the warning stars from their portfolio of brands as these brands are not profitable for the company.
Significance of the study
- The objective of this study is to provide a platform for future research on brand personalities. Upon reviewing the literature on brand personality, by focusing on what brand personality is, how it can be measured and how it works.
- Today, more and more companies desire to optimize their brand strategies, organizations and activities; research such as this supports this need. The underlining significance of this research will further the business development of brand management through the original contribution to knowledge that is emerging. The results achieved in this study provide a satisfactory answer to the stated research objectives.
Brand equity is the most important asset for any company as it would help in smooth selling and would create sustainable competitive advantage for the company. Brand equity measurement is important for the organization so as to know the actual brand positioning among the consumer segment and would provide the need for re-invention of the brand. Measuring the brand equity would take into account some of the important parameters for the brand such as the internal factors, external factors, tactical and strategic factors. For the present research brand equity would be calculated for the brand named Gucci in relation to the some of the reputed brands such as the Chanel, Rolex and Cartier etc.
- Aaker, David A. (2001), Managing Brand Equity. New York: The Free Press
- Leuthesser, L., C.S. Kohli and K.R. Harich (2005). “Brand Equity: The Halo Effect Measure,” European Journal of Marketing, 29 (4), 57-66.
- Ailawadi, Kusum L., Donald R. Lehmann, and Scott A Neslin (2003). “Revenue Premium as an Outcome Measure of Brand Equity,” Journal of Marketing, 67 (October), 1-17
- Keller, Kevin Lane (2009). “Brand Synthesis: The Multidimensionality of Brand Knowledge,” Journal of Consumer Research, 29 (4), 595-600
- Neumeier, Marty (2008). The Brand Gap: How to Bridge the Distance Between Business Strategy and Design, Berkekley, CA: New Riders Publishing.
- Keller, Kevin Lane (2003). “Conceptualizing, Measuring, and Managing Customer-Based Brand Equity,” Journal of Marketing, 57 (January) 1-22
- Grannell, Chris (2009). “HYPERLINK “http://www.brandchannel.com/papers_review.asp?sp_id=1460″Untangling Brand Equity, Value and HealthHYPERLINK “http://www.brandchannel.com/papers_review.asp?sp_id=1460″”, Brand channel, Fall 2008
- Aaker, David A. (2006), “Measuring Brand Equity Across Products and Markets,” California Management Review, 38 (Spring), 102-120