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Factors influencing successful brand extensions

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Factors influencing successful brand extensionsDr Leif E. HemAssociate ProfessorNorwegian School of Economics and Business AdministrationBreiviksveien 40N-5045, BergenNorwayTel No. Int. Code + 47 55 95 96 85Fax No. Int. Code + 47 55 95 98 74email: leif.hem@snf.noLeslie de Chernatony*Professor of Brand MarketingBirmingham University Business SchoolThe University of BirminghamWinterbourne58 Edgbaston Park RoadEdgbastonBirmingham B15 2RTEnglandTel No. Int. Code + 44 121 414 2299Fax No. Int. Code + 44 121 414 7791email : L.Dechernatony@Nina M. IversenNorwegian School of Economics and Business AdministrationBreiviksveien 40N-5045, BergenNorwaySeptember 2001* Author for correspondenceAbout the authors:Leif E. Hem is Associate Professor at the Norwegian School of Economics and Business Administration, NHH in Bergen, Norway. He defended his PhD in February 2001. His research interests focus on branding in general and with specifically focus on brand extension. Hem has already published papers focusing on brand extensions and he has presented brand extension papers on four international conferences in 2001: EMAC, ACR-Europe, IAE La Londe, and ACR-US. Hem is also running several branding schools for the business, both in Norway and in Europe.Leslie de Chernatony is Professor of Brand Marketing and Director of the Centre for Research in Brand Marketing at the Birmingham University Business School, England. With a significant number of papers on brand management in European and American journals, he is a regular presenter at international conferences. His two most recent books are Creating Powerful Brands and From Brand Vision to Brand Evaluation, both published by Butterworth-Heinemann. Leslie has run brand strategy workshops internationally, helping organisations develop more effective brand strategies.Nina M. Iversen is a doctoral candidate at the Norwegian School of Economics and Business Administration (NHH). Her research interests focus on country stereotypes, brand personality, country of origin, and service management. She is at an early stage in international publishing, but she has presented several promising papers on international conferences (e.g., ACR-Pasific and ACR-US).Factors influencing succesful brand extensionsAbstractOrganisations frequently follow brand extension strategies. This paper investigates the impact of category similarity, brand reputation, perceived risk and consumer innovativeness on the success of brand extensions in FMCG, durable goods and services sectors. A set of hypotheses were developed and tested in a study amongst 701 consumers. The findings show that extensions into categories more similar to the original brand tend to be more readily accepted. Likewise, the reputation of the original brand is an important factor influencing the success of the extension. These findings are consistent across FMCG, durable goods and services brands. However, perceived risk about the extension category was only found to enhance acceptability of extensions for durable goods and services brands. Innovative consumers are more positively disposed towards service brand extensions than FMCG and durable goods brand extentsions.Key words: brand extensions, similarity, reputation, perceived risk, innovativenessIntroductionLaunching new products can be an attractive growth strategy, however this is not without risks. Some estimate that 30-35% of all new products fail (Montoya-Weiss and Calantone 1994; Booz, Allen, and Hamilton 1982) while others (e.g. Crawford 1977) are even more pessimistic, citing that only two out of ten new launches succeed. Due to factors such as high advertising costs and the increasing competition for shelf space, it has become more difficult to succeed with new products (Aaker 1991; 1996). An increasingly popular approach to reducing risk when launching new products is to follow a brand extension strategy. This is followed in as many as eight out of ten new product launches (Ourusoff, Ozanian, Brown, and Starr 1992).Managers assume they can exploit the equity of a well known brand when entering new markets, capitalising on recognition, goodwill, and any positive associations. Case studies abound of successful brand extensions. For example, Bic, with its ballpoint pen origin, successfully extended into disposable lighters and razors; Caterpillar, successfully extended from heavy machinery into shoes, clothing and handbags. However, caution needs exercising. For example Bic’s extension into perfume was unsuccessful as it moved too far from its core values (Keller 2000).Given the importance of brand extensions, a better understanding of this topic is needed. Researchers have predominantly investigated brand extensions amongst tangible goods, as we show later in table 1. By contrast few have investigated the service sectors (Ruyter and Wetzels 2000; van Riel, Lemmink, and Ouwersloot 2000), a surprising finding given the significant economic importance of services (Berry 1999). Notable brand extension activity has taken place in services, for example, Virgin moving into radio stations, airline, financial services, and bridal services (Keller 1998). Likewise the Disney company, which in the 1950ssignified world-class animation, has extended into services such as television, publishing, software, Internet portals, theme parks, hotels and cruises, (Court, Leiter, and Loch 1999).Many brand extension studies have used laboratory experiments with students and fictitious brands (see table 1). The external validity of these studies has been questioned and criticisms levelled against generalisability (Lynch 1999; Winer 1999; Klink and Smith 2001). The methodology used is a further reason for the conflicting finding between studies (Smith and Park 1992; Docin and Smith 1994). We sought to more closely replicate market behaviour and focused on consumers, using existing brands.By understanding some of the variables that influence consumers’ perceptions about the acceptability of brand extensions, marketers should be better able to develop more effective strategies. Researchers (e.g. Aaker and Keller 1991) have argued that greater similarity between the parent and extension category should encourage successful brand extensions, yet Smith and Park’s (1992) findings did not support this. When presented with unfamiliar brands, the reputation of the parent brand is a helpful evaluative cue (Wernerfelt 1988) and as it is important to appreciate how this influences brand extension perceptions, we investigated this variable. Purchasing new categories provokes greater perceived risk amongst consumers, yet reliance on known brand names is a favoured way of reducing perceived risk (Derbaix 1983). We therefore investigated the impact that perceived risk of different categories has on brand extensions. Finally we sought to understand how the personality variable, innovativeness, influenced consumers’ views about brand extensions.The purpose of this paper is therefore twofold. First, to empirically test whether there are differences in consumers’ evaluations between brand extensions in (a) FMCG (Fast Moving Consumer Goods), (b) durable goods, and (c) services sectors. Second to investigate how the antecedents of similarity, reputation, perceived risk and innovativeness influence consumers’ evaluations of brand extensions.This paper opens with a short review of the brand extension literature. We then consider how similarity, reputation, perceived risk and consumer innovativeness may affect the acceptability of brand extensions. Thereafter we report the research methodology used to test the hypotheses about these four variables. Finally, we present the findings and discuss their implications.Brand Extension LiteratureEver since the first article on brand extension (Boush, et al. 1987) researchers have investigated several antecedents and consequences. In Table 1, we illustrate the focus of, and limitations of, existing work.This table does not claim to be a comprehensive overview of all possible brand extension research. The studies are included because they are published in major scholarly journals and thereby have influenced this field of research. They are also selected because of their relevance to the present study.When investigating the 20 studies the following conclusions can be drawn. (1) Only one study addressed the importance of brand extensions in the services sector (Ruyter and Wetzels 2000). While Aaker and Keller (1990) included McDonald’s as a service brand, they did not make any analytical distinctions between FMCG and services. (2) Only one study compared brand extension judgements between FMCG and durable goods (Broniarczyk and Alba 1994). Interestingly this showed equivalent effects of brand specific associations across the two sectors. (3) As many as nine studies used fictitious brands. Among these is the services study of Ruyter and Wetzels (2000). (4) The majority are laboratory experiments andonly two use a survey design. (5) Only five studies were undertaken with consumers, the rest were with students. These observations reinforce the need for an evaluation of brand extensions across FMCG, durable goods, and services that should be valid, reliable and generalizable.Research HypothesesIn this section we focus on the acceptance of brand extensions for FMCG, durable goods, and services. Specifically, we focus on perceived similarity, reputation, perceived risk and innovativeness as factors influencing the acceptability of brand extensions.(1) SimilarityReferent product−extension product similarity (hereafter referred as similarity) is the degree to which consumers perceive the extensions as similar to other products affiliated with the brand (Smith and Park 1992). From table 1 it is evident that the most frequently considered antecedent of brand extensions is the level of perceived similarity between the original and extended brand. Several studies reported that the greater the similarity between the original and extended category, the greater the transfer of positive (or negative) affect to the extended brand (cf. Boush, et al. 1987; Aaker and Keller 1990; Park, et al. 1991; Boush and Loken 1991; Dacin and Smith 1994; Herr, et al. 1996; Keller and Sood 2001/2). This finding is based on the assumption that consumers will develop more favourable attitudes towards extensions if they perceive high congruence between the extension and the original brand (see Boush, et al. 1987 for theoretical discussion). However, all these studies were amongst student samples and in the only non-student sample, Smith and Park (1992) did not find a positive relationship. They provided no exploration for their finding and encouraged others to investigate this.Research into category similarity and brand extension has not been undertaken in services categories. Typically researchers have focused on FMCG product sectors such as beer, shampoo, soap, etc, or investigated durable goods, such as wristwatches, computers, TV and HDTV (see table 1). We anticipated that the findings about brand extensions from the FMCG and durable goods sectors would be similar for services brands. We could not find any theoretical reason as to why FMCG, durable goods, and services should differ when it comes to the impact that perceived similarity has on brand extension evaluations. Therefore, we posit:H1: Extensions into categories perceived as more similar to the category of the parent brand are more likely to be accepted compared to extensions intoless similar product categories. This s hould be true for brands in FMCG,durable goods, and services sectors(2) ReputationA basic premise underlying the use of brand extensions is that stronger brands provide greater leverage for extensions than weaker brands (e.g., Aaker and Keller 1992; Smith and Park 1992). As can be seen in the widely noted definition of brand equity, brand strength has been articulated implicitly in terms of consumers’ predispositions towards the brand (Keller 1993).In the context of brand extension research, brand reputation has been defined in terms of consumer perceptions of quality associated with a brand (Aaker and Keller 1990; Barone, et al. 2000, p. 390). It has been reported that high perceived quality brands can be extended further and receive higher evaluations than low perceived quality brands (cf. Aaker and Keller 1990; Keller and Aaker 1992; Sunde and Brodie 1993; Dacin and Smith 1994; Bottomley and Doyle 1996). Reputation of a brand in these studies is considered as the outcome of product quality, the firm’s marketing activities and acceptance in the market place, i.e. more akin to the views of Fombrun and van Riel (1997).Brands with higher perceived reputation should provide consumers with greater risk relief and so encourage more positive evaluations than brands of lower reputation. This notion should be true for FMCG, durable goods, and particularly for services. When a new brand is launched in the services sector, consumers have neither experience, nor concrete attributes, to judge its quality. Consequently, consumers rely heavily on cues such as brand reputation (Wernerfelt 1988; Zeitham, Berry, and Parasuraman 1996). Conversely, with goods, consumers can obtain useful information about quality through visual inspection and thus the importance of inferences based on brand reputation may be reduced. These observations suggest that the evaluations of brand extensions could be even higher for brands extending in services than for goods. Therefore, we postulate:H2: The higher the perceived reputations of the parent brand, the morefavourable should be evaluations of the brand extensions. This shouldbe true for brands in FMCG, durable goods, and particularly inthe services sectors(3) Perceived riskPerceived risk is a multi-dimensional construct (e.g., Gemünden 1985; Roselius 1971) which implies that consumers experience pre-purchase uncertainty regarding the type and degree of expected loss resulting from the purchase and use of a product (Bauer 1960; Cox 1967). Perceived risk is usually conceptualised as a two-dimensional construct (e.g., Bauer 1960; Derbaix 1983; Gronhaug and Stone 1995; Mitchell 1999) i.e.:(a) uncertainty about the consequences of making a mistake;(b) uncertainty about the outcome.The literature shows that a recognised brand is often relied upon by consumers as a mean of coping with perceived risk (Cox 1967; Roselius 1971; Rao and Monroe 1989). A brand which is extended into a new product category offers a new alternative to consumers, but alsoimpacts on consumers’ perceptions of risk. We believe, based on the literature, that a well-known brand is a risk reliever and enhances the likelihood of product trial. Berlyne (1970) argued that novel stimuli (cf brand) tend to be highly arousing and trigger aversive reactions. As a person gains familiarity with a brand through repeated exposure, perceived risk tends to decline and positive affect tends to increase (Baker, et al. 1986; Obermiller 1985).Dowling and Staelin (1994) draw a distinction between product category risk and product risk. They define the first type of risk as “the person’s perception of the riskiness buying an average product in the product class” (p. 119), while the second type of risk reflects the perceived risk of the specific alternatives being considered. When consumers evaluate a brand extension both types of risk are relevant. We focused on the perceived risk of the product category into which the brand was extended. When extending a well-known brand into a product category perceived as risky, the brand can serve as a credible risk reliever, signal an acceptable quality level, and thus increasing its likely acceptance.It could also be argued that there is a distinction between goods and services when it comes to perceived risk. Services are associated with greater degrees of intangibility, simultaneity of production and consumption, provider-consumer contact and, non-standardisation (Zeithaml, Parasuraman, and Berry 1985). In view of these characteristics, the amount and quality of comprehensible information for consumers is diminished, and thus the level of perceived risk is anticipated to be elevated (Cox 1967; Murrary and Schlacter 1990). Reliance on a recognised brand is a popular way of reducing risk (Derbaix 1983). Thus in services brand extensions, we would anticipate that as perceived risk increases when buying a newly extended services brand, so there should be greater reliance on the parent brand.While there is necessarily some degree of risk which accompanies all purchases, it is predicted that more risk is associated with services than with goods (Zeithaml 1981; Mitra, Reiss, and Capella 1999). However, this perspective from the literature overlooks the highlevel of perceived risk associated with durable goods due to the possibility of the expected financial loss being substantial. We therefore postulate:H3: The higher the perceived risk associated with the extension category, the more positive will be evaluations of the brand extensions. This should beparticularly true for brands in durable goods and services(4) InnovativenessInnovativeness is a personality trait related to an individual’s receptivity to new ideas and willingness to try new practices and brands. The importance of innovativeness has been examined extensively in the literature on diffusion of innovation (Rogers 1983) and consumer behaviour (Engel, et al. 1990). However, there has been limited research into the effects of consumer innovativeness on brand extension evaluations. Some work was undertaken by Keller and Aaker (1997), albeit briefly, and more recently by Klink and Smith (2001). A common observation is that individuals high in innovativeness are more venturesome and more willing to try new brands (e.g., Stenkamp and Baumgartner 1992). The response differences between highly innovative and less innovative consumers (cf early and later adopters) reflects, to some extent, differences in risk-taking propensity. Innovators tend to be less risk averse than other consumers. According to Rogers (1983), one of the most salient traits of consumer innovators is the comfort they gain from taking risk. As such we postulate thatH4: The higher consumers’ innovativeness, the more positive will be the evaluations of extended brandsTable 2 summarises the postulated hypotheses.MethodDesign and data collectionIn order to test the hypotheses, data was gathered using a consumer survey. This was conducted as follows:Stimuli: The parent brands were selected on the criteria of consumer familiarity, positive reputations and not having been broadly extended (cf Aaker and Keller 1990). Existing, rather than fictitious, brands were chosen. Six brands were the focus for a pilot study to assess the extent to which they met the selection criteria. The 30 participants were students on an evening course, with an average age of 34 years. They answered several questions about the six possible parent brands. The pilot study parent brands were Maarud snack (FMCG), Hansa beer (FMCG), IBM computers (durable good), Ford cars (durable goods), DnB bank (services) and Telenor telecommunications (services). Hansa was rejected as it received mixed responses on attitude towards the brand and was not particularly associated with a positive reputation. DnB was associated with several extensions and since research suggests that the breadth of markets covered by an established brand influences evaluations of brand extensions (see Keller and Aaker 1992; Dacin and Smith 1994), DnB was excluded. IBM achieved low scores on the familiarity measures and was eliminated.Based on the pilot study, one brand was chosen from the snacks, cars, and telecommunications sectors. Maarud is the leading brand of snack products (potato crisps) in Norway, being the country where the study was conducted. It has been available since 1936. For more than 50 years Ford, representing durable goods, has been one of the best selling car brands in Norway. Telenor, which provides tele-services, is the number one telecom company in Norway, and until the 1st of January 1998, was a monopoly supplier.Each of the three parent brands were leveraged into 3 hypothetical extensions, providing in total 9 extensions (see Table 3). These 9 extensions had to be relevant andlogically connected to the parent brand, in addition to providing sufficient heterogeneity on the dimensions of similarity (to test H1) and perceived risk (to test H3). The participants in the pilot study answered several open-ended questions about the possible brand extensions to ensure their suitability for this study. Respondents’ perceptions about the extent to which they have goods or services characteristics are shown in Table 3. This indicates that the selected extensions were significantly separated as regards goods and services property (Maarud and Ford extensions vs. Telenor extensions).Sample and data collection: A questionnaire was constructed for each of the three parent brands and was tested in another pilot study, with a sample of 30 consumers. The questionnaire was structured in four parts with questions covering: (1) brand reputation, (2) individuals’ innovativeness and perceived risk associated with the extension categories, (3) similarity between parent brand and the extensions, and (4) overall evaluation of the extensions.The questionnaire was administrated to people living in a major Norwegian city. The city was first divided into eight regions, of which four were randomly selected. One person per household was personally contacted in their homes, a nd asked to complete a questionnaire for one of the parent brands (Maarud snack, Ford car, or Telenor telecom). Respondents participated voluntarily without any compensation. Of the homes approached, 81% agreed to participate. They were asked to complete a questionnaire which should be ready for collection next day. When the researchers returned to collect the questionnaires, 84.6% of households had completed the questionnaires, a response rate across the total contact sample of 68.6%. Of the 760 questionnaires collected, 701 were satisfactorily completed.MeasurementDependent variable - overall evaluation of brand extensions: Subjects’ reactions towards a proposed brand extension was measured using behavioural and attitudinal statements following the established attitude research procedures (Fishbein and Ajzen 1975). We employed three Likert type items to measure attitudes to the brand extensions (see Table 4). Specifically these followed the questioning used by Keller and Aaker (1992), Broniarczykn and Alba (1994) and Muthukrishran and Weitz (1991). Factor analysis revealed that all items loaded strongly on the same factor (eigenvalues greater than 2.21 in all cases, capturing a total variance greater than 73.1%). The dependent (and independent) variables were created by aggregating the scores and dividing by the number of items.Independent variables- similarity between the parent brand and the brand extension (H1): Similarity was measured using three items, which have been frequently used in brand extension studies (Boush, et al 1987; Smith and Park 1992; Aaker and Keller 1990). Details about the items are shown in Table 4, and they captured different aspects of similarity between a parent brand and its brand extensions. Respondents evaluated similarity on a six-point scale anchored from “not at all similar” through to “very similar”. Factor analysis revealed that all three items loaded strongly on the same factor (eigenvalue greater than 2.33 in all cases, capturing a total variance greater than 75.1%).Brand reputation(H2): Perceived parent brand reputation was captured using three Likert type items similar to the ones utilised by Aaker and Keller (1990), Keller and Aaker (1992), Smith and Park (1992), Loken and John (1993), and Sunde and Brodie (1993), as shown in Table 4. Respondents assessed brand reputation on a six-point scale with the end-points “totally disagree” and “totally agree”. Factor analysis revealed that all items loaded strongly on the same factor (eigenvalue greater than 2.56 in all cases, capturing a total variance greater than 85.5%).Perceived risk(H3): In the literature a distinction is made between (1) uncertainty about the outcome of a choice, and (2) uncertainty about consequences of a choice (e.g., Derbaix 1983; Kapferer and Laurent 1993). In this study perceived risk was measured on six Likert-type items capturing these two perceived risk dimensions. Laurent and Kapferer (1985) and Kapferer and Laurent (1993) initially introduced these six items. Responses were measured on a six-point scale anchored by “totally disagree” through to “totally agree”. Factor analysis revealed a two-dimensional factor, reflecting uncertainty and outcome.Innovativeness (H4): was measured using the five items procedure of Stenkamp and Baumgartner (1995). Items were selected according to their ability to capture innovativeness (see Table 4) and anchored by “totally disagree” and “totally agree”. Factor analysis revealed that all items loaded strongly on the same factor (eigenvalue greater than 3.86 in all cases, capturing a total variance in excess of 75.5%).The reliability measures showed high values. For example, the reliability measures (Cronbach’s alpha) are all above .70 for both dependent and independent variables.ResultsWe first report descriptive statistics for the variables, then report the bivariate analyses, and finally multivariate analysis.Descriptive statisticsTable 5 reports the descriptive statistics from this study.Inspection of kurtosis and skewness (not shown in Table 5) show that the variables are close to being normally distributed. The mean scores of the variables vary across the extensions. Both measures of perceived risk are lower in the snack sample than in the car and telecom samples. This could reasonably be expected, based on the characteristics of the chosen extension categories. Another observation is that subjects perceived the reputation of Ford to be lower than that of Maarud and Telenor.Bivariate analysisCorrelations (r) between the variables are shown in Table 6.This reveals positive correlation coefficients between similarity, reputation, perceived risk 1 (uncertainty), perceived risk 2 (consequences), and the overall evaluation of the brand extensions. The correlation coefficients between similarity and the overall evaluation of the brand extension are significant for the three samples, supporting H1. The correlation coefficients between reputation and the overall evaluation of the brand extension are also significant supporting H2. However, while all the correlation coefficients between perceived risk 1, perceived risk 2, and the overall evaluation of the brand extension are positive, they are not always significant. Thus, only limited support can be drawn for H3. Likewise, with positive correlations between innovativeness and overall evaluation of extensions which are not always significant, only partial support can be drawn for H4.Multivariate analysisTo more thoroughly test the hypotheses we employed multiple regression analysis. The rationale for this is that the scaling of the items, as well as the construction of the aggregated variables, are of a multiple nature. The findings from this analysis are shown in Table 7.All models are highly significant and explain between 31% to 37% of the dependent variables’ variance, suggesting a reasonable “model fit”. Moreover, the standardised regression coefficients indicate significant relationships between some of the independent and dependent variables.Testing of H 1: H 1 postulates that consumers evaluate FMCG, durable goods, and services brand extensions more favourably as the similarity increases between the parent brand and the extension category. A significant positive main effect of similarity, on evaluations of all brand extensions, is seen in all samples (Snack sample: β = .50; p < .01; Car sample: β = .52; p < .01; Telecom sample: β = .52; p < .01). The relationship between similarity and evaluation of brand extensions are positive and significant for FMCG, durable goods, and services. Hence, H 1 is supported.Testing of H 2: H 2 postulates that consumers evaluate brand extensions more favourably when the parent brand has a strong reputation. A significant positive effect of reputation on the evaluation of b rand extensions is seen in all samples (snack sample: β = .12; p < .01; car sample: β = .19; p < .01; telecom sample: β = .08; p < .05). The relationship between reputation and evaluation of brand extensions is positive and significant for FMCG, durable goods, and services. Hence, H 2 is supported.Testing of H 3: H 3 postulates that consumers evaluate brand extensions more favourably as the perceived risk of the new category increases. Risk 1 (uncertainty) is not significant for any of the extension categories. There is, however, a significant positive main effect of risk 2 (consequences) on evaluations of extensions in the car and telecom samples (car sample, risk 2: β = .10; p < .01; telecom sample, risk 2: β= .07; p < .10). As risk 1 is not significant in any。

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企业成功因素作文英语初三

企业成功因素作文英语初三

企业成功因素作文英语初三Title: Key Factors for Business Success。

In today's dynamic and competitive business environment, achieving success as an enterprise requires a strategic approach and a keen understanding of various critical factors. From effective leadership to innovative strategies, several elements contribute to the success of a business.In this essay, we will explore some of the key factors that play a pivotal role in driving business success.First and foremost, strong leadership is essential for steering a company towards success. A capable leader possesses the vision, charisma, and decision-making skills necessary to inspire and guide their team. They provideclear direction, set ambitious goals, and foster a cultureof accountability and excellence within the organization. Additionally, effective leadership involves the ability to adapt to change, navigate challenges, and capitalize on opportunities in the ever-evolving business landscape.Another crucial factor in business success is the importance of having a clear and well-defined business strategy. A robust strategy outlines the company's objectives, target market, competitive positioning, and action plans for achieving its goals. It involves thorough market research, competitor analysis, and strategic planning to identify opportunities for growth and differentiation. Moreover, a successful business strategy is dynamic and adaptable, allowing the company to respond swiftly to market shifts and changing customer needs.Furthermore, innovation and creativity are fundamental drivers of business success. In today's fast-paced world, businesses must continuously innovate to stay ahead of the competition and meet the evolving demands of customers. Whether it's developing new products or services, improving processes, or finding novel ways to deliver value, innovation fuels growth and drives sustainable competitive advantage. Companies that foster a culture of innovation, encourage experimentation, and embrace new ideas are more likely to thrive in today's competitive marketplace.Moreover, building strong relationships with customers is essential for long-term success. Customer satisfaction and loyalty are critical drivers of business growth and profitability. By delivering exceptional products or services, providing excellent customer service, andbuilding trust and rapport with customers, businesses can create a loyal customer base that serves as advocates for their brand. Moreover, listening to customer feedback, understanding their needs, and adapting accordingly are key to staying relevant and competitive in the market.Additionally, a focus on operational excellence and efficiency is vital for optimizing performance and driving profitability. Streamlining processes, reducing waste, and improving productivity not only lower costs but also enhance the quality of products and services. Moreover, investing in technology and automation can help businesses streamline operations, improve accuracy, and accelerate decision-making, thereby gaining a competitive edge in the market.Furthermore, effective marketing and branding play a crucial role in shaping the perception of a company and its products or services in the minds of consumers. A strong brand identity, compelling messaging, and targetedmarketing campaigns can help businesses stand out in a crowded marketplace, attract new customers, and build brand loyalty. Moreover, leveraging digital marketing channelsand data analytics enables companies to reach their target audience more effectively and measure the impact of their marketing efforts.In conclusion, achieving success as a business requires a multifaceted approach and a combination of variouscritical factors. From strong leadership and strategic planning to innovation, customer focus, operational excellence, and effective marketing, each element plays a vital role in driving business success. By prioritizing these key factors and continuously striving for improvement, businesses can position themselves for long-term growth and prosperity in today's competitive business landscape.。

英语作文商业成功的元素

英语作文商业成功的元素

英语作文商业成功的元素Title: Key Elements of Business Success。

In the dynamic landscape of modern business, achieving success requires a combination of strategic planning, innovation, adaptability, and effective execution. Several key elements contribute to this success, shaping the trajectory of companies towards their goals and objectives.1. Clear Vision and Strategy: At the heart of every successful business is a clear vision and a well-defined strategy. A compelling vision serves as a guiding light, inspiring employees and stakeholders alike. A robust strategy outlines the path to realizing this vision, identifying objectives, assessing resources, and establishing milestones.2. Market Understanding and Customer Focus: Understanding the market dynamics and customer needs is crucial for sustainable success. Successful businessesconduct thorough market research to identify trends, anticipate consumer preferences, and stay ahead of competitors. They prioritize customer satisfaction, delivering products or services that add value and address specific pain points.3. Innovation and Adaptability: In today's rapidly evolving business environment, innovation is not just an option but a necessity. Successful companies foster a culture of innovation, encouraging creativity and experimentation at all levels. They embrace change and are quick to adapt to shifting market conditions, technological advancements, and consumer behavior.4. Quality Products or Services: Consistentlydelivering high-quality products or services is fundamental to building customer trust and loyalty. Successful businesses invest in research and development, ensuringthat their offerings meet or exceed industry standards. They prioritize excellence in every aspect of their operations, from design and production to customer service and support.5. Effective Leadership and Management: Strong leadership and efficient management are essential fordriving organizational success. Effective leaders inspire and motivate teams, fostering collaboration, and fosteringa sense of purpose. They provide clear direction, allocate resources wisely, and cultivate a culture of accountability and performance.6. Strategic Partnerships and Collaboration: Building strategic partnerships and fostering collaboration can amplify the impact of business efforts. Successful companies seek mutually beneficial alliances with suppliers, distributors, and other stakeholders. They leverage these partnerships to access new markets, share resources, and capitalize on complementary strengths.7. Financial Management and Sustainability: Sound financial management is critical for the long-term sustainability of any business. Successful companies implement robust financial systems and controls, ensuring prudent budgeting, cash flow management, and riskmitigation. They prioritize profitability without compromising ethical standards or environmental responsibility.8. Brand Reputation and Marketing: A strong brand reputation is a valuable asset that can differentiate a business from its competitors. Successful companies invest in building brand equity through consistent messaging, memorable experiences, and positive customer interactions. They leverage various marketing channels to reach their target audience effectively and convey their unique value proposition.9. Employee Engagement and Development: Employees are the backbone of any successful business, and their engagement and development are paramount. Successful companies prioritize employee well-being, fostering a supportive work environment, and offering opportunities for growth and advancement. They recognize and reward performance, fostering a culture of loyalty and commitment.10. Continuous Improvement and Learning: The pursuit ofexcellence is an ongoing journey for successful businesses. They embrace a culture of continuous improvement, seeking feedback, analyzing performance metrics, and learning from both successes and failures. They are not afraid to innovate or disrupt themselves in pursuit of greater efficiency, effectiveness, and competitiveness.In conclusion, achieving business success requires a holistic approach that integrates these key elements into a cohesive strategy. By prioritizing vision, innovation, customer focus, and effective management, companies can navigate challenges, seize opportunities, and thrive in today's dynamic marketplace.。

你认为名人是如何影响时尚潮流英语作文

你认为名人是如何影响时尚潮流英语作文

你认为名人是如何影响时尚潮流英语作文全文共3篇示例，供读者参考篇1How Celebrities Influence Fashion TrendsFashion trends are constantly evolving, influenced by a variety of factors such as culture, social media, and of course, celebrities. Celebrities play a significant role in shaping the fashion world, with their unique styles often inspiring designers and brands to create new looks and trends. From red carpet events to casual street style, celebrities are always in the spotlight, and their fashion choices are closely watched and emulated by fans all over the world.One of the ways in which celebrities influence fashion trends is through their appearances at major events such as award shows, fashion weeks, and movie premieres. Red carpet events are prime opportunities for celebrities to showcase their personal style and make a statement with their fashion choices. When a celebrity wears a particular designer dress or accessory, it can instantly elevate that brand's profile and influence the fashion industry as a whole. For example, when actress Rihannawore a yellow Guo Pei gown to the Met Gala in 2015, the Chinese designer became an instant sensation in the fashion world.In addition to red carpet events, celebrities also influence fashion trends through their everyday street style. Paparazzi photos of celebrities running errands or attending events in casual outfits are constantly shared on social media platforms, giving fans a glimpse into their wardrobe choices. As a result, fans often try to recreate these looks by purchasing similar clothing items and accessories. For example, when model Kendall Jenner was spotted wearing a pair of vintagehigh-waisted jeans, sales of similar jeans skyrocketed as fans rushed to emulate her effortlessly chic style.Social media has also played a significant role in amplifying the influence of celebrities on fashion trends. Platforms such as Instagram, Twitter, and TikTok allow celebrities to connect directly with their fans and showcase their personal style on a daily basis. Many celebrities have millions of followers on social media, making them powerful influencers in the fashion industry. Brands often collaborate with celebrities on sponsored posts or partnerships, leveraging their large following to promote new collections and trends.Overall, celebrities have a significant impact on the fashion industry, with their unique styles and fashion choices often setting the tone for upcoming trends. Whether they are walking the red carpet, running errands, or posting on social media, celebrities are always at the forefront of fashion, influencing the way we dress and express ourselves. As fans continue to look to celebrities for style inspiration, it is clear that their influence on fashion trends will only continue to grow in the future.篇2Celebrities have always had a significant impact on fashion trends. Their style choices are often followed by millions of fans, who want to emulate the looks of their favorite stars. In this essay, I will discuss how celebrities influence fashion trends and why their influence is so powerful.Firstly, celebrities are constantly in the public eye, whether it's on the red carpet, at events, or on social media. This visibility means that their fashion choices are widely seen and talked about. Many people look to celebrities for inspiration when it comes to their own style, so when a celebrity wears a particular dress or outfit, it can quickly become a trend.Secondly, celebrities often work with fashion designers and brands to create their own clothing lines or collaborate on collections. This means that not only do celebrities set trends by wearing certain items, but they also have the opportunity to create new trends themselves. Many fans will buy products endorsed by their favorite stars, leading to increased sales and exposure for the brands involved.Additionally, celebrities have access to the latest designer pieces and can afford to wear luxury brands that many people can only dream of owning. This aspirational aspect of celebrity fashion means that fans are often eager to copy their favorite stars' looks, even if it means finding more affordable versions of the same items.Furthermore, social media has given celebrities an even greater platform to influence fashion trends. Platforms like Instagram and Twitter allow celebrities to share their outfits and style choices with millions of followers instantly. This means that fans can see what their favorite stars are wearing in real-time, leading to a faster spread of trends and styles.In conclusion, celebrities have a huge impact on fashion trends due to their visibility, collaborations with designers, access to luxury brands, and presence on social media. Theirinfluence shows no signs of slowing down, as fans continue to look to celebrities for inspiration and guidance when it comes to their own style.篇3How Celebrities Influence Fashion TrendsCelebrities have always been a major influence on fashion trends. From the red carpet to everyday street style, celebrities play a powerful role in shaping the way we dress and the trends we follow. In this article, we will explore how celebrities influence fashion trends and the impact they have on the industry.1. Red Carpet InfluenceOne of the most obvious ways that celebrities influence fashion trends is through their red carpet appearances. When a celebrity wears a stunning gown or a unique outfit to ahigh-profile event, it often becomes an instant trend. Fashion designers are quick to take note of these looks and create similar styles for the average consumer.For example, when a popular actress wears a bold color or a daring silhouette on the red carpet, you can bet that this trend will soon be seen on runways and in stores. The influence ofcelebrities on red carpet fashion cannot be overstated, as their choices often set the tone for the entire industry.2. Street Style InfluenceIn addition to their red carpet appearances, celebrities also have a major influence on street style trends. When paparazzi capture photos of celebrities out and about, fans are quick to take note of what they are wearing. From athleisure looks to high-fashion ensembles, celebrities are constantly inspiring new trends with their street style choices.For example, when a celebrity is photographed wearing a particular brand or a specific trend, it often sells out within hours. This kind of influence has made celebrities highly sought after by fashion brands, who often gift them with free clothing in exchange for exposure.3. Social Media InfluenceWith the rise of social media, celebrities now have an even greater influence on fashion trends. Platforms like Instagram and TikTok allow celebrities to connect with fans on a more personal level and showcase their unique sense of style. When a celebrity posts a photo of themselves in a new outfit or a trendy accessory,it can quickly go viral and inspire countless followers to replicate the look.Influencers and celebrities are now often paid to promote brands or specific products on their social media channels, further blurring the line between celebrity and fashion influencer. This kind of marketing has proven to be incredibly successful, as fans are eager to emulate the style of their favorite celebrities.4. Collaboration and Endorsement DealsFinally, celebrities have a significant impact on fashion trends through their collaboration and endorsement deals with major brands. When a celebrity partners with a fashion house to create a new collection or endorses a product, it can generate a huge amount of buzz and drive sales.For example, when a celebrity creates a limited-edition clothing line or a new fragrance, fans are often eager to purchase these items to emulate the celebrity's style. This kind of collaboration has proven to be mutually beneficial for both the celebrity and the brand, as it allows them to reach a wider audience and generate excitement around new products.In conclusion, celebrities play a significant role in influencing fashion trends. From their red carpet appearances to their streetstyle choices, celebrities have a powerful impact on the way we dress and the trends we follow. With the rise of social media and collaboration deals, celebrities now have more influence than ever before. Whether we realize it or not, the fashion choices of celebrities shape the industry and impact the way we view style.。

亚澳市场营销期末复习题(部分)

亚澳市场营销期末复习题(部分)

Marketing principles review1. List and explain the components of the marketing concept.Needs: State of fact deprivationWants: Shaped by culture and personal development.Demand: a person is able and willing to buyProduct: Items capable of satisfying a need or a want.Exchange: Act of obtaining a desired object for money or for barterTransaction: trade values between two parties--value and condition of saleMarket: A set of all actual and potential buyers--product of service2. List and explain the five stages associated with the Evolution of Marketing ManagementPhilosophies.Product orientation:Consumers will favour products that offer the most quality, performance and innovative features. Therefore the organization should focus on continous product improvement. Production orientation:The focus on increasing production. This orientation is towards efficiency of production and distribution.Sales orientationMarketing orientationSociety marketing orientation.Foc uses not only on the consumers, but other people that are affected by the organization’s operations, now and in the future.3. How would you decide whether a manufacturing company is production orientated or marketing orientated?Production orientated:The focus is on increasing production. this orientation is towards efficiency of production and distribution, so the product is highly available. The supply is smaller than demand. Marketing orientated:Focus on marketing rather than selling. The company first determines what the consumer wants. The supply is much larger than demand.①Segmentation, Target Markets and Positioning5. Environmental influences and factors.① The macro(external) environmental forcesa. Demographics.This refers to the study of human populations in terms of their size, Density(密度), age, gender, occupation, income, education, and other statistics.Effect: This has a major effect on the entire business environment, and does not necessarily means increased market opportunities. The large, diverse world population poses coppertunities and threats. And the growth and structure of the population determine the demand for private consumption and the key commodities(日用品) and services within a given environment. Demographics also determine prospects for major public expenditures, especially health care and education.b. CompetitionThis force impacts heavily on the marketing strategy of a businessc. EconomicSuch as the current stage of the business cycle, inflaction or deflation and interest rates, economic growth, unemployment, consumer income levels.d. Technological.●The impact of technology on the marketing of products today, needs to be much morecompetitive and creative than ever before. Eg. Ease of downloading music decrease the sales of CDs.●Technology is also affecting how marketing itself is carried out. Eg. Promotional marketingmessages can be sent by short message service(SMS) or consumers can be targeted via email.e. Political/legalLaws and policies designed to regulate and maintain competition; and the other to protect the consumer. Eg. Products must provide information for the consumer in terms of nutritional information on food products, warning labels on children’s toys, and other relevant information that consumers need to know.f. Social/cultural.These forces we are referring to are changes in people’s life styles, attitudes and beliefs.Eg. Recyclable packaging and environmentally friendly products are becoming more sought after these days, because of the increasing of awareness of environmental issues.Eg. The increased interest in health and physical fitness have become important in many people’s lives. More public facilities for bicycle paths, gyms, hiking trails have been created. Eating habits have changed as a result of the increased concern for personal health. More products in the supermarket are being made available with low-fat or no-fat options.② The external micro-environmental forces.a. The market.A market is people of organizations with wants to satisfy, money to spend, and willingness to spend it.It is very important for an organization to know their customers how to reach them and when customers’ needs change in order to adjust its marketing efforts accordingly.●Consumer markets●Business markets●Reseller markets●Government marketsb. Suppliers (供应商)Suppliers are organizations and individuals that provide the resources needed to produce goods and services.c. Marketing intermediaries (中间商)Marketing intermediaries are independent organizations that aid in the flow of products from the marketing organization to its markets.The intermediaries between and organization and its markets constitute a channel of distribution. Middlemen (whole salers and retailers); physical distribution firms.③ The internal-environment forces.a. Production facilities. (caused by a new marketing opportunity)b. PersonnelThe suitability and availability of staff to meet the company’s goals. Personnel many includes managers, directors, the marketing team, line staff and other internal and external stakeholders.c. Finances: Accounting section of the company.d. Location: geographic limits, high transportation costs or perishable(易腐败的) products.e. Research ＆development.These capabilities will determine whether the company will lead or follow in the industry’s technology and marketing.f. Company image.g. Key stakeholders.-All functions, staff, owners ＆board of Directors.6. Marketing research:①. Definition: gathers information on customers, competitors ＆the marketing environment.②. a. Marketing research is systematic ＆objective: information is gathered, processed, analyzed, interpreted/evaluated, and prganized.b. Marketing research permits business to: reduce risk, spot problems, identify sales opportunities, plan for action.③. Marketing research process.a.Determine the problem or opportunities.b.Assess the data needs (评估)-data exists? New data needed?c. Select research designⅠ.primary/original research information(一手数据) needed orⅡ. Secondary/existing information? （二手数据）(existing)d.Determine the sampling plan – the sample to be representative/characteristicof the larger/population(总体)Type of Sampling methods.●Convenience sampling 方便抽样●Self-selected sampling 自选抽样●Quota sampling 配额抽样●Random sampling 随机抽样●Stratified random sampling 分层随机抽样e.Determine the measurement issues – design and use of questions and scalesto gather the needed data.(决定测量尺度)eg.observation(观察法), questionnaire(询问法), interviews, email surveys, focus groups(焦点小组调查)f.Design the data collection forms.Points need to be considered: words, questions, questionnaire format, hypothesis development(目的性)g.Prepare the data – data has been collected, it must be prepared/organized for interpretation.Validate(确认) the data, edit the data, data code – values to responses.h.Analyze the data – look of consistency, common opinionsi.Present the findings7. Buyer behavior①. What is consumer behavior?Consumer behavior is the decision process and physical activity involved in buying.Consumers: - Those who buy- Those who pay- Those who use②. Why study consumer behavior?●To create smarter consumers.●Make better strategic marketing decisions●Assists in positioning strategies.●Introduce new products and services●To see how consumers have changed●To see how markets have changed●Studying behavior helps to tailor business offerings to divers consumer markets.③. the four main group of factors influencing consumer behavioura.Psychological factorsMotivation (动机): A motivation is an internal energizing force that causes behaviour that satisfies a need.Perception (知觉): Perception is the process of selecting, organizing and interpreting information to produce meaning. (sight, taste, hearing, smell, touch)Attitudes, Values and Beliefs.b.Cultural Factors●Culture●Sub-culture 子文化Sub-culture can include nationalities, religions, racial groups, or groups of peoplesharing the same geographical location.●Social class 社会阶层Social class refers to a collection of people with similar position or social rank (order)Social class is usually measured by education, occupation, income and location.c.Social Factors: groups, family, roles ＆statusd.Personal influences: age ＆life-cycle, occupation, economic situation, personality ＆self-concept.④. Types of buying behaviora. Routine response behaviour 常识购买行为, eg. Soft drinks, milk, snack food.b. Limited Decision marking 有限决策eg. Clothes-know product class but not the brand.c. Extensive Decision making 扩展型决策eg. Cars, homes, computers, educationd. impulse buying 冲动购买（非计划性购买）eg. Chewing gum or sweet, candy, chocolate at the cash register.⑤. Buyer Decision making processa.Recongnition of unsatisfied needb. Information Searchc. Evaluation of Alternativesd. Purchase Decisione. Post-Purchase Behaviourf. cognitive Dissonance 组织购买和个人购买的差别p85⑥. No Consumer Marketsa.Business MarketsCommercial enterprises, Goverments, other profit, not –or-profit organizations.anizational BuyersManufacture, wholesalers, Retailers, Government agenciesanizational Buyer Behaviourd.But it can also be influenced by the same things that influence individual buyers-psychological, cultural, social and personal factors.8. There may be a question dealing with product management which could deal with the product life cycle or what constitutes a product or branding.①. Product Phases (life-cycle)产品生命周期a.Introductory Phase 导入期b.Growth Phase 成长期c.Maturity Phase 成熟期d.Decline Phase 衰退期②. Six components need to be considered when a product is beig created and developed.a.Services: eg. German interpreters in visitor contres are providing an information serviceb.Packaging:Three purposes: 1.contains and protects the actual product; 2. promotes the product; 3.acts asa part of the product. eg. a milk bottle.c. Branding: The brand is the service and all of the image attributes that are associated with thename. eg. Singapore airlines is a brand name, which is associated with high quality customer service.d. Product Item: A distinct unit within a product line that is distinguishable by size, price,appearance, function, or some other attribute. Eg. a particular type of shampoo for dry hair. e. Product line: A group of products within a product mix that are closely related, either becausethey meet the same need, function in a similar manner, or share some other characteristic.f. Product Mix: the set of all product lines and items that an organization offers its target markets.Eg. everything the body shop offers target market(s), constitutes its product mix.9. There is a question dealing with segmentation – variables, methods, segment selection.①. Methods:a.Concentration Strategy. Eg. Rolex, Harley.b.Differentiation Strategy.Eg. car manufactures- Toyota has segmented its cars into the following: Corolla, Camry, Lelica, Paseo and Lexus.Eg. Coca-cola also offers a variety of its“coke”product in different flavours and caffeine leavels . etc.②. Variables and segment selection(Bases for segmentation)a.Geographic Segmentation.△Climate △population density(concentration of people in certain areas)△Terrain(land) △sub-cultural values△Neighborhoods △Different population growths in different areas△Regions △Natural resourcesb. Demographic Segmentation△age △income △Gender △Income leave △Education △Family size △Ethnicityc. Psychographic Segmentation△Social class △life style △personality characteristics.d. Benefit Segmentatione. Usage Segmentation10. There may be a question concerning target market selection and strategies.①. what are the three types of Demand pattern used to help select the Target market?a. homogeneous Demand- uniform, everyone demands the product for the same reasons.(同质市场)b. Clustered Demand- consumer demand classified in two or more identifiable clusters.（集群偏好）eg.automobiles:Luxury cheap Sporty Spaciousc. Diffused Demand- Product differentiation more costly and more difficult to communicate.(扩散偏好) eg. cosmetic market; need to offer hundreds of shades of lipstick.②. Strategies:a.Undifferentiated Approach (Total Market Approach)b.Concentration Strategyc.differentiation Strategy11.There may be a question on positioning.①. What are the typical positioning strategies?a.Attibutesb.Price/qualitypetitorsd.Applicatione.Product userf.Product class②What is a Position/Perception Map?Marketers can use perception maps to help position products. Products or services are mapped together on a positioning map, which allows them to be compared and contrasted in relation to each other.12.There may be a question about overall strategy and managing SBHS.。