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Topics - Bipasha Matin

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151
Business & Entrepreneurship / lexicographic heuristic
« on: November 13, 2016, 04:50:49 PM »
Lexicographic heuristic refers to when a consumer chooses the best brand on the basis of its perceived, most important attribute.

As a side note, heuristic, in this case, refers to a rule of thumb in a consumers decision-making process. The expectancy-value model (a compensatory model) states that a products (or services) perceived good qualities (things) can help overcome perceived bad things. However, consumers often take a mental shortcut (heuristics) to make a buying decision.

The lexicographic heuristic is one of three choice heuristics a consumer may use to make a buying decision.
As an example, a consumer may be faced with the need to buy a smartphone. Given that the available smartphone brands are equal in the consumers mind, the consumer will select a smartphone based on its perceived important attribute. This could be that one particular smartphone, over the other options, may have a perceived better camera or user interface.

152
Every major market category consists of subcategories. These subcategories are usually dominated by different players. If you’re like many companies you tend to focus on market share within the larger category.  But unless you’re among the top 3-5 players this approach may not pay off. Another approach to consider is pursuing ownership of one of the subcategories. So while a big player may dominate a market category, you can be the leader in the subcategory. Category ownership provides an additional metric of marketing performance.

Every  major market category consists of subcategories. These subcategories are usually  dominated by different players. If you’re like many companies you tend to focus on market share within the larger category.  But unless you’re among the top 3-5 players this approach may not pay off. Another approach to consider is pursuing ownership of one of the subcategories. Some experts believe creating your own category is the best route to market success and revenue growth. Category ownership provides an additional metric of marketing performance.
Defining Category Ownership

Before we discuss how you might measure category ownership, let’s be clear about what constitutes  a major category and its subcategories.  For example oral care products is a major market category and some of its subcategories are mouth rinses, toothbrushes, toothpastes, and dental floss.  So while Colgate-Palmolive is the worldwide leader in Oral Care, Oral B (a Gillette brand) is the leader in the toothbrush category.  We can see this same scenario in other categories, such as the retail market, where Wal-Mart with 6,000 outlets and more than $250 billion in sales, dominates the overall category but Amazon owns the online retailer space and iTunes is the number one music retailer in the world.  The software market provides another illustration of the concept of category ownership.  Microsoft can lay claim to the larger software category, but Oracle can claim ownership of the database software category, SAP can claim ownership in ERP software and Intuit owns financial software.

The message here is that you do not have to have significant market share in the major category in order to become a category owner.  While a subcategory initially can be very small, a niche that meets a key market and customer need has significant growth potential.
The Key to Category Ownership

The key to category ownership is to redefine how customers or businesses use a product in order to establish a category. If you are the first to create a category (no easy feat) you will be in the best position to own it.  It is very expensive to create and develop a category, but once you establish your company as the category owner the ROI is substantial. When you are evaluating a subcategory consider establishing the subcategory around how it will be viewed by the customers- both users and buyers- in terms of their needs, concerns, and buying requirements.  Once you have a category you will want to define how you measure your ownership and the role marketing will play.
Initial Category Ownership Metrics

There are two initial metrics that may be the easiest to use to monitor changes in ownership that marketing can affect:

    –    Your percentage of the category’s sales
    –    Your percentage of the customer usage rate

These are good metrics to start with but as you become more sophisticated about how you measure ownership you may want to go beyond monitoring ownership in terms of current sales and use category ownership strength as a metric.
Category Strength as  a Metric

Category Strength as a metric accounts for three variables: competitors, your degree of risk and your market relevance. These variables require examining more than your sales but also your product innovation and customer relationships.  If you are already a category owner now may be time to develop and use category ownership strength as a metric.

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Scholars and marketers have tried to formulate effective rebranding strategies to expand target
markets and retain loyal customers. Yet, advice from scholars seems largely based on qualitative
studies rather than on research evidence. To fill the gap, this study, using a quantitative approach,
sets out to examine how rebranding evaluation can be affected by consumer innovativeness,
brand loyalty and perceived brand image fit.

The findings demonstrate that brand equity can be improved when rebranding is evaluated
positively. Innovative customers tend to evaluate rebranding more positively than others.
Furthermore, customers who were more loyal to the initial brand may pay more attention to brand
image fit before and after rebranding when making evaluations

154
Endorser Brand Architecture

An endorser brand architecture is made up of individual and distinct product brands, which are linked together by an endorsing parent brand. The endorsing parent brand plays a supportive and linking role, and, in many respects, an endorser brand architecture can be seen as an inversion of a sub-brand brand architecture.
The key hallmarks of an endorsing brand architecture are as follows

    Product or service brands (for simplicity, all referred to as “product brands” in this post)  linked together by an endorsing brand.
    The product brands and the endorsing brands will each have their own brand attributes, including a name, logo, brand promise, position and personality.
    The product brands will have each have their own brand marketing and will need to rely on their own value propositions to succeed.
    Despite the distinctness of each product brand, the essential ingredient for a successful endorsing brand architecture is that there is a link between (i) the higher-level brand promise of the endorsing parent brand and (ii) the product brand. This link is what provides the assurance to the customer that if they like one product in the family of the endorsing brand, then a sibling brand is also worthy of consideration.

155
Business & Entrepreneurship / Co-Branding Strategy in the Digital Age
« on: November 13, 2016, 02:50:05 PM »
I’ve talked a lot about branding in the last weeks and one of my favorite people, Gregory Stringer, asked me to talk about co-branding, so here goes.

Many brands use a co-branding strategy, like Cinnabon and Carvel. Think about a few you’ve seen recently.

    PC and Intel
    Pottery Barn and Benjamin Moore (Paint)
    Hershey’s and Betty Crocker (Brownies)
    Girl Scout Tagalongs and Dairy Queen Ice Cream
    Eddie Bauer and Ford (SUV)
    Jack Daniel’s and TGIF (sauced meats)
    KMart and Martha Stewart (branded products)
    Nike and Michael Jordan (shoes)

Co-branding

So, what is co-branding anyway?

According to Investopedia, co-branding is:

    A marketing partnership between at least two different brands of goods or services. Cobranding encompasses several different types of branding partnerships, such as sponsorships. This strategy typically associates the brands of at least two companies with a specific good or service.

A basic definition doesn’t really tell you much about co-branding strategy. Let’s take a look at the pluses and minuses of using a co-branding strategy for your brand.
Benefits of a co-branding strategy

Co-branding is particularly valuable as a means to create a positive image in the minds of folks who might not know much or anything about your brand — it gives you warm fuzzies about the lesser known brand.

If you’re a younger child, you already experienced how co-branding works. Remember when you went to school and people, especially teachers, expected you to act a certain way because of your older sibling? That’s how co-branding works — you expect certain characteristics and behavior from a brand based on the associated brand. Just like in the image that opened this post — you know and love the rich, cinnamon taste of Cinnabon and you transfer that positive image to Carvel.

The Intel partnership with PC manufacturers [Intel Inside] introduced a branded chip that, in its heyday, commanded a 2000% markup for the chip maker and created a loyal following that made the market unappealing for new chip manufacturers for many years until AMD came along to challenge the more established Intel.

Co-branding is also a way to create a positive brand image by transferring emotions related to one brand to the other. For instance, the partnership between Michael Jordan and Nike that made his branded shoes so popular folks stood in line for the chance to own part of the legend. Michael’s cache and athletic prowess created a cult following and led to consumers collecting his shoes, even if they didn’t wear them.

There’s a certain economy of scale that makes sense when you’re looking to get the most bang for your buck. Combining advertising efforts, co-locating operations, even collaborating on digital marketing programs makes sense in some situations.
Dangers of co-branding strategy

Probably the biggest danger is the vulnerability caused by reliance on two brands — if something terrible happens to one brand, both brands might suffer declining market performance. This is the same reason why some companies don’t use a family branding strategy, instead preferring separate branding for each product line — like Proctor and Gamble with Tide, Cheer, Gain, and others just within the laundry detergent market. Damage to one brand might bring down both brands.

Another danger to a co-branding strategy comes from loss of control and burgeoning bureaucracy to manage the efforts that cause a certain frigidity and slow down strategic responses.

Image, for example, you are co-branding with a local firm and that firm does its own advertising. How do you manage that interrelationship. Car manufacturers struggled with just this problem in their relationship and reliance on local dealerships to sell their product. Often, the local dealer advertising damaged the brand image the manufacturer wanted for the automobile. Over time, manufacturers controlled the situation by requiring dealerships adhere to their communication rules, which slows down the advertising process and might damage a working relationship between the two.

156
Faculty Sections / 8 Types of Brand Extension
« on: November 13, 2016, 02:47:49 PM »
n studying more than 300 brand extensions, Brand Extension Research determined that there are eight types. Each has its own unique type of leverage.

1. Similar product in a different form from the original parent product. This is where a company changes the form of the product from the original parent product.

An example is (frozen) Snickers Ice Cream Bars identified in our brand extension study. The original Snickers bar is a shelf stable candy. The brand extension is a similar product, but in a different form. Jell-O Portable Pudding and Pudding Cups is Jell-O pudding in a different form and section of the store.

2. Distinctive flavor/ingredient/component in the new item. When a brand “owns” a flavor, ingredient or component, there may be other categories where consumers want that property.

Peanut butter is a characteristic ingredient in Reese’s Peanut Butter Cups candy. Chocolate is a characteristic ingredient of Hershey. Brand Extension Research identified Reese’s Peanut Butter as a logical extension that capitalizes on this association. Research also suggested Hershey chocolate milk.

3. Benefit/attribute/feature owned. Many brands “own” a benefit, attribute or feature that can be extended.

Brand Extension Research showed ArmorAll that that brand was defined by automotive surface protection – which can go beyond vinyl dressing. Paint needs protecting also. Arm & Hammer “owns” a benefit of deodorizing. Their baking soda product has claimed that it removes odors from refrigerators, etc. As a result, they extended the brand into other products such as Arm & Hammer underarm deodorant and cat litter deodorizer.

4. Expertise. Over time, certain brands may gain a reputation for having an expertise in a given area. Leverage can be achieved when extending into areas where this special expertise is deemed important.

Honda’s expertise in reliable engines led to lawn mowers, gas powered generators and a variety of other gasoline engine powered devices. What brand comes to mind when we think of baby products? – Gerber. As a result of this acceptance of their expertise, they successfully launched Gerber Baby Powder, Gerber Baby Bottles, etc. Sara Lee is known for baked desserts, so why not other baked goods like bread.

5. Companion products. Some brand extensions are a “natural” companion to the products the company already makes.

Contadina (now Buitoni) was a tomato paste and sauce brand. In brand extension research, consumers thought Contadina pasta was a logical companion product that would have the leverage of the Italian heritage of the parent. Aunt Jemima (the pancake mix brand) launched pancake syrup, as a companion to compete with Log Cabin syrup.

6. Vertical extensions. Some brand extensions are vertical extensions of what they currently offer. A brand can use their “ingredient/component” heritage to launch products in a more (or sometimes less) finished form.

Nestlé’s Toll House chocolate refrigerated cookies is an example. Most Toll House chocolate chips are used in cookies, so why not make a brand of Toll House chocolate chip cookies. Mrs. Fields Cookies were ready-to-eat. They offered frozen cookie dough, moving backwards as a vertical extension. Rice Krispies has always been used in kids' treats. Kellogg offered Rice Krispies Treats ready-to-eat.

7. Same customer base. Many brand extensions represent a marketer’s effort to sell something else to its customer base.

This works particularly well when that customer base is large and to some extent captive. VISA launched travelers checks directed to its credit card customers.

8. Designer image/status. Certain brands convey status and hence create an image for the user.

Designer clothing labels have been extended to furniture, jewelry, perfume, cosmetics and a host of other items. Some brands promote a lifestyle and can extend to items that people “wear,” as a badge of identifying themselves with that lifestyle.

157
Faculty Sections / Brand Architecture
« on: November 13, 2016, 02:46:45 PM »
How an organization structures and names the brands within its portfolio. There are three main types of brand architecture system: monolithic, where the corporate name is used on all products and services offered by the company; endorsed, where all sub-brands are linked to the corporate brand by means of either a verbal or visual endorsement; and freestanding, where the corporate brand operates merely as a holding company, and each product or service is individually branded for its target market.

158
Faculty Sections / Brand Color Theory
« on: November 13, 2016, 02:42:34 PM »
Remember back to your early school days, when having a 64-count box of Crayola crayons to choose from was the ultimate in creative freedom?

Well, as a designer in the digital era, you certainly don’t have to stick to the colors available from paints, inks, or other pigments, though there’s a lot we can learn from fine art’s approach to color. In fact, the human eye can see millions of different hues — but sometimes, choosing even just two or three to use from those millions can seem like a daunting task.

That’s because choosing colors for a design is both highly subjective and, at times, highly scientific. So where does that leave designers who just want a color palette that looks nice or makes a client happy? Like it or not, the most effective color choices go beyond just personal preference — because colors have an extraordinary ability to influence mood, emotions, and perceptions; take on cultural and personal meaning; and attract attention, both consciously and subconsciously.

For designers and marketers, the challenge is in balancing these complex roles that color plays to create an attractive, effective design. That’s where a basic understanding of color theory can come in handy. Traditional color theory can help you understand which colors might work well together (or not) and what kind of effect different combinations will create within your design.

And it all starts with the color wheel.
The Basics: Understanding Color

The Color Wheel

You’ve likely seen it in a school art class, or at least are familiar with its stripped-down form: the primary colors of red, yellow, and blue. We’ll be dealing with the traditional color wheel of 12 colors, often used by painters and other artists. It’s an easy visual way of understanding colors’ relationships with each other.

The color wheel is all about mixing colors. Mix the primary or base colors red, yellow, and blue, and you get the secondary colors on the color wheel: orange, green, and violet. Mix those with a primary color, and you get the third level of the color wheel, tertiary colors. Those include red-orange, yellow-orange, yellow-green, blue-green, blue-violet, and red-violet. The primary and secondary colors (with the addition of indigo) are also part of the visible spectrum of light, or the “colors of the rainbow.” You many have memorized the acronym “Roy. G. Biv” as a kid to remember these colors: red, orange, yellow, green, blue, indigo, and violet.

This way of understanding color is known as an subtractive model, which involves mixing colored pigments like paints or inks — both the traditional color wheel and the CMYK color system that printing equipment uses fall into this category. That’s opposed to the additive model, which involves mixing colored light (like the colors you see on your computer screen or TV) and uses a different set of primary colors: red, green, and blue, often abbreviated RGB.

In Canva, we have our own version of the color wheel that you can pick colors from. Any color you choose will be identified by a hexadecimal value (or hex code), a six-digit combination of numbers and/or letters (often preceded by #) used in many design programs to identify specific colors when designing for the web.

Before we get into how to use the color wheel to create color palettes for your designs, let’s take a quick look at some color-related terms that will help you understand the different types of colors you might be using as you work on design projects:

    Hue: synonymous with “color” or the name of a specific color; traditionally refers to one of the 12 colors on the color wheel
    Shade: a hue darkened with black
    Tone: a hue dulled with gray
    Tint: a hue lightened with white
    Saturation: refers to the intensity or purity of a color (the closer a hue approaches to gray, the more desaturated it is)
    Value: refers to the lightness or darkness of a color

Color Harmony

Now that we’ve got the more technical stuff out of the way, let’s look at how the color wheel can be a practical resource in choosing colors for a design project. We can pull a number of classic palettes from the color wheel that painters have been using for centuries to create balanced and visually pleasing (or high-contrast and striking) compositions. In most design applications, these color schemes will need to be split into one dominant color — dominant either because of how much it appears in the design, or because of how it stands out in comparison with other colors — and one or more accent colors.

1) Monochromatic: various shades, tones, or tints of one color; for instance, a range of blues varying from light to dark; this type of scheme is more subtle and conservative

2) Analogous: hues that are side by side on the color wheel; this type of scheme is versatile and easy to apply to design projects

3) Complementary: opposites on the color wheel, such as red/green or blue/orange; complementary colors are high-contrast and high-intensity, but can be difficult to apply in a balanced, harmonious way (especially in their purest form, when they can easily clash in a design)

4) Split-Complementary: any color on the color wheel plus the two that flank its complement; this scheme still has strong visual contrast, but is less jarring than a complementary color combination

5) Triadic: any three colors that are evenly spaced on the color wheel

6) Tetradic/Double-Complementary: two complementary pairs; this scheme is very eye-catching, but may be even harder to apply than one pair of complementary colors, since more colors are more difficult to balance. If you use this type of scheme, you’ll want to choose one of the four to be the dominant color and adjust the saturation/value/etc. of some or all the colors so they work well in different parts of your design like the text and background.

159
Faculty Sections / Can Teachers and Students Be Friends?
« on: November 13, 2016, 02:40:22 PM »
by Larry Ferlazzo

This is an important question with respect to instructional effectiveness since it brings up issues related to engagement, barriers, comportment, and respect—all key elements in teacher-student relationships. The question is also increasingly on teachers’ minds because of the rise of the social-media culture.

I was a community organizer for 19 years prior to becoming a teacher 10 years ago. One of the many organizing lessons I learned during that time and that I’ve tried to apply to teaching is the difference between public and private relationships.

This is not an either/or perspective, and clearly must be more nuanced in an environment like a classroom. Nevertheless, keeping it in mind has helped me maintain more of a personal/professional “equilibrium” and helped my students learn important life lessons.

Organizers believe that private relationships usually encompass our family and friends, where our imperfections tend to be accepted. We generally have these relationships on an “as is” basis. We expect not to be judged, and we expect loyalty—love in a broad sense is the “currency.”

We forget sometimes that, while different from an adult friendship, the teacher-student relationship is not a lesser connection. It is often more meaningful and special, with tremendous value to both parties. We try to live up to its promise for the short time we have with our students. A friend taught me this.

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Faculty Sections / A Checklist for Effective Faculty Development Programs
« on: November 13, 2016, 02:39:06 PM »
Faculty development has become a priority at many academic institutions as a way to improve the quality of academic programs and to respond to emerging faculty, student, program, and industry needs.

To create effective faculty development programs, it’s important to get the faculty members’ perspectives on what is actually needed. Without this input and the opportunity for faculty to collaborate and engage in growth and dialogue around common topics of interest, the essence of faculty development is lost.

I was fortunate to coordinate and work with great teams at my institution to develop and implement professional development programs for our faculty. The faculty offered ideas and suggestions that resulted in programs that are focused and relevant to their professional lives.

Through this experience, I have created the following checklist to ensure that faculty development efforts are effective.

Effective faculty development program checklist:

    Understand the roles and expectations of your faculty.
    Develop respect and trust with your faculty as learners.
    Review a wide perspective for consistent new abilities that addresses all the aspects that impact faculty success in each setting.
    Connect the institutional/organizational culture with your faculty development culture.
    Conduct a needs assessment to establish relevant program outcomes.
    Solicit timely and effective feedback.
    Design and implement a variety of programs to meet diverse needs.
    Prepare staff developers.
    Implement reward structures for participation in faculty development programs.
    Build a culture for learning based on collaboration, teamwork, and shared vision.

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Brand equity is a term most of us are familiar with and probably even use from time to time. But, as with many business concepts we may have a less than perfect understanding of what the term really means. This limits our ability to effectively develop marketing plans to create the kind of brand we want to project. So, exactly what is brand equity? What does it mean to create an effective brand? Why does any of this matter to an individual agent?
Brand Equity – What is it?
Brand equity is the value of the brand in the marketplace.1 Simply put, a high equity brand has high value in the marketplace. However, what this means exactly is often not fully or clearly understood. High brand value, a brand with high equity, means that the brand has the ability to create some sort of positive differential response in the marketplace. This can mean that your brand is easily recognizable when encountered in advertising or seen on a yard sign. It can mean that your brand is one of the first ones recalled when a relevant prompt is used – “who would I call to discuss listing my house?” It could mean that individuals would be willing to pay a premium price for your brand’s offering. In the case of a real estate transaction, individuals would pay a standard commission and feel as if they received a valuable high-quality service from a well-known and trusted brand. It could mean that when someone asks for a referral, your brand is the first one that is recommended to others. All of these are positive responses to the brand – a readily recognizable brand, a brand that is recalled quickly and easily when needed, one that individuals are willing to pay a premium price to acquire, and a brand that is recommended to others. These are all characteristics of a high equity brand.

162
Faculty Sections / "Flipping" a class
« on: November 13, 2016, 02:34:05 PM »
 flipped class (view image) is one that inverts the typical cycle of content acquisition and application so that

    students gain necessary knowledge before class, and
    instructors guide students to actively and interactively clarify and apply that knowledge during class.

Like the best classes have always done, this approach supports instructors playing their most important role of guiding their students to deeper thinking and higher levels of application. A flipped class keeps student learning at the center of teaching.

 Why are instructors flipping their class?

Students learn more deeply.

As a result of students taking responsibility, interacting meaningfully and often with their instructor and peers, and getting and giving frequent feedback, they acquire a deeper understanding of the content and how to use it.

Students are more active participants in learning.

The student role shifts from passive recipient to active constructor of knowledge, giving them opportunities to practice using the intellectual tools of the discipline.

Interaction increases and students learn from one another.

Students work together applying course concepts with guidance from the instructor.  This increased interaction helps to create a learning community that encourages them to build knowledge together inside and outside the classroom.

Instructors and students get more feedback.

With more opportunities for students to apply their knowledge and therefore demonstrate their ability to use it, gaps in their understanding become visible to both themselves and the instructor.

163
Faculty Sections / Why marketing communications don´t work for countries
« on: November 02, 2016, 03:13:53 PM »
One might well ask, if marketing communications work so well for products and services, why shouldn’t they work for countries and cities?

The simple answer is that they don’t work so well for products and services – or at least, not in the way that most casual observers suppose. Although great advertising, attractive logos and memorable slogans are strongly associated with powerful commercial brands, they aren’t the reason why those brands are powerful: brands become powerful when the product behind them earns trust. This happens as a consequence of many sales, leading to many direct customer experiences, and a product that fulfils or exceeds its promise. The advertising campaigns generate the sales; they only build the brand indirectly.

Because countries and cities aren’t for sale, the marketing communications campaigns associated with them can only be empty propaganda: instead of saying ‘please try this product’ they are basically saying ‘please change your mind about this country’, and the message misfires.

Reference: http://kommunikationsmaaling.dk/artikel/why-nation-branding-does-not-exist/

164
Faculty Sections / The effect of national brand image
« on: November 02, 2016, 03:11:30 PM »
The effect of national brand image is plain to see. Countries, cities and regions that are lucky or virtuous enough to have acquired a positive reputation find that everything they or their citizens wish to do on the global stage is easier: their brand goes before them, opening doors, creating trust and respect, and raising the expectation of quality, competence and integrity.

Places with a reputation for being poor, uncultured, backward, dangerous or corrupt find that everything they or their citizens try to achieve outside their own neighbourhood is harder, and the burden is always on their side to prove that they don’t conform to the national stereotype. Compare the experiences of a Dutch and an Iranian manager on the international job market, or the struggles of an exporter from Bangladesh with one from Canada.

Compare the ease with which a mediocre tourist resort in a highly regarded country can gain glowing media coverage and celebrity endorsement, with the difficulties experienced by an unspoiled and unique destination in a country with a weak or poor reputation. Compare the way consumers in Europe or America will willingly pay more for an unknown ‘Japanese’ product than for an identical ‘Korean’ product that is probably made in the same Chinese factory.

Compare how positively the international media will report on an ordinary piece of policy from the government of a country reputed to be fair, rich and stable, with the media silence or sharp criticism which greets a wise, brave and innovative policy from a country that’s saddled with a negative image.

165
Faculty Sections / Nation branding is the problem not the solution
« on: November 02, 2016, 03:09:40 PM »
In fact there is some evidence to suggest the opposite: between 2005 when the Anholt Nation Brands Index was launched, and the latest study in October 2008, there has been no detectable correlation between changes in national brand value and expenditure on ‘nation branding campaigns’. Several countries which have done no marketing (apart from normal tourism and investment promotion) during this period have shown noticeable improvements in their overall images, while others have spent extremely large sums on advertising and PR campaigns and their brand value has remained stable or even declined.

It’s more accurate to say that ‘nation branding’ is the problem, not the solution. It is public opinion that “brands” countries – in other words, reduces them to the weak, simplistic, outdated, unfair stereotypes that so damage their prospects in a globalised world – and countries need to fight against the tendency of international public opinion to brand them. Governments need to help the world understand the real, complex, rich, diverse nature of their people and landscapes, their history and heritage, their products and their resources: in other words, to prevent them from becoming mere brands.

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