Brand Life Cycle and Brand Knowledge Essay Example | Topics and Well Written Essays - 750 words

Brand Life Cycle and Brand Knowledge - Essay Example These parameters can be applied in brand positioning as well but the thought process needs to be different. For example, product positioning may possess metrics like product look, product features, product variants, overall analogous products in the industry, supply chain, customer support, replacement guarantees, etc. These aspects require a lot of operational considerations to be embedded in the product strategic framework. Hence, product life cycle assessed & planned by virtue of the realities in the market that includes customer perceptions, changing end user tastes, supply chain weaknesses (like obsolescence of raw materials) & creative destruction by new innovation activities by the competition. But brand positioning requires lot of thought process about the in-depth cultural & emotional aspects of the customers in the process of introduction, elaboration & fortification of brands that builds an overall "expectation framework" of end customers from the organization as a whole ( Park and Jaworski et al. 1986. pp137-139). It requires lot of strategic thinking at much wider perspective without looking much into the operational aspects. For example, going for an ISO 9001 certification can have one of the benefits as improved branding given that the customers develop better trust in the organization's commitment to quality of products. When we talk about products here, it is not specific to a particular product but is pertaining to the organization's overall quality commitment to its products. The products may become obsolete but such impressions last much longer - may die only if the next branding effort has not been made amidst changing market dynamics. For example, if the quality expectations of the consumers are modified to the latest version of ISO 9001 (ISO 9001:2008), the companies certified with the older versions may face brand obsolescence unless they tangibly demonstrate innovations in their internal quality control as per the new standard. Consumers may immediately realise this differentiating factor once one of the companies starts marketing their compliance with the latest version of the standard. Brand Knowledge and its impact on Retro Products and Brand Life Cycle Keller (2003. pp596) presented the key dimensions of brand knowledge as awareness, brand attributes, benefits, images (visualizations), thoughts, feelings, attitudes, and experiences. These dimensions form an important part of consumer memory that impact their buying behaviour. However, a closer look reveals that all these dimensions are volatile and possesses definitive risk of coming out of the consumer memory if the organization does not practice effective "memory refresh" or "brand reminder" techniques. Banbury & Mitchell (1995. pp178) and Hendricks & Singhal (1997. pp44) emphasized that incremental innovations and regular new product introductions impacts the business performance of organizations positively. These can result in complete refreshing of brand knowledge in the consumer's mind due to their door knocked by the innovative companies periodically to present new innovations & product releases.