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A Study on Virtual Branding

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Submitted By zombiegal
Words 7071
Pages 29
SUBJECT: PRODUCT MANAGEMENT

“A STUDY ON THE “VIRTUAL BRANDING””

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VIRTUAL BRANDING

The paper places emphasis on two aspects of the future of branding:

1. The ultimate limit of branding, that the authors have baptised as V-Branding (Virtual Branding), and
2. The development of a framework, process and assessment tool that allows companies to evaluate and steer their brand(s). The assessment tool, denominated as the RIB matrix-graph (Real-Imaginary Branding matrix-graph) can be used in 2D format (with Awareness and Degree of Diffusion forming the two axes or dimensions) and 3D format i.e. with an additional dimension such as age group, social status, period, time frame etc. Tool applicability stretches from the small business to transnational companies and from products to services. The paper also looks at the transition from lifestyles to mindstyles, the evolution of the consumer and how these link to branding evolution

INTRODUCTION

The chapter proceeds to describe the influence of brands on the buying process, and the importance of customer satisfaction and brand loyalty. The concept of brand equity is outlined, explaining the value of brands, both to customers, and to companies. These concepts are central to brands and brand-building, whether online or offline, and they form the backbone of this dissertation.

WHAT IS A BRAND?

According to Rita Clifton, CEO of Interbrand Newell and Sorrell - a leading specialist brand consultancy

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