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13005 Cultural Levels and Business

Considering the business point of view, it is valuable to deliberate of culture as presented at four diverse levels namely the national, business, industry and organization. National Culture comprises of the distinguishing common values, thoughts, suppositions, faith and customs of the occupants of a country which direct their behavior. For instance, the Scandinavian countries rest […]

13006 Culture and Global Business

Introduction Culture involves the manner in which individuals imagine, sense and do. It changes from one country, industry and organization to the other. From a business point off view, it is helpful to consider of culture as comprising of four different levels. These levels are of nation, business, industry and organization. Every one of these […]

13016 Customer Acquisition Cost

Customer acquisition cost is the cost which suppliers invest to acquire a new customer. This cost should be always less than the overall value of customer in the entire customer life-cycle. For example, if the cost incurred to acquire a customer is $10, but the contribution of the customer to the profit is only $9 […]

13017 Customer Acquisition – Meaning and its Process

Customer acquisition is the process of acquiring new customers for business or converting existing prospect into new customers. The importance of customer acquisition varies according to the specific business situation of an organization. This process is specifically concerned with issues like acquiring customers at less cost, acquiring as many customers as possible, acquiring customers who […]

13018 Customer Based Brand Equity

Imagine walking in aisle of a typical super market (Shaw’s, Costco etc) to purchase salt, there are many offerings but choice is “Morton”. It is a simple example but a great situation to understand brand and brand equity. Companies already know that identity of product created over period of time through strategic marketing is brand, […]

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Brand Attributes portray a company’s brand characteristics. They signify the basic nature of brand. Brand attributes are a bundle of features that highlight the physical and personality aspects of the brand.

Attributes are developed through images, actions, or presumptions.

Brand attributes help in creating brand identity.

A strong brand must have following attributes:

  1. Relevancy- A strong brand must be relevant. It must meet people’s expectations and should perform the way they want it to. A good job must be done to persuade consumers to buy the product; else inspite of your product being unique, people will not buy it.

  2. Consistency- A consistent brand signifies what the brand stands for and builds customers trust in brand. A consistent brand is where the company communicates message in a way that does not deviate from the core brand proposition.

  3. Proper positioning- A strong brand should be positioned so that it makes a place in target audience mind and they prefer it over other brands.

  4. Sustainable- A strong brand makes a business competitive. A sustainable brand drives an organization towards innovation and success. Example of sustainable brand is Marks and Spencer’s.

  5. Credibility- A strong brand should do what it promises. The way you communicate your brand to the audience/ customers should be realistic. It should not fail to deliver what it promises. Do not exaggerate as customers want to believe in the promises you make to them.

  6. Inspirational- A strong brand should transcend/ inspire the category it is famous for. For example- Nike transcendent Jersey Polo Shirt.

  7. Uniqueness- A strong brand should be different and unique. It should set you apart from other competitors in market.

  8. Appealing- A strong brand should be attractive. Customers should be attracted by the promise you make and by the value you deliver.

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