外文翻譯---企業(yè)網(wǎng)絡(luò)營銷策略的面對機遇和挑戰(zhàn)品牌管理的特殊的問題-全文預(yù)覽
【正文】 pectations and Brand Equity Brand managers may be subject to the whims of skittish investors devoted to quarterly earnings statements. Unprecedented levels of merger and acquisition activity on Wall Street in the late 1980s, often involving leveraged buyouts, loaded buying panies and their managers with heavy debt. Squeezed by pressure from investors and lending institutions, brand managers have felt pressures to ( 1) produce shortterm cash flows to meet debt coverage。s share of the marketing budget has shifted downward from over 60% to less than onethird (Landler, Schiller, and Therrien 1991). Some marketers maintain that advertising builds longterm profitability through image differentiation, whereas promotions dilute brand value by focusing on price and discounts rather than a product39。 judgments regarding future extensions. Their research suggests that brand extension success is affected by the portfolio of products associated with the brand and extending into many different product categories may be beneficial for a brand so long as the variance in quality remains low throughout the portfolio. Also, the brand manager often can implement line extensions in which minor variants of a single product are marketed under the same brand name. Research reported by Reddy, Holak, and Bhat (1994) assembles an extensive crosssectional and time series database from a variety of sources and, using econometric analyses, empirically investigates the determinants of success for line extensions in the cigarette industry. The authors note the consistency of their empirical findings with propositions that previously had been based on experiments or argued primarily on conceptual grounds. They also provide further support for the conclusion of Dacin and Smith that, when managed well, extensions help in building equity. For brand management generally, probably the most positive oute of recent merger and buyout activity is that corporate managers now increasingly recognize brands as critical assets. Brand management is a formal ponent of corporate strategy. Sara Lee, for example, has made building brand equity a major corporate goal. The pany has mastered the art of applying its brand management skills in markets that traditionally have been fragmented or dominated by private labels. It buys leading brands and gradually builds brand strengths ultimately to own the product marketfor example, the pany has nurtured high profile brands like Playtex and Hanes in the packaged apparel market. This emphasis on building and then leveraging brand equity for greater profitability has enabled Sara Lee to utilize its core petence (brand management) in markets far removed from its origins in packaged foods. Tylenol has been able to leverage endorsements from medical professionals to develop an image of safety and gentleness on the stomach. It owns over 70% of the acetaminophen market, despite other chemically identical products selling for considerably less. Aaker and Jacobson (1994), from their study of the effect of perceived quality (a concept related to brand equity) on stock price movement, argue that brand managers should convey to Wall Street analysts information about the brand39。 for example, consumer involvement with the CocaCola brand kept the product alive when the pany introduced New Coke. Relationships put any single action in perspective, its importance evaluated against the background of previous experiences with the brand. Consequently, managers have found that satisfied customers often have many desirable characteristicsthey buy more, are willing to pay more, incur lower sales and service costs, and provide referrals. This has spurred brand managers to focus on customer satisfaction as a measure of operational success. Measuring market change. Because it is inherently individual and multidimensional, brand equity can be difficult to measure, and even an appropriate measure can depend on user purpose. A variety of measures have been proposed in the literature or offered as the proprietary products of market research and advertising firms (Srivastava and
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