TAILIEUCHUNG - The Evolving Nature of Branding: Consumer and Managerial Considerations

This study was launched as a response to the challenges, presented in the Forest Action Plan and implementation of the key action for valuation and compensation for non-market forest goods and services. The study aims to acquire summarised information on the state-of the-art in classification, characterisation and valuation of non-market forest goods and services. It also seeks to find whether the development on theoretical aspects of environmental valuation over the last decades have been, or could be, translated into operational schemes and mechanisms for valuation and compensation for non-market forest goods and services, used as policy instruments. Finally, the study. | McEnally de Chernatony The Evolving Nature of Branding The Evolving Nature of Branding Consumer and Managerial Considerations Dr. M. McEnally University of North Carolina at Greensboro Prof. L. de Chernatony The Open University EXECUTIVE SUMMARY This paper is primarily a review of the brand literature and has two aims. The first is to bring together two separate streams of literature 1 the literature about brand concepts developed by management and 2 the literature about brand images developed by consumers. Doing so clarifies the nature of the dual processes of corporations creating and communicating brand concepts to consumers who then form brand images in memory. The second aim is to examine the dynamic nature of brands in terms of changing brand strategy and increasing consumer sophistication. To achieve these aims the paper describes the evolution of brand concepts and images in terms of six stages suggested by Goodyear 1996 . The first four stages represent the traditional classic marketing approach to branding the last two represent the post- modern approach to branding. The Goodyear model was chosen because its conceptual nature. It indicates the possibilities available to any brand over time. From examining the marketplace it is clear that not all brands will go through all stages. Nevertheless the model is useful because it focuses strongly on the need to respond to changes among customers. In doing so it emphasizes the importance of two-way communication with consumers. The model was also chosen because it is more flexible in explaining the differences in branding strategies across firms in a product category the differences in branding the same product across international markets and the evolving nature of brands over time. Changes in branding are related to the expertise of management the firm s strategic goals and market targeting activities the branding activities of other firms the sophistication of consumers the level of involvement in the product

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