Some brands have lasted for decades, even centuries. However, there are others which have not. All brands go through their individual life cycles. Companies continually strive to revive and adapt their brands to the evolving market. Brand managers and their companies primarily determine how brands adapt to their changing environment. Complacency of brand managers and companies, and the evolving nature of the markets are some of the factors that determine whether brands stay or become extinct. Therefore, brands cannot be expected to last forever.
Brands today play a number of important roles that improve consumers’ lives and enhance the financial value of the firms (Kotler & Keller, 2009, p. 236). A brand is a product or service whose dimensions differentiate it in some way from other products or services designed to satisfy the same need. Brands such as Wrigley’s, Coca-Cola, and Heinz have remained brand leaders for many decades. However, brands such as Polaroid, Levi Strauss and Kmart have not lasted forever (p. 253).
Similar to the product life cycle, al...
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- Introduction We live in a world of capitalism and multinational brands dominate the consumer market. To the consumer, brands that have existed over many years represent quality, esteem, identity, trust and above all, a very reliable source of customer support and care. Companies try to promote their brand equity by vigorous advertisement campaigns. Targeted advertisements enhance the brand image and increase the competitive advantage by providing a Brand identity. Firms also use brand extension to increase their profitability by extending the power of their brand image to other product lines.... [tags: Marketing ]
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