An influential stream of thought in marketing is that all products have elements of service products and that thinking about even tangible products as service offerings can promote creative new thinking. This is not such an odd notion upon reflection. The can of beans that is served at the family dinner is a tangible product, but it also includes and replaces some service activities. Harvesting, preparation and canning are all service activities contained in the...
Strong brands produce significant, sustainable value for the firm. There is no real debate about this fact. The value of a brand can also be readily measured: it is the price premium the brand commands relative to a comparable unbranded product. And, unlike other easily imitated product or service differences, like quality and price, a brand is unique to the firm that offers it. Thus, it is not surprising that Boards and CEO’s seek to...
Consumer tastes change; technology progressives, sometimes in highly disruptive ways; and competition evolves. In short, the world changes. One implication of such change is that products and services which may have once been successful become less so or even unnecessary and irrelevant. The challenge for businesses and their managers is how best to respond by modifying product offerings to effectively respond to such changes. Such responses can take five forms: reinvention, repositioning, rebranding, retrenching, or...
Another season of Super Bowl advertising has passed, and with it has come criticism of the lack of creativity exhibited in the advertising. More than 50% of the 2024 Super Bowl commercials featured one or more celebrities, continuing a trend that began a decade ago. To be fair, celebrities can be a great vehicle for attracting attention and can increase the entertainment value and liking for a commercial. Entertaining and well-liked ads can also increase...
There is no debate about the value of brands and other intangible assets. Brands are generally thought to account for more than one-third of the value of businesses listed on the Standard and Poor’s 500 Index. Contrary to some reports, brand value can be measured in economic terms, and the economic value of brands continues to increase over time. Statista reports that the value of the world’s one hundred most valuable brands increased from five...
