An Evaluation Of The Calvin Klein

An Evaluation Of The Calvin Klein The multiple definitions and understanding of the term ‘brand’ have created difficulties in creating a ‘grand theory’ for brands (i21). The meaning of brands has been continually changing as new understandings of the term emerge and replace the older understandings (i21). While a production centered brand theory focused on the creation process, especially the design, logo and advertising campaigns, the consumption centered brand theory emphasizes on the interpretation of brands by the customers (i3). Presently the brand theory has shifted from being production-centered, by differentiating products or services from its competitors, to becoming consumption-centered, by differentiating consumers from each other (i3) into different brand tribes. According to Aaker (1993 in 2), a brand represents a name, sign, symbol, design or a combination of such elements which uniquely identify and differentiate particular products or services from others. However, a brand i s distinct from a company’s name or trademark (i2) and unlike a trademark, which is a tangible item of intellectual property, a brand additionally incorporates the intangibles like identity, personality, associations and meanings; for example, Pepsi is portrayed as the â€Å"choice of new generation† suggesting Coca-Cola as an historical brand (i2, i3). In present scenario, different formats of brands exist, whether as family brands like Heinz, where each product exists under a single name or as standalone brands as in case of Unilever (i2) where each brand demonstrates an individual identity. Nevertheless, the aim of brands is to develop relationships with customers by creating value propositions related to functional, emotional or self-expressive advantages (Aaker, 1996 in 2). Today brands are acknowledged as assets on balance sheets similar to the values assigned to tangible properties. Private labels are the products produced under a retailer’s account and s old under the retailer’s brand or another brands through specific retail chains or retailers (pl2). Such products that are natural extensions of other product lines are ideal private-label products and they can build value and recognition from the customers. Private label products are usually not advertised and cheaper than the similar branded products as the entrance cost of such products at the sales points are eliminated. Hence private labels assume significant importance in times of economic downturns. However, they have also been associated with low quality. But the situation is changing with retailers offering premium private label brands, like the Tesco’s finest range, which compete directly with the national brands on the basis of their quality (private label1) and are now considered to offer high value (pl2). Nevertheless, consumer purchase behavior for private label product is tends to be product specific (Livesay and Lennon, 1978, in pl2). Brand leveraging i s a process which aims at reinforcing a brand by linking it to another person, place, thing or brand (i5). One popular way has been associating a brand with celebrities. Many of the popular fragrances in UK are associated with celebrities like Kate Moss, David all those targeted for women from 30- to- 45 years old and Eternity Moment targeted for young women. Brand extensions into other product classes (Aaker, 1996) can also be used to Leverage Calvin Klein.