Correlation Between The Brand Concept And Its Effect (Research Paper Sample)
This assignment is a literature review of the following:
"How brand concept affects consumer response to product recalls: A longitudinal study in the U.S. auto industry"
Omer Topaloglu, Omer N. Gokalp
You will research and write a Literature Review of at least 2,500 words (excluding the title page, abstract, and references page) Your paper must be written in strict conformance to current APA format and must reference at least 12 scholarly research articles. Make sure to include a title page, abstract, and reference page.
Nowadays, product recalls have become a common phenomenon in the manufacturing industry around the world. Corporate organizations such as Toyota and Volkswagen have made shocking revelations in the recent past concerning defects in their products. These organizations represent just a tip of the iceberg in the world economy as other industries have also been forced to or voluntarily recall their products from the market owing to safety or health concerns arising from their products. Branding concepts play a significant role in diffusing or intensifying the damage done to both the brand's image and that of the manufacturing organization. It is determinant of the response the customers have to a product recall and subsequent sales volume. The paper highlights the correlation between the brand concept and its effect on the customer's response towards a product recall.
The manufacturing industry, especially the automotive sector, is on the global spot due to the numerous malfunctions exhibited in recent revelations by some of the major industry players on their failure to meet certain production specifications and standards. Billions of dollars used in the creation of brands within the automotive industry are put at risk in such an occurrence and it is often up to the customers' association with the specific brand concept marketed by an organization that determines the extent of the damage. Brand concepts thus play a significant role in maintaining a product's competitiveness in the market as it will guide an organization in calculating its moves as it seeks to contain or manage the damage done by its failure to meet customer's expectations and the set standards. Customers' association to the brand concepts advertised for a particular brand of a product determines their reactions or attitudes towards the manufacturer's recall of the product from the market and consequently, its sales volume and revenue returns for the organization.
A growing sensitivity among customers around the world towards the suitability of products to their needs and safety concerns arising from their continued utilization has become a major concern for manufacturers globally. Corporate organizations face a more sophisticated market that demands quality products that meet international standards and embrace the individual's or the societies', and global concerns for the consumer's wellbeing during the consumption. Environmental issues arising from the use of certain products are also a cause for concern in the manufacturing industry as both the regulatory organs on pollution and the public at large seem bent on ensuring or rather demand adherence to the set standards seeking to avert the negative impacts of climate change.
In a world economy where competition for a maximum market share and its capitalization is at an all-time high, it is of utmost importance for an organization to invest heavily on creating attractive or lasting identities for their products. A unique identifier for a particular product gives it an edge over its competition as the customers can easily relate, familiarize, or form a connection with the product. Besides, the external appearance of the product, the customer forms a lasting positive impression of the products in their minds which is integral to their decision-making when making purchases or shopping for a certain line of products. The impression formed about a given product creates some form of loyalty to the product and enhances customer satisfaction on the acquisition of the same from the manufacturing center or outlets. Establish such a connection between the intangible features of the product to the customer requires an inves...
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