Evolving branding logic- the implications of changing consumer role in brand value creation.
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School of Business |
Bachelor's thesis
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Authors
Date
2019
Department
Markkinoinnin laitos
Major/Subject
Mcode
Degree programme
Markkinointi
Language
en
Pages
29
Series
Abstract
Branding as a marketing practice is centuries old, but it has developed remarkably since it was first introduced. Branding has developed from a goods orientation into process orientation. Earlier, consumers were seen as targets to whom companies promoted their brands. Today however, consumers have an increasingly important role in brand value creation. This paper focuses on how branding practices have evolved in last decades together with how brand value is created. Also, it focuses on reviewing how the role of the consumer has changed and what the implications of this change are for brand value creation today. The study first draws a chronological perspective on how branding has evolved over the years. Then, it reviews how the role of the consumer is changing in the marketplace today. Finally, the study presents a number of implications, also managerial, that the changing role of the consumer has for brand value creation. Postmodern consumers seek individualism. They want to be part of creating perceptions and meanings and to be the co-creators of their own lives. This quest for individualism, together with technological developments, has enabled consumers to develop opportunities to influence their own lives. Consumer co-creation can be seen as a manifestation of consumer engagement. Individuals alone and together in brand communities increasingly participate in co-creational activities. Brand value is co-created by all stakeholders of a brand. This implies that brands must also be managed differently. Important in brand management today is to include different stakeholders in value co-creation and fostering good relationships with all these stakeholders. Also, perhaps contradictory to manage brands effectively, the obsession of control over brands should be replaced with the ability to influence.Description
Thesis advisor
Mikkonen, IlonaKeywords
branding, brand value, co-creation, consumer