Abstract
With the explosion of social media, consumers’ minds have become important assets in brand competitions. Determining a brand’s competitive structure based on consumers’ desires is particularly important to effectively establish a brand and maintain sustainable competitiveness. The traditional methods of determining brand competitiveness are costly and time-consuming. In this study, we propose an efficient, systematical, highly automated, and real-time method to determine brand competitiveness based on consumers’ brand associations with the brand’s social tags. Using a set of 45 brands in the automobile industry and around 50,000 social tags, we compared our brand competitiveness determination method with data provided by Interbrand and directly elicited survey data, finding a significant correlation and a better predictive power in consumers’ perceived brand competitiveness than the traditional method. Our proposed method enables managers to create and maintain sustainable brand advantages in consumers’ minds.
Highlights
Developing improvements for capturing a brand’s competitive structure is important for the implementation of many marketing strategies
To obtain a more intuitive and a systematic picture of market competitive structure of brands based on consumers, we propose a real-time, effective, automatic, and generalized method to identify the relative brand competitiveness based on consumers’ brand associations
On the basis of the real-time, openness, relevance, and noiselessness of social tags, we introduced an efficient, low-cost, and real-time method of mining a brands’ competitive structure based on consumers’ brand associations
Summary
Developing improvements for capturing a brand’s competitive structure is important for the implementation of many marketing strategies. In brand positioning, competitive advertising, and new product launches, managers want to know how their competitors would respond and how the consumers would be affected by their relevant strategies This information enables firms to earn business and create sustainable advantages in the competitive market [1,2,3]. Some scholars use review data, online posts, and social tags to investigate how brands are associated in consumers’ psychological cognition and how brands are perceived and rated with given attributes [12,13,14] Most of these methods only identify limited brand associations or attributes. To obtain a more intuitive and a systematic picture of market competitive structure of brands based on consumers, we propose a real-time, effective, automatic, and generalized method to identify the relative brand competitiveness based on consumers’ brand associations.
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