Philipp Hillenbrand, Sarael Alcauter, Javier Cervantes and Fernando Barrios
Researchers agree that the choice of brand name for a product can alter the consumers ' judgment about the product and their purchase decision-making process. With…
Abstract
Purpose
Researchers agree that the choice of brand name for a product can alter the consumers ' judgment about the product and their purchase decision-making process. With competition getting fiercer and product quality becoming more homogenous, a “better” brand name can be decisive in product choice if the consumers compare several products. The purpose of this research is to offer new physiological insights about how brand names are processed in the consumer ' s brain in order to identify potential determinants of “better” brand names.
Design/methodology/approach
Using valence and activation ratings, reaction time, and functional magnetic resonance imaging (fMRI), the authors show the interaction of key brand name dimensions with the consumer purchase decision-making process, as well as the neurophysiological basis of consumer preference for certain types of brand names.
Findings
The authors ' research shows that it has a positive effect on consumer choice to include in the brand name hints at the key benefits of the underlying product.
Practical implications
The authors ' results demonstrate that fMRI is able to provide important insights for brand practitioners.
Originality/value
Current research has neither focused on the interaction of brand name dimensions with the consumer purchase decision-making process nor provided insight about the physiological drivers of brand perception. In their research, the authors applied for the first time neurophysiological methodologies and fMRI to questions related to brand names, resolving questions that have not been answered due to the methodological limitations of social sciences.
Details
Keywords
Prashant Salwan, Shailesh Pandey and M.S. Raviteja
On completion of this case study, students will be able assess new venture opportunities by properly allocating expansion fund in growing the business; analyzing various…
Abstract
Learning outcomes
On completion of this case study, students will be able assess new venture opportunities by properly allocating expansion fund in growing the business; analyzing various scaling-up options; applying the Ansoff matrix for growth and expansion; designing a framework for scaling up; and using the business model canvas.
Case overview/synopsis
Mr Sreeram established Eruvaka Technologies in Vijayawada, Andhra Pradesh (India), in 2015 to provide products and services related to aquaculture. The company was founded with the goal of assisting prawn farmers who had trouble keeping up with the demands of the industry. Eruvaka Technologies created risk-reducing and productivity-boosting on-farm diagnostic devices for aquaculture growers. The company developed low-cost monitoring and automation solutions for aquaculture by merging sensors, mobile connection and decision tools. Eruvaka’s primary objective was to offer reasonably priced, technologically advanced goods and services to farmers. Eruvaka matured into a promising startup over time, attracting $5m in funding. Sreeram and his team had to detail their plan to their investors about how they intended to use the money from each funding rounds toward growing the business, how the company planned to achieve sustainable and competitive advantage while providing value to its consumers and how they would address critical issues including product acquisition cost, supply chain problem and customer anxiety.
Complexity academic level
This case study can be taught as part of undergraduate- and postgraduate-level courses and Master of Business Administration courses.
Supplementary materials
Teaching notes are available for educators only.
Subject code
CSS 11: Strategy.