Q- How is it that new brands enter the market stand a chance against the already built 'safe time saving'brands?
A-In the text it was noted that brands serve consumers by saving time, assuring a level of quality, and simplifing choice.The brand name, rather than the product, is now the primary basis for choosing one product over another.
So how is that new brands survive??
The answer to this question is advertising. By advertising a brand can be succesful.
It takes alot of time,money and effort to build a succesful brand. Brands have to symbolize certain feeling and meanings to consumers. "powerful brands reside not with the company, but rather with consumers. The thoughts, memories, and feelings that people have about a brand are, at an individual level, the essence of brand equity."
George N. Dafermos- Blogging the Market
Q-What is meant by collaborative filtering and how is this in favor of a company?
A- 'Collaborative filtering is simply a system that sifts through the opinions and preferences of thousands of people and systematiccally finds your doppelganger- and then tells you what your doppelganger's eleventh favorite book is'
The example used in the text is the site amazon.com, where consumers can buy books and music online. Not only can they buy books, they can also leave reviews on the site, so if you liked or disliked a book you can share your opinion if you want to. The way this collaborative filtering is in favor of amazon. com is that it attracts consumers, people who are interested in buying a book will read what others have to say and if the reviews are positive, the consumer is most likely to buy the book or cd.
By collaborative filtering people will return to the site baecause they are intersted in other people's opinions. If a book someone is looking for turns out to be put down negativly by many reviews, he/she might not buy the book but will look for a different book with good reviews.
Cultural Economy Chapter 7
Q- Why does an advertising agency wants to be considered a trusted business partner of a company for a certain brand ?
A- An advertising agency wants to secure its relationship with a company because in that way it can represent its clients better and also the renumeration or the salary concept can then be considered and this means status, stability and security for the agency. They do not merely supply advertisments but want to link both above- and below - the -line advertising also called "media neutral" solutions for a client.Some advertising agencies such as BBH ( Bartle Bogle Hegarty) even employ an industrial psychologist. Team work and controlled tention of the team is very important in order to get "creative excellence" and success for both the agency and the company (the client).