EFFECT OF STORE IMAGE ON PRODUCT BRAND

Effect of Store Image on Product Brand

The Effects of Store Image on Product Brand

Introduction

For the purpose and objective of understanding and comprehending the movement and reputation of products positioned, this paper shall focus on the accounts of stores and utilities that are responsible for making justified amendments in the eyes of the customer and thus, at the same time, hold enough stopping power, holding power and locking power. This paper shall help us understand key elements in the process of building perception regarding the store in the mind of customer, which shall ultimately help us improve and execute justified and unanimously acceptable conclusions as to how and why does this phenomenon prevail.

Store attributes on product fit: In view of customers

From the perspective of corporate success in the long run, a central strategic concern for a firm is how much to invest in innovative activities. Research has suggested two broad types of activities pertaining to innovation:

1. Exploration; and

2. Exploitation

The conceptual distinction has been used in a wide range of management research areas, most notably in strategic management and organization theory. More recently, also marketing research as well as innovation and product development research have become increasingly interested in the roles of exploration vs. exploitation in firm performance.

In broad terms, exploitation refers to the use, refinement, and extension of a firm's current knowledge, resources, and capabilities, while exploration refers to the firm's search for, discovery of, and experimentation with new alternatives. Although traditional views tend to emphasize that exploration and exploitation activities are of inherently competing or contradictory nature, research has increasingly supported the notion that a firm's sustained performance and success essentially calls for finding a balance between the two, i.e. engagement in both exploration and exploitation. Also marketing research has come to advocate this notion recently (Schmidt, 2002).

However, while we subscribe to the general view that a firm's long-term success depends on a careful balance between exploitation and exploration, we find a considerable gap in extant literature's understanding of these basic concepts. The gap is notable particularly from a marketing researcher's point of view. Namely, while the focus in exploration-exploitation literature has been on exploration and exploitation concerning a firm's technological knowledge and resources, exploration and exploitation related to customers and markets have been left with rather little explicit attention. This is a point where the extant research clearly falls short - and provides us with an opportunity to advance the theory and managerial applications (Schmidt, 2002).

Store choice and quality (perception)

Specifically, this conceptual article fills a theoretical gap by explicating how a firm can practice exploration and exploitation not only with respect to its technology and product knowledge and resources but also with respect to its customer and market knowledge and resources. In fact, we identify and explicate the logic of exploration-exploitation with respect to two distinct customer/market dimensions: the firm's knowledge of customers and markets and market actors' knowledge of and bonds to the ...