Blah Essay example

36821 Words Jun 9th, 2016 148 Pages
Lobschat, L., Zinnbauer, M. A., Pallas, F., & Joachimsthaler, E. (2013). Why Social Currency Becomes a Key Driver of a Firm's Brand Equity – Insights from the Automotive Industry. Long Range Planning, 46(PLS applications in strategic management: Partial Least Squares modeling in strategy research), 125-148. doi:10.1016/j.lrp.2012.11.004

In the past decade, managers have endeavored to build brands by creating a strong identity and conveying this identity through consistently managing relevant touch points with customers (e.g., Aaker and Joachimsthaler, 2000; Keller and Lehmann, 2003). To this end, managers are striving to better understand consumer behavior and positively influence consumers' brand perceptions through
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In their recent paper, Wirtz et al. (2010) discuss the influence of these new developments on value creation of business models on the Internet. Based on in-depth interviews with managers, they highlight the importance for companies to consider consumer-to-consumer interactions and active consumer participation to stay competitive and to manage dialogs with customers effectively.
Although previous research has recognized consumer-to-consumer interactions as a driver of brand value (e.g., Ambler et al., 2002), current research mainly focuses on company-related efforts, advertising and marketing, to explain brand equity (e.g., Yoo et al., 2000). However, to be able to properly manage and build brands, companies also need to consider the value that is generated by consumers interacting with each other and exchanging brand-relevant information beyond the company's control. The extent and modality with which consumers share a brand with others, or information about a brand, and derive social benefit from interacting with other brand users as part of their everyday social lives, can be defined as a brand's social currency.
Understanding and measuring the social value of brands is both of theoretical and practical relevance. Recent studies have, to some extent, addressed the issue of social value (i.e., social currency)

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