Customer Attitude towards Brands' Ownership in Automotive Industry - Literature review Example

? attitude towards change in brands' ownership in the automotive industry, and how it affects car purchase intentions College:Tutor: Date: Introduction With the continued elevation of completion within the current global marketplace because of globalization, introduction of new products has turned out to be a highly risky venture. One factor facilitating such high levels of risk is the implausible high cost of creating brands for product (new products), which can exceed 100 million dollars in some cases (Voss & Gammoh 2004, p. 17; Oberg & Holtstrom ND, p. 2). Thus, firms are resulting into line extensions, brand extensions, as well as other new strategies of products, which allow their leveraging of the existing trademark equity with their relatively new products as a measure of minimizing the brand associated risks. Due to the increasing alarming studies about the possible harmful impacts of these, family brands’ extensions, the marketers’ attention has been captured by some recent new approaches. One such approach is the alliances of brands, which this paper seeks to examine in the automobile industry. In the present competitive world, brand alliances are often chosen as strategic options, which assume a diversity of forms ranging from simple advertising to ingredient branding. Some prominent illustrations of such collaborations of brands are evident across the daily life of consumers and spans diverse industries such as high technology, airlines, automobile industry, services, fast moving consumer products, as well as the fashion industry (Bluemelhuber, Carter & Lambe 2007, p. 427). In marketing, an attitude is a general assessment of products or services created over time (Solomon 2008, p. 11). Attitude satisfies personal motives as well as affects buying and shopping habits of the consumers. Consumer attitudes compose of the consumers’ beliefs, behavioral intentions, and feelings about a product or service. This is within the marketing context, usually a retail or brand store. Beliefs, behavioral intentions, and feelings about a product are considered together as they are interdependent. They also represent the forces influencing the way in which consumers react towards an object. The consumer attitudes are an advantage as well as an obstacle to a marketer. Selecting to ignore or discount attitudes of the consumers concerning car brands in the development of marketing strategies guarantees less successful of the whole campaign. The perceptive marketers control their attitudes’ understanding in order to predict the consumers’ behavior. Such well-informed marketers understand the exact ways of distinguishing the variations between attitudes, beliefs, and behaviors while controlling all the three in development of effective marketing strategies. Most of the brand alliances or M&A occur between firms from the same nation and across international borders as well as between transnational brands as shall be seen in the automotive industry, which has witnessed a number of mergers and acquisitions. Such transnational alliances of brands allows business entities the permit of marketing as well as learning beyond their domestic scale markets, while maintaining high levels of domestic responsiveness. Both parties involved in brand alliance accrue benefits via increasing the rate of success for the product offering in the local markets while strengthening their local brands. This is realized via foreign investment and technology transfer between the alliance partners. However, the successfulness of such brand alliances must consider the attitudes of the customers in the target markets as these determine their effectiveness. The purpose of this paper is to examine the alliances in the automotive industry. The emphasis is on examining the attitudes of the customers towards the increasing M&A in this industry as well as its impacts on their intentions of purchasing cars. The objective is determination of the relationship existing between the behavior and attitudes of the customers and post M&A brands performance within this automotive industry. This part shall also examine how the international M&A influences opinion of the customers as well as look into the importance of customers’ opinion on manufacturers of cars and their strategy of M&A. Brand Alliances in the Automotive Industry The current global economy has internet, advanced telecommunication, and transportation systems, which are helping corporations to enter foreign markets as well as fostering globalization of business. They have simultaneously fostered creation of some strategic alliances in all sectors including the automobile industry. Decision of forming strategic alliances in various industries depends on the goals and needs of the corporations involved as well as the laws and regulations of the nations in which the target corporations are operating. The automobile sector is an effective illustration of a sector, which relies heavily on the strategic alliances. This started after the expansion of the automobile industry to Latin America and Mexico in the 1990s (EOB 2012, Para 8). Justification for merges and acquisitions in general lies in the possible value anticipated to be created in the future. Consequently, the combined worth of both the partnering corporations should be higher than that of individual corporations. The value creation process via mergers and acquisitions can be realized using assets of both companies “more effectively by the combined firms than by the target and bidder separated” (Child, Faulkner & Pitkethly 2001, p. 20). Regardless of the increased energy in research towards alliances of brands, there remain significant gaps about the conditions under which the strategy of brand alliance is appropriate, as well as the factors influencing alliance of brand performance and success. The motor or automotive industry is a notable illustration of this kind of knowledge gap as found in alliances of cross-border. The cross-border alliances of brands are branding strategies, which are increasingly utilized by corporations in an effort of addressing the growing globalization of markets across the globe. It is also a strategy, which on whole consists of mixed results as M&A may not always work out as expected (Bluemelhuber, Carter & Lambe 2007, p. 427). In this section, this paper wishes to examine some famous brand alliances in the automotive industry and they are as discussed below. TATA: Jaguar and Land Rover: Tata Motors Limited is an international automotive company with its headquarters in Mumbai, India. The Tata Motors Corporation acquired the Jaguar Land Rover of Britain, which consists of such brand names as Daimler and Lanchester. Two car brands from Britain built Jaguar Land Rover, which has exceptional engineering capabilities and design. Volkswagen- Skoda: The alliance between Volkswagen and Skoda is a case of acquisition. Skoda is a car manufacturer based in the Czech Republic. Skoda was set up in late 1800s and was among the oldest global car manufacturing companies. Skoda and its products (cars) had been exposed to insurmountable reputation over the first twentieth century’s half. However, its misfortunes occurred after World War II, which saw the company fall into Nazi control only to be nationalized later on by the government of Czechoslovakia. By 1980s, the company’s cars had lost trail of the West’s technological advancements. This led to their widespread ridicule due to their unreliability and poor quality. Consequently, the company was in chaos, which facilitated its acquisition of some stakes into its operations by the Volkswagen Company in 1991. As a result of this acquisition, the Volkswagen Company went about methodically transforming the image of Skoda as well as ensuring its reliability in mass car brand market. Ford- Mazda: The financial hardships of Mazda during 1960s led to Ford Motor Company becoming its new corporate investor. Ford Motors started with a 7% financial stake in 1979 in Mazda leading to a number of joint projects. During 1980s, Ford acquired an additional 20% financial stake. These consisted of both the small and large efforts across all automotive landscape areas. This was most prominent in pickup trucks’ realm, such as the Mazda B-Series that spawned Ford Courier variant, as well as the smaller cars. For example, the Familia platform of Mazda was utilized for such Ford models as Escort and Laser, while Capella architecture was adopted into Ford’s Probe sports and Telstar sedan models. Ford gained an additional 5% in Mazda’s financial stake in 2005. These partners are geared towards full satisfaction of their customers as well as making sure that the needs of their clients are met at all times. The alliance also strives to offer all current models in ranges of Ford and Mazda and the high quality pre-owned cars. They claim that their services are quick, top notch, as well as efficient (Ford and Mazda 2012, Para 1). Renault- Nissan: The famous alliance between Renault and Nissan automotive corporations established in the month of March 1999 is considered as the pioneer commercial and industrial partnership of its kind featuring a Japanese and French company. This alliance saw the formation of a cross-shareholding agreement, between the Renault Company, based in Paris- France, and Nissan Company, based in Yokohama-Japan. Their alliance is blessed with control of six key brands. These are Renault, Nissan, Renault Samsung Motors, Infiniti, Lada, and Dacia. As mentioned, their alliance is neither an acquisition nor a merger as they are partners via a cross-shareholding consensus. Their alliance has widened its scope quite significantly to form some additional partnerships with such automakers as Daimler of Germany, Russia’s AvtoVAZ, and China’s Dongfeng Motors. Their alliance is aimed at developing and implementing a profitable growth strategy with their objective being establishment of powerful automotive group as well as develop effective synergies while conserving each brand’s identity and corporate culture (Renault 2011, Para 6). Consumer Attitudes to Brand Alliances in the Automobile Industry The aim of this paper is examining the attitudes of consumers towards M&A. This implies that the paper will examine the degree to which the experience as well as perceptions of the consumers towards the products or brands is shaped by brand alliances. There is need of establishing whether consumers have differentiated perceptions or views towards an individual business entity, which joins with another one in formation of an alliance. Thus, the perceptions of the consumers should be examined in reference to the recognizable quality, brand image, loyalty of customers (or their likelihood of purchasing), as well as credibility of the brand. These shall be assessed in order to ascertain any alteration on the consumers’ buying behavior and attitudes towards such brands. Consumers hold positive or negative beliefs towards the different brands in the automobile sector. The consumers’ feeling or belief defines behavioral intention with respect to brands. Thus, the allied brands’ managers are challenged to understand reasons for the existence of particular attitudes in the international market. Perhaps the attitude produced is because of both negative and positive personal experience with a brand or maybe external influences from other people persuaded the customer’s opinion regarding the car brand. Oskamp and Schultz (2005, p. 8) posited that attitudes are relatively long lasting. Attitudes are learned predisposition for procession in favor or opposition to given brands. In the marketing context, attitude acts as the filter for scrutinizing every product in all sectors with the automobile industry not being an exception. The functional attitudes theory developed by Katz (1937, pp. 479-482) offers an effective explanation concerning the functional intentions of the consumers’ attitudes (Solomon 2008, p. 7). Katz has theorized four probable functions of attitudes with each function attempting to offer an explanation about the source of a specific attitude and the purpose it have upon the customers. Understanding consumer attitudes’ purpose is an essential step towards change of an attitude. Unlike the explanation of an attitude by Katz- as it transmits to social psychology, particularly the subjective or ideological side of human beings- attitudes of the consumers exist for satisfying a particular function (Katz 1937, p. 478). Among the four defined functions by Katz, utilitarian function surpasses most others in terms of recognition. This utilitarian function is grounded on utilitarianism ethical theory, in which individuals make decisions on the grounds of producing the highest amount of happiness (Sidgwick 1907, p. 35). The attitude of a consumer is clearly grounded on utility function, especially when the decisions orbit around the quantity of pleasure or pain a product brings. Thus, consumers respond to the alliances in the cross-border brands as determined by their attitude and perceptions about it. Consumers also employ value-expressive function, especially when they base their attitude concerning the brands on central values or self-concept. The reflection or association, which car brands have on the customers, is the chief concern of individuals embracing value expressive function. This specific function is utilized when consumers accept car brands with the main intention being changing their social identity (Solomon 2008, p. 9). Such is the case in the customer attitudes towards the classic Jaguar Land Rovers, which are a sign of class and identity in most societies. In addition, customers have the tendency of going for the sporty and luxurious cars as they associate them with success and fame. Another function described by Katz is the ego-defensive function, which is apparent when consumers feel that using a certain brand has the potential of compromising their self-image. Furthermore, it is hard to change the ego-defensive mechanism. In general psychology, the ego-defensive mechanism is a means of denying ones disconcerting aspects among individuals (Narayan 2010, Para 1-2). Marketers must tread flippantly when considering message strategies to consumers with attitude grounded on ego-defensive function. For instance, the Skoda brand of cars lost its significant market share as consumers perceived it as of inferior quality. Its alliance with Volkswagen- an outstanding car brand- improved its performance in the market as the ego-defensive consumers imagined that they were using Volkswagen’s car brands. Another important function is the knowledge function, which is prevalent among people who are cautious concerning provision and organization of structure concerning their opinion or attitude of products (Solomon 2008, p. 10). Marketers can alter the attitude based on knowledge function of consumers by utilizing real-world statistics and fact-based comparisons in message strategy. Non-relevant and vague marketing campaigns are quite ineffective against knowledge attitude consumers. This makes it hard for some alliances to succeed in the international automobiles industry, as consumers are aware of their preferred brand making it hard for the new brand alliances to make any significant impact upon them. For instance, the consumers who knew Skoda as a poor and inferior quality brand cannot change their attitudes so easily unless effective marketing strategies are established and implemented. Although alliances of brands offer some marvelous potential advantages towards business performance, which are availed by extant brand equity leveraging, they require cautious usage since a brand alliance performing poorly, or even an ill-conceived alliance of brands, can damage a business entity’s brand equity in significant ways. Brand alliances, are further highly complex as they not only engage a massive amount of branding deliberations, but also all additional factors of inter-firm relationship, which require a comprehensive accounting after allying of firms with each other. M&A offer significant potential of competitive advantage and require utilization with caution since they are highly complex. In fact, brand alliances have become an area of investigative research increasingly (Bluemelhuber, Carter & Lambe 2007, p. 428). Increasing number of automotive companies are employing M&A strategy as a means of differentiating, positioning, as well as leveraging their brands. Scholars claim that alliances in the automobile industry result into some changes in brands. Consumers in evaluation of diverse brands, thus affecting their attitudes towards them, utilize these changes. Consumers are particularly concerned of the car’s country of origin and this affects their choice of cars (David 2010, p. 11). Such consumer attitudes lead to development of different stereotypes within this automotive industry’s brand with regard to their respective nation of origin. Some of the nation-related stereotypes include such titles as outstanding Spanish temper, German technology, American power, and size, and the Italian design. In automotive industry, branding and positioning are decisive towards the performance of different companies’ products. The industry is deeply embedded with alliances, stereotypes, as well as strong attitudes of the consumers towards the brands. Moreover, the automotive industry has brands with strong heritage of the mother company as well as an extensive account of being first-adopters of the new initiatives of branding. Relationship between the Attitudes and Behavior of Customers in the Automotive Industry In this section, the paper is interested in investigating the perceptions of the consumer on incorporation of established car brands into other brands as well as how buying behavior and general attitude is altered in processes of acquisition. Theory highly acknowledges brands’ fragile composition and their consistent brand management value and brand structures, which are being altered often by M&A. Smaller car producers, which often have established customer bases and brands, are acquired by large multinational corporations, which try capitalizing on their operating and financial advantages. Such smaller car companies’ brands are integrated into the large multinational corporation with their products and services becoming part of the new company. Such products are then incorporated into the existing portfolio of products. As a result, there emerges a general portfolio of the formerly independent business entities. There are numerous complex reasons, which can motivate an acquisition like this, which from a consumer’s point of view may lack sense. Although functional resources and skills may be completely complementary, emotional, soft factors can become contradictory in some instances (James 2005, p. 4). Another corporation adopts the brands that are closely aligned with corporate image and culture of particular corporations. Thus, inevitably, values and associations qualify as merges on their own (James 2005, p. 2-3) as well. Thus, this paper looks at how a merge or acquisition affects the unique associations connected with brands as well as the way in which brand images are changed. This facilitates the examination of how consumers react towards such changes attributed to mergers and acquisitions. Combination of more than one brand in newly formed conglomerates shows a combination of principles, values, as well as associations, which might affect the appeal of an organization. In fact, dilution of a brand is a potential threat for the established brands implying the menace of lost loyalty and credibility of a brand. The elements of branding are crucial in fostering an understanding of extensions of brands. They seek establishing whether such elements are applicable to alliances of brands or not. Thus, there is need of exploring the consumer reactions towards, as well as their attitudes and beliefs concerning the variety of fictitious alliances of brands. Brands need to fit together to improve their originality and value to enhance the likelihood of consumers to purchase the new brands. This calls for consideration of strong consumer-based issues of equity, which should guide brand alliance partnership (Chen 2001, p. 1-2). As cited above, the possible issues are many, but taken the M&A involving strong, established brands and product lines, the challenge can increase substantially. Brands in comparison to commodities offer more benefits towards the consumers, which is often hard to be quantified on balance sheets. In a simple definition, a brand is “a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” (Wood 2000, p.4). They represent a differentiation point in competitive environments and thus are critical factors of success for the partnering companies. Through the years of strategic management of brands, which combine all elements of marketing in reasonable manners, favorable, unique, and strong associations are build in the minds of consumers. This leads to the formation of a viable relationship between the consumers and the brands (Wood 2000, p. 4). Such association helps in formation of brand images, which has both emotional (soft) as well as functional (hard) factors. These are in turn characterized by loyalty, attachment, and trust in optimum cases (James 2005, p. 2). Created brands’ strength, however, is dependent on some sets of associations upheld by customers as well as their ability of recalling them in the situations of buying (Chen 2001, p. 2). When the customers recall their memories set actively, they will make the decision of buying in favor of particular brand or product line. This paper wishes to clarify that there exist a number of definitions of brands, which collectively illustrate that brands are different from products (Randall 2000, p. 3-4). Moreover, Wood (2000, p. 6) posits that customers do not only rate that unique identity highly but are also more than willing to pay premium prices for them. In addition, ensuring quality standards as well as the assurance of providing expected benefits to the new brands offers more than just simple generic products. Brands build up a heritage and values that are based on themselves. For example, the brand logo or name, or some other additional factors like creative advertising activities, corporate social responsibility, history, identification with a corporation, distribution channel, country, places or events, as well as a specific representative of a particular brand (Keller 2003, pp. 70-71). In case a car brand is ultimately developed as well as anchored in the mind of the consumers, a Porsche is not just a car, Jaguar Land Rover not just a mere class vehicle, etc. This is because the consumers will distinguish such brands from the competitors, or even perhaps those of equal quality as well as model, through their brand names and value. On the contrary, brand owners need to build a profound understanding of their consumers, represent what their brands represents, as well as manage it with diligence and consistency (Randall 2000, pp. 13-14). Effects of Cross-Border M&A on Customers’ Opinion: M&As are among the leading opportunities for growth and evolution of business entities as they are brighter, stronger, empowered, as well as renewed ways of soaring into leadership. After all, alliances involve bringing two corporations together who presumably possess complementary products, skill-sets, customer bases, as well as market knowledge. Thus, M&A involve blending more than one firm to establish a better one (Banerjee & Chatterjee 2007, p. 4). This implies that each firm has its own consumer base, strengths, weaknesses, etc and customers hold different views towards the same. Actually, the car manufacturing industry is a representation of human kind’s technical marvel. Since it is among the leading global sectors in terms of speed of growth, the dynamic growth phases within it are explained by the product life, nature of competition, as well as consumer demand. Presently, the global car-manufacturing sector is concerned with the consumer demands for safety, styling, as well as comfort. They are also concerned with manufacturing efficiency and labor relations across the different international markets (Keller 2003, p. 70). The proceedings of the AIP Conference provided in an article titled “Effects of Cultural Assimilation in a Cross-Border M&A” by Ito, Tamiya and Fujimura show that there are cultural effects, through assimilation and adoption, as cross border business entities merge their activities. The scholars examined an alliance (merger) between two companies in respect to assimilation of differences in corporate culture, especially quality culture. Their study was motivated by the urge of clarifying the root grounds of quality ratings’ declines from the customers after mergers despite the maintenance of the different goods and services, as they existed before the alliance. In addition, they wanted to establish whether differences in culture influence the decision-making process in newly merged corporations (Ito, Tamiya & Fujimura 2009, p. 389). After a critical examination of their areas of interest, the three scholars established that there exists a deep relationship between the quality ratings availed by customers and the actions taken in assimilation of quality culture. They analyzed 301 incidents in five years after formation of a merge, with much focus on the moment needed in resolving the incidents (Ito, Tamiya & Fujimura 2009, p. 397). In addition, their empirical analyses illustrate that cultural assimilation extent is associated with organisational decision-making speed as well as affects quality ratings specified by the customers (Ito, Tamiya & Fujimura 2009, p. 398). Significance of Customers’ Opinion on M&A of Car Manufacturers: In the wake of the newly opening economies and markets, the urge for increased sales, as well as intensified competition, many institutional leaders have put formation of international alliances on their lists in the automobile industry. The strategic benefits toward the international managers are compelling in that M&A are expedient channels of cracking new markets, gaining technology, skills, or products, as well as sharing fixed resources and costs. However, there are numerous war stories suggesting that such alliances are doomed for failure. A number of reasons are presented to support this stand but it all depends on the response of the customers towards such mergers and acquisitions (Bleeke & Ernst 1991, p. 1). In this industry, firms entering into alliances through M&A are mostly from different nations. This arrangement implies that the nation of origin influences the attitudes of the consumers in international markets since such country’s effects are always in play. The effects from the country of origin are the impacts, which perceptions and generalizations about a nation have upon the evaluations of a person concerning the products and/or brands from a country. Therefore, the image an individual has regarding a nation and its brand offerings impact on the consumers’ intention of buying (Lampert & Jaffe 1998, p. 61). With this description, international alliances of brands in the automobile industry pose some additional challenges surpassing pure domestic alliances of brands. Due to such potential challenges, the brand owners require considering the associations of brands from both local and global perspectives, with much emphasis on the potential effect, which such extended M&A have towards both the brand alliance performance and the brands from each firm. However, though it appears likely that the nation of origin has a significant and maybe a central role in successfulness of a brand offered by cross-border alliances (M&A), surprisingly the impact of the nation of origin within such a framework has not been examined systematically yet (Bluemelhuber, Carter & Lambe 2007, p. 429). The customer’s opinions have contributed towards an increase in competition as well as global trade, which have led to improvement in the system of global distribution. Their diverse opinions have also forced a number of the leading auto-giants like Ford, General Motors, Honda, Toyota, Daimler Chrysler, and Volkswagen to shift their bases of production in a number of developing nations leading to their efficient operation in the globally competitive marketplaces. The cross-border mergers and acquisitions have accelerated automotive industry’s globalization due to construction of vital overseas facilities as well as establishment of alliances between some giant multinational car-manufacturing corporations. For instance, the past couple of years have seen Asia emerging as a leading automotive hub across the world. This is attributed to the onset of alliances, which have propelled the Asian nation’s ability of rising into leading supplier as well as consumers of automobiles (Banerjee & Chatterjee 2007, p. 4). The main concern of the customers in all markets is value for their money. Thus, the M&A are geared towards achievement of value, which is both pleasing and acceptable to the customers. This has seen the merging corporations taking a new channel in promotion their brands through customer participation and feedback collection to ensure that their mergers and acquisition does not destroy their well-doing traditional brands (Keller 2003, pp. 70-71). Automobile firms have in the process considered growth via M&A and cite such advantages as attainment of proprietary rights towards their products and increment of market power through buying off their competitors. They also consider penetration of new geographical territories, provision of new career advancement and growth opportunities for their managers and technical teams, or shoring up of weaknesses in key areas of business (Chen 2001, p. 2). Since M&A are highly complex, it could be hard for evaluation of transactions, handle the resulting legal and tax issues, or even define the associated benefits and costs (Fenger & Carl 2010, p. 7). In a better understanding of cross-border alliances as well as the factors for consideration in their performance in the automotive industry, Bleeke and Ernst (1991, p. 1-4) examined partnerships between the top firms as ranked by their market value. Out of the strategic alliances studied in detail, there were wide variations in size, industry, structure, and location. Some of the alliances were set up as a means of speeding up entry into the new markets; development and commercialization of new products; as well as gaining share costs and skills. Their analysis established that although the cross-border alliances have an alarming number of challenges, they are viable international strategy vehicles. The scholars found that most of the alliances that failed were due to poor customer perceptions of their new brands while the successful ones boasted of acceptance and appreciation from customers. Some car manufacturers such as Skoda before its alliance with Volkswagen were doing badly and customers labeled them as unreliable and of low quality. However, Volkswagen integrated its outstanding technology and brand identity into the Skoda brands, a case that saw Skoda’s image and customers’ perception or opinion improving with time. Currently, the brand is among the leading competitors in most international markets as customers value Volkswagen as a reliable and high quality brand. Conclusion In conclusion, mergers and acquisitions are effective means of capturing new markets but marketers must consider the response of the target consumers before engaging in an alliance with another automobile manufacturing firm. The attitudes of the consumers mean a lot to a business brand and the paper has established that firms must respond with effective advertising and marketing strategies in order to win the confidence of their customers. The cross-border alliances are particularly more critical as international consumers will always attach some meaning or interpretation to any brand alliance. Introduction of such new brands into their economies may mean more harm to a business than good especially if the groundwork is unsatisfactory. Thus, the paper recommends that corporations should carry out a comprehensive market analysis before venturing into a brand alliance to avoid poor response from the customers. 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