Word: brandes
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Chris Lighty, CEO of Violator Entertainment, whose clients include 50 Cent and Busta Rhymes, is looking at ways that record companies can work with artists in one area where rappers have been innovative: endorsement and branding. Whether it's 50 Cent owning a stake in Vitamin Water or Jay-Z doing a commercial for HP, most of these deals have been brokered by the artists' own camp. But Lighty sees in hip-hop a chance for record labels to generate more sponsorship and endorsements. "Record companies are going to have to make even better records and participate in brand extension...
...current hubbub over indecency poses a direct challenge to that brand strength, as the artist Akon recently discovered. While performing in Trinidad, Akon was videotaped dancing suggestively with a fan who was later revealed to be only 14. The video attracted the ire of conservatives like Bill O'Reilly. In the wake of the controversy, Akon's tour sponsor, Verizon, removed all ringtones featuring his work and retracted its sponsorship. The message was clear: Hip-hop needs a new and improved product...
...there was more. Boutique stores will reign. Bracelets will be huge. Buddhist symbols and peace signs will be popular. Men will carry handbags. Sunglasses companies will extend their brand to clothes and handbags. I was pleased to learn that the next two years are going to bring a lot more cleavage. "A natural bosom kind of thing. Like Jennifer Love Hewitt." Sometimes visions come with plugs for the TV show you get paid...
Enter the world of marketing. The power of name recognition helps explain the multibillion-dollar business of plastering brand names on everything from ballpoint pens to NASCAR racers as well as the thriving cottage industry of reviving brands that have fallen out of mainstream use, like Ovaltine chocolate malt and Westinghouse televisions. "We tend to believe, If I've heard of [a product] before, it's probably because it's popular, and popular things are good," says Dan Goldstein, an assistant professor of marketing at London Business School...
...consumer decision making. Gigerenzer's new book, Gut Feelings: The Intelligence of the Unconscious, describes a study in which people tasted peanut butter from three jars. Each jar contained the same peanut butter, but 75% of participants thought the contents tasted better in the jar that had a name-brand label on it. In another study, published this month by researchers at Stanford University, children given the same French fries and chicken nuggets in different packaging preferred the taste of the food delivered in McDonald's wrappers. "Ideally, a manufacturer increases the quality of a product, and that in turn...