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100 forex brokers contest with picadors forex trader blogs

100 forex brokers contest with picadors

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Pepsi eventually admitted defeat and scrapped the whole concept of clear cola. It therefore launched its own bottled water product, entitled Aquafina, which had considerably more success than Crystal in the US market. In addition to Crystal, there have been other, more general marketing problems for Pepsi over the years. In particular, it has had trouble differen- tiating its brand identity from Coca-Cola.

As they state: There is a powerful logic for selecting a color that is the opposite of your major competitors [. Which is one reason why Coca-Cola has been using red for more than a hundred years. Pepsi-Cola made a poor choice. Red to symbolise cola and blue to differentiate the brand from Coca-Cola. Recently, though, Pepsi has sacrificed red for mainly blue to create a stronger distinction between the two leading brands.

Now Coca-Cola equals red and Pepsi equals blue. Crystal failed once, but Pepsi still believed the world was crying out for a clear cola. The second version fared even worse than the first. Since her arrival on the scene at the annual Toy Fair in New York in , Barbie has appealed to several different generations of girls. One of the keys to her longevity has been her ability to move with the times.

In the s, for instance, Barbie wore shoulder pads and became an aerobics instructor. For instance, when the doll launched in Japan sales were poor owing to the fact that Japanese parents thought her breasts were too large. Mattel addressed the problem and a year later a flatter-chested version emerged.

Gone were the tuxedos of old, and in came a mesh t-shirt, a purple leather vest and a left-side earring. Idea failures 51 Mattel explained that the new look was an effort to bring Ken up to date. Ken, whose apparent purpose in life was to help define the conventional ideal of mascu- linity for generations of young girls, had apparently come out of the closet.

However, if they acted too appalled by the associations they risked being accused of homophobia. Following this article, and the interest it caused, Mattel discontinued the Ken dolls and recalled as many as they could from the shelves. Mattel asked five-years-olds how they wanted Ken to look.

And they told them. Idea failures 53 10 The Hot Wheels computer Stereotyping the market A computer aimed specifically at children may seem like a good idea. In addition, Patriot Computers had made a deal with Mattel to produce a Barbie computer aimed at girls. Both products flopped. One of the reasons, according to analysts, was the crude attempt at gender marketing. The computers were also criticized as bad cases of surface design trying to save a standard product.

Shortly afterwards the products flopped. Patriot Computers went bankrupt. Dressing up a computer with stereotypical gender specific imagery was not enough to entice children or their parents. Idea failures 55 11 Corfam The leather substitute In the mids, chemical giant DuPont invested millions in the promotion of Corfam, a synthetic substitute for leather.

But although Corfam was launched in , it had been conceived many years before. Indeed, in the late s researchers at DuPont had discovered ways to make leather-like materials and had experimented with various possible uses. One of the most obvious uses was for footwear. Demographic trends were starting to indicate that the global population was increasing at such a rate that there would soon be a demand for footwear from non-animal sources.

DuPont therefore believed the world would greet the arrival of their hard- wearing, shine-preserving, water-repelling leather look-a-like. And indeed, when the product made its first public appearance at the Chicago Shoe Show in the autumn of , it was greeted enthusiastically. The company had predicted that by , a quarter of US shoes would be made from Corfam, but to do that it would first need to carve a niche for itself.

So fashion shoes seemed to be the solution. And yet, even here there was a problem. A synthetic material called polyvinyl chloride now known to us as PVC was fast becoming popular owing to its extreme low cost. Furthermore, the leather industry was keen to dampen the appeal of Corfam by lowering its prices and improving quality. For a substitute product to work it needs to be better than the original in the minds of consumers.

It also proved too expensive. Corfam was, without doubt, one of the most thoroughly researched and developed products of all time. As such, DuPont felt that its prediction that by , 25 per cent of US shoes would be made of Corfam, was a justifiable one. When a product is unable to be the best in terms of either quality or value it faces an uphill struggle to convince consumers of its merits.

For instance, Marlboro has had dozens of different varieties in its history, including Marlboro Menthol, Marlboro Lights and Marlboro Medium. Normally, cigarettes produce new varieties based on different levels of tar. However, some of these strategies take an extreme form. For instance, in the alcohol market there was the case of the beer brand which tried to sell beer-branded mineral water. The brand was Coors. It was launched in and survived only two years. However, problems became apparent straightaway.

First, there was the taste issue. Then there was the difficulty of using the product in the first place, as Reporter Magazine www. Hardly the kind of brand association RJ Reynolds had wanted to create. In filing this petition, we are not calling for an outright ban on Premier.

We want simply for it to be properly tested before people use it. Conventional cigar- ettes escape FDA scrutiny because they are promoted for the sheer pleasure of smoking and because the FDA does not consider them to be drugs or food.

In the meantime, RJR promises that Premier is an improvement over conventional cigarettes that burn with foul-smelling smoke. But, we are sceptical. How can we trust the same industry that still refuses to admit that cigarette smoking is harmful? In short, there was no market. After four months of very slow sales, RJ Reynolds cut their losses and Premier was withdrawn.

By the mids, concerns about passive smoking led the company to believe there was still a market for smokeless cigarettes. In a press statement, a company spokesman announced the potential appeal of the brand.

Instead charcoal was used to heat the tobacco. The user drew heated air over the tobacco to release a tobacco and nicotine vapour. As a result, the Eclipse cigarette caused only 10 per cent of the normal level of cigarette smoke, and promised lower levels of tar and nicotine. However, whether the cigarette actually lowered the health risk of smoking — either for deliberate or passive inhalers — remains questionable.

Sorrell Schwartz, a pharmacologist from Georgetown University who researched the tobacco industry, believed the cigarettes could be good news. An independent study commissioned by the Massachusetts Department of Public Health found that when it was compared to ultra-low tar cigarettes, the Eclipse cigarette had higher levels of several toxins, especially when the charcoal tip burned very hot from heavy smoking. This information was clearly damaging to the Eclipse brand, because from the start the marketing activity was designed to accentuate the health angle.

Indeed, the original campaign was to include this pitch. But Eclipse is the next best choice for those who have decided to continue smoking. Without FDA oversight, there is no scientific corroboration of these claims by an independent government agency.

Furthermore, independent medical analysts soon discovered that Eclipse cigarettes pre- sented one health risk which was actually worse than standard cigarettes — glass fibres. However, despite this massive outcry from health authorities, including the US Surgeon General, the real reason Eclipse failed to ignite the market was because consumers still felt absolutely no desire for a smokeless cigarette. RJ Reynolds spent a great deal of money researching the health aspects of its two brands of smokeless cigarettes.

However, this only resulted in mixed messages. These people are called non-smokers, and generally tend not to buy cigarettes. Robert McMath in Business 2. RJ Reynolds should have abandoned the whole idea once the Premier cigarette failed. When Rasna experimented with a fizzy fruit drink called Oranjolt, the brand bombed even before it could take off. Oranjolt was a fruit drink in which carbonation was used as a preservative. He explained that given the threat of foreign competition it was important to try out new things.

So why did it fail? Because it was out of sync with retail practices. To last, Oranjolt needed to be refrigerated. The problem was that Indian retailers tend to switch off their shop refrigerators at night. As a result, Oranjolt faced quality problems. The product has a shelf life of three to four weeks where other soft drinks were assured a shelf life of over five months.

Servicing outlets was also a problem. Even Coke and Pepsi make replacements only once in three months. Oranjolt was therefore launched in select outlets and could not expand rapidly. That was the only effort by Rasna Limited to try its hand beyond its bread- and-butter segment where it still enjoys over 80 per cent of the concentrated soft drink market share. Rasna failed to anticipate the quality problems it faced as a result of retail practices.

In the s, US car manufacturers discovered a new target customer, the female car buyer. Up until that point, cars had been viewed as a male preserve. However, an increase in prosperity combined with the levelling of the sexes that occurred in the years following World War II managed to change all that. Oh no. At least, that is what car manufacturers Chrysler believed after researching this apparently strange and exotic creature. The end result was La Femme, part of the Dodge division and the first car designed specifically for women.

The car was pink and white, and the seats were decorated with a tapestry style cloth depicting a pattern of pink rosebuds on a pink background. The carpeting was dark burgundy colour. Idea failures 65 At the Chicago Auto Show, the La Femme received exceptionally enthusiastic response and it is enjoying similar response at special shows and exhibits in other parts of the country. Exterior color scheme of the car is Heather Rose over Sapphire White, and there is a gold La Femme nameplate on each front fender, replacing the Royal Lancer nameplate.

The materials used, of course, possess the usual qualities of durability, beauty, economy, and ease of cleaning. The crowning touches which personalize the La Femme are its special feminine accessories. Two compartments located on the backs of the front seats are upholstered in Heather Rose Cordagrain. The other compartment holds a stunning shoulder bag in soft rose leather. It is fitted with compact, lighter, lipstick and cigarette case. Naturally, a model of this type will initially be built in limited quantities and will be handled on first come, first served basis.

Complete price information can be obtained from a Confidential Price Bulletin, which you will be receiving within the next few days. I hope you will endeavor to see the La Femme at your earliest oppor- tunity. The dealers that decided to order La Femme found that the cars sat unsold in the showroom.

Unperturbed, Dodge tried again the following year. But still it had no takers. This was, after all, appealing to a classic male ideal of femininity, rather than how the s woman actually saw herself. This is certainly the case of Radion washing powder. Launched 10 years before the February announcement, Radion had struggled to capture just over 2 per cent of the UK detergent market.

It was simply the brand with the brightest packaging. And that, in the end, is rarely enough. Lesson from Radion l Be different. Brands need to have a strong point of difference from their competition.

After all, this is the very point of branding in the first place. Garish packaging was not enough to win over consumers. Of those who did buy the product, there were even some cases of people mistakenly eating it, and getting very ill as a result. Furthermore, many marketing experts have successfully argued that because its name dictated when the product should be consumed, the market size was restricted to specific-occasion usage. Another bad idea, another flop.

Therefore the key incentive to buy ready-to-drink coffee — convenience — was taken away. As no-one fancied drinking cold coffee, the product failed. However, it soon became clear that these were from people making one-off purchases, trying the product out of sheer curiosity. Consumers realized that despite the claims of increased convenience, it was actually quicker and easier to open a can of soup and make your own sandwich than prepare a Souper Combo.

Bottled water for pets The worst of all bad ideas must surely be the Thirsty Cat! Many companies believe that once they have created a successful brand, they should extend it into other product categories. After all, it is not the product that makes a brand, but rather an association. As such, it has been able to enter related categories such as software and networks. However, although brand extension may increase sales in the short term, it can devalue the identity of the brand in the long term.

And when that happens, every product that falls under the brand name starts to suffer. As marketing experts Jack Trout and Al Ries have argued throughout most of their writing careers, line extensions cost market share. In the United States, 7-Up cut its share of the market in half when it added brand variations such as 7-Up Gold. However, if properly executed, extensions can work. For instance, in Coca-Cola launched Diet Coke. Gillette razors and shaving cream are a further example of a successful extension.

But when companies fail to understand the true nature of their brand the results can be disastrous. Of course, the reasons for brand extension are obvious. When a company has saturated a market with one product, it has two options for growth.

Either it can expand into a new market or launch a new product. If it goes for the latter option, there are economic reasons for using the same brand name. After all, the extension results in immediate consumer recognition, less money spent on advertising required to generate awareness of the name , and increased visibility of the parent brand. Costs are saved further if extension can use the same distribution network as the original product. Of these, Virgin is the most obvious.

Yet even Virgin has proved considerably more successful in some categories than others. Virgin Cola, for instance, proved a complete flop. So while the Virgin product and service offerings broaden year by year, the brand identity remains coherent. Most other brands, however, do not have such versatility. If it was suddenly to launch a car without airbags, it would contradict its established brand identity.

And yet, despite the danger involved, brand extensions are everywhere. Nine out of ten new grocery products are line extensions. Think also of the beer market. US beer drinkers 25 years ago had a choice of three major brands — Miller, Coors and Budweiser. Today there are over 30 varieties of these same brands, yet the number of beer drinkers remains roughly the same.

Having said that, most of the brands which boast successful extensions have moved into related categories. Coca-Cola had a global hit when it launched Diet Coke. It was less successful however when it introduced its own range of clothing.

It moved smoothly from selling razors to selling shaving cream. With such compatible products the success of one product feeds the success of the other, and the brand as a whole feels the benefit. Often however, extensions have been made by companies with no apparent understanding of what their brand is about. Many believe they can have their cake and eat it, that having built a strong brand perception based around one product category, they can transfer it to unrelated products and increase sales on the back of the same brand name.

Other companies that may have a better understanding of their brand identity may still weaken their brand assets by launching products so similar that they cannibalize their original market. As the examples over the next few pages serve to illustrate, both approaches result in failure.

The most powerful brands, according to Roberts, are those that have built their own mythology, or rather, that have helped their loyal customers to build this mythology. The one brand with perhaps more mythology attached to it than any other is, without doubt, Harley Davidson.

They love the brand. They do not care that the motorcycles they ride are not the best in terms of technology or that they may be prone to the occasional oil leakage. What matters is the biker myth — the freedom of the open road, and all its macho connotations. Another thing Harley owners really crave about their bikes is the low-end torque, the raw power coming out of the gate.

It runs out pretty quick once you get up past ninety miles an hour. The appeal of the Harley Davidson is essentially masculine and its customers take brand loyalty to extreme levels. Indeed, many testosterone-charged Harley owners even tattoo the Harley Davidson name and imagery onto their bodies. The company has attempted to capitalize on this unique strength of feeling towards the brand, by pushing the Harley Davidson chain of shops selling a wide variety of branded merchandise — Harley Davidson T-shirts, socks, cigarette lighters and ornaments.

For lovers of the motorcycle, this was an extension too far. Harley Davidson had fallen into the trap of thinking that more products equals more sales. And it usually does, at least in the short term. But as Al and Laura Ries write in The 22 Immutable Laws of Branding, this type of strategy can have negative consequences in the long term: Do you build the brand today in order to move merchandise tomorrow?

Or do you expand the brand today in order to move the goods today and see it decline tomorrow? While milking may bring in easy money in the short term, in the long term it wears down the brand until it no longer stands for anything. Ironically, though, this quest for more products and to broaden the Harley Davidson line went against the way the company had built the brand in the first place.

As a result, they often act a little high and mighty toward their customers. The implication is that Harley Davidson originally understood that its customers could have too much of a good thing. By the s, however, the brand was clearly heading in the other direc- tion. Alongside aftershave and perfume, the company also launched Harley Davidson wine coolers. As you would expect, the bikers were not impressed. Man, they had everything under the sun!

There were H-D socks, perfumes, infant clothes, an entire line of kids wear, tons of ornaments and collectables, even ties, all stamped with the official H- D license logo. Everything, from the truly nice to the frankly ugly, was on display. Everything that is except an actual Harley Davidson motor- cycle. No parts, even. A salesperson wandered over.

Tinker was not alone in her criticism. And pretty soon, it became clear that the motorcycle giant was alienating its core customers. The company has now admitted its mistake, and stopped producing perfumes and other inappro- priate products. The company is much more selective today about who we work with and how we go about extending the brand.

A range of baby clothes may also be a bad idea. For brands that inspire strong loyalty, the temptation is to test that loyalty to its limits by stretching the brand into other product categories. Harley Davidson built its brands by staying true to what it does best, namely making big, classic, US motorbikes. The further it moved away from this original focus, the further it got into trouble.

Roberts says: As a lovemark, Harley Davidson has two things. One is its signature rumbling sound. In fact, such an approach tends to erode the mystery altogether. The idea was to produce small servings of food for single adults — such as fruits, vegetables, starters and desserts — in the same jars used for baby food.

Furthermore, the product was called Gerber Singles. According to Susan Casey in the October issue of Business 2. One thing is certain, however. Baby food for grown-up loners failed spectacularly. Up until that point, the Colgate brand had a stranglehold on the market.

No fluoride. This meant more cavities and more tooth decay. However, the s witnessed the fragmentation of the toothpaste market. All of a sudden, consumers were presented with an array of choice as new brands emerged. Furthermore, fluoride was no longer such a big selling point.

After all, in many parts of Europe and the United States it was now included in tap water. Gradually, Crest launched more and more varieties. Most significantly, it released a tartar control toothpaste in One of the reasons for this was that Crest now had so many different toothpastes. The anti-tartar variety was just one Crest among many. Also, Colgate was quick off the mark. Whereas Crest kept on offering new variations on the same theme, thereby confusing the toothpaste-buying public, Colgate launched Colgate Total.

This came with fluoride, tartar control and gum protection. In other words it provided everything within one product. So what happened? Indeed, at one point there were 52 versions of Crest on the market. The belief was: the higher number of sub-brands the higher number of sales. So why risk threatening this scenario by telling consumers there is now one Crest toothpaste which caters for all their dental requirements?

However, increased choice equalled increased confusion. As a result, Crest lost market share. Indeed, true to the law of diminishing returns the more products Crest had on offer, the lower its overall share of the market. When Crest had one product, its share soared above 50 per cent. By the time Crest had 38 products it was down to 36 per cent of the market. As soon as there were 50 Crest toothpastes, its market share dipped to 25 per cent and fell behind Colgate.

These problems were not unique to the Crest brand. Did consumers really need 31 varieties of anti-dandruff shampoo? Having slashed the number of its hair care items in half it saw an increase in sales. The move was considered an intelligent one among marketing experts. At the same time, the manufacturer can have more of its allotted space in the store filled with its best-selling products. Shoppers have less choice, but they are less confused, and the manufacturer makes more money.

For instance, in his book Big Brands, Big Trouble, Jack Trout makes the following observation: First and foremost, Crest should always be on the serious, therapeutic side of the toothpaste market. No mouthwash, no whitening, only serious tooth care technology. Unfortu- nately, they never quite saw this as a way to go. They continued to tinker with different forms of Crest. Unless the company can once again take control of the scientific high ground and provide consumers with a single, consistent message assisted with a tightly-focused range , Colgate will have won the battle by more than the skin of its teeth.

Just 7. The same research discovered that almost a quarter of the products in a typical supermarket sell fewer than one unit a month. Another study, published by William Bishop Consulting, found that when duplicative items were removed, 80 per cent of consumers saw no difference. In other words, they should make the choice on offer completely clear.

It was a logical endorsement as Heloise had long been an advocate of the various and miraculous uses of vinegar — as a rust remover, deodorizer, window cleaner, ant detergent, weed killer and defroster. In addition to this support, the product also received a substantial amount of positive PR from the press, which had picked up on the green angle of the product. None of this mattered though. The product was a complete flop and never appeared beyond the United States.

This poses the risk of rushing greener products to market to serve the demands of influential customers while mass consumers may be unaware of the need for change. The green marketplace is rife with examples of less than perfect timing. While greater consumer marketing and educational efforts no doubt would have helped enhance its chance of success, the product opportunity may have been better served by a niche strategy, distributing the product in health-food stores and green-product catalogs until enough of the mass market was prepared to switch to the ecologically-conscious offering.

However, there is another reason why consumers may have been wary. Heinz was a food brand. If the company produced a vinegar, consumers would expect to be able to pour it over their meals. Of course, for Heinz, the decision to launch the product was a thoroughly logical one. After all, the company already produced vinegar, so why not intensify the strength of that product to create a new one?

The fact that both vinegar and Heinz are normally associated with things you can eat only made the product more confusing for the customer. In other words, as All Natural Cleaning Vinegar was based on an existing, edible Heinz vinegar, the product only served to reaffirm the perception of Heinz as a producer of food. As a result, it failed. Extension failures 89 Lessons from Heinz l Stick to what you know. But more importantly, stick to what your customers know.

Heinz may be most associated with ketchup but it has numerous other brand successes, and frequently launches new products. Heinz shows that you can extend your line as far as you want, providing you remain true to your core identity or brand perception. Heinz All Natural Cleaning Vinegar was distributed and marketed as a mainstream product, although it only appealed to a niche market.

Jazz musicians had been used in advertising campaigns to endorse the beer and to consolidate its sophisticated image, but the results were increasingly disappointing. However, the company was starting to learn what Marlboro had realized the decade before when it replaced images of female smokers with the iconic Marlboro Man. The lesson was this: in reaching out to new customers, a brand risks alienating its core market.

But help was at hand. Philip Morris, the owners of the Marlboro brand, had purchased Miller at the start of the decade. The company now realized what it had to do. Just as the Marlboro Man had been an exaggerated image of masculinity, so the new advertising for Miller High Life was designed to out-macho its rivals.

However, by that time, Miller had another success story on its hands in the form of Miller Lite. Miraculously, Miller managed to introduce this low-calorie beer without tarnishing its macho image. Less miraculously, it soon became apparent that the rising popularity of Miller Lite was offset by the declining popularity of High Life. While the introduction of the light beer in had led to increased overall sales in the short term, in the long term it was costing the company its original brand.

Having peaked in with sales of over 20 million barrels, High Life was now in terminal decline. What Miller should have learnt from this experience was that the success of one Miller brand was at the cost of another. In , the company launched a cold-filtered beer called Miller Genuine Draft. Again, the beer was a success. Again, the other Miller brands suffered. By , sales of Miller Lite were starting to decline. The incentive to launch new brands was still strong, though. After all, every new Miller beer which had emerged on the market increased sales for the company in the short term.

And short-term trends were always going to be easier to spot than those which happen slowly, over years and decades. Rather than create completely new brands, the company kept on launching sub-brands under the Miller name.

So whereas their s counterparts were only offered Miller High Life, Miller drinkers in the s had considerably more choice. Walking into a bar or supermarket, they not only had to choose between Miller, Coors and Budweiser, but between various brands within the Miller range itself.

Incidentally, this theory explains why Diet Coke suc- ceeded where New Coke failed. Whereas the former had supplemented the original brand, the latter had eradicated it completely. In Miller decided to address this situation, adding yet another brand to the mix, Miller Regular. In other words, they wanted a beer which would come to represent everything Miller stood for, which by that point was rather a lot. With an apparently limitless array of Millers to choose from, most people assumed that Miller Regular had always been there.

As a result, the brand failed to make an impact and Miller eventually decided to withdraw it altogether. The problem of identity, however, still remained. Whereas in the s Miller had achieved its success by tightening its focus, by the time the company had reached the new millen- nium it had broadened itself beyond recognition. So, although the beer itself may taste great, the brand has definitely become watered down. For instance, nobody in his or her right mind would call Diet Coke a bad branding decision.

In some respects, Budweiser is as guilty as Miller at broadening its line consider Bud Light, Bud Dry and Bud Ice, for example , but unlike Miller, it has a core brand, Budweiser itself. Miller, on the other hand, has merely become the sum of its many parts. By the time the company tried to rectify the situation, with the launch of Miller Regular in , it had left it too late.

Miller was clearly too focused on the success of each new brand it created to understand the negative impact these new brands were having on its existing beers. If the company had created completely new names for each range, there would have been less consumer confusion.

For instance, Harley Davidson perfume proved to be an extension too far. Virgin, however, is one company that seems to be able to apply its brand name to anything. On your way home you can pop into a Virgin Active gym. As you head off on holiday on a Virgin train or plane, you can play Virgin video games stopping only to buy your Virgin vodka in duty free. If you meet someone on the beach and one thing leads to another, the Virgin condoms are in the Virgin hotel minibar. When love blossoms, you get married with Virgin Brides and buy your first house with a Virgin mortgage and get a joint Virgin pension.

In most cases, these brand extensions are successful. Extension failures 95 In the mids, the scale of his ambitions for the Virgin brand became clear. So what better way to achieve this goal than to enter the cola market itself. He therefore decided to join forces with Cott Corpora- tion, a Canadian private-label soda maker, to produce cola under the Virgin name. Namely, Coca-Cola and Pepsi. Immediately, the move raised eyebrows among those who knew the market well.

But Branson seemed to relish the challenge, launching the drink to the US market in spectacular style. Although it was priced 15—20 per cent lower than the two leading brands, not enough consumers were being won over. Part of the problem was distribution. Meanwhile, Coke doubled its advertising and promotion budget.

However, Pepsi and Coca Cola are anything but complacent. Coors spring water. However, the prize for the most bizarre brand extension must go to Bic. The company, best known for producing disposable pens, thought its brand name was strong enough to be applied to other categories. Indeed, it had already achieved success with disposable cigarette lighters and safety razors. Bic pens, lighters and razors were all throw-away goods. Furthermore, Bic could exploit its well established distribution network and sell the lighters and razors in the same outlets as its pens.

Okay, so the disposability element was still there. But that was about it. The main problem was that the company insisted on using the Bic name. As marketing writer Al Ries has observed, using the same name in unrelated categories can create difficulties. Furthermore, Bic underwear required a completely new distribution channel and required different production technology.

The lighters, razors and pens were all made from injection-moulded plastic, and could therefore share resources. Lessons from Bic underwear l Exploit existing resources. The other Bic brand extensions made sense because the company could exploit its existing sales force, distribution channels and production technology.

None of which came in handy for the range of underwear. Xerox is one of the branding success stories of the 20th century. In the United States, xerox is a verb, used when people are copying paper. Chester Carlson was the man who started it all. That was when the New York-based Haloid Company met with Carlson and acquired the licence to develop a xerographic machine. A few years later the Haloid company had changed its name to Haloid Xerox and in it introduced the product which was to put Xerox on the map.

The Xerox was the first automatic plain-paper copier and, as such, attracted considerable media attention. In , Xerox became a majority shareholder of the European operation, Rank Xerox, and so the Xerox name was now a truly global brand. From , the company expressed its desire to stretch beyond copying into the field of computer technology and data processing.

Four years later though, the company was still determined to extend its brand beyond the copier market, this time with an early version of a fax machine called a Telecopier. Another disastrous failure. On the contrary, the problem was that Xerox was a very strong brand name, but one associated almost exclusively with copier machines. While this strategy helped to sell copiers, it meant that it was tied to that product category. After all, no one brand can claim to be the only genuine article in more than one category.

For years, Xerox had competed on the superior quality of its copier products. And as soon as a company makes the transition from a simple product manufacturer, to a global brand, it has to live with the consequences. Or rather the perception of the names. Instead, it tried to tackle the problem head on. Again, there was nothing fundamentally wrong with the product, at least for the time. But again, the product failed. Both the Xerox networks failed to make an impression.

Despite its best efforts to be associated with office technology, the public remained stubbornly unwilling to think of Xerox in any terms other than office copier technology. Although the company had invested fortunes in creating office information systems, this was an area steadfastly linked to another technology brand — IBM. So why, then, did Xerox persist in trying to reposition its brand during the s? It had close links with Fuji, and had a unique insight into the Japanese management style.

In Japan, brand extension was, and indeed remains, the norm, especially for technology companies. Yamaha is another example of successful brand extension. Although the company started producing pianos in the 19th century, it has not been tied down to musical instruments. After 60 years of piano-making, the Japanese company moved into various other product categories with very little difficulty. Think Yamaha and what do you think?

Motor- bikes? It is most likely that you think of all three. Other Western companies have also been influenced by the Japanese approach to branding. Take Virgin, for example. Richard Branson has been famous for criticizing brands such as Mars, which refuse to attach the name to other types of products.

They think that brands only relate to products and that there is a limited amount of stretch that is possible. They seem to have forgotten that no-one has a problem playing a Yamaha piano, having ridden a Yamaha motorbike that day, or listening to a Mitsubishi stereo in a Mitsubishi car, driving past a Mitsubishi bank. Extension failures However, among Western companies Xerox remains more typical than Virgin. However, there is little sign that Virgin is about to compete with Xerox in the photocopier market.

Even Richard Branson might have a problem reversing the intrinsic association the Xerox name has with the product it invented. The simple fact is that most large brands are associated with one product or service offering. Xerox was never going to be a Virgin or a Yamaha, but it still kept trying. Recognizing this fact, brand expert Jack Trout, president of Trout and Partners, advised Xerox to concentrate on what it did best.

Trout realized that Xerox could remain within the copier market and still be at the forefront of technology. The solution? Laser technology. As Trout has since written about the experience: There I was, facing a room full of technical and marketing people who were dutifully executing the office automation strategy that had been in force for years. I was the designated outside messenger bringing the bad news that all their past efforts were in vain and they should focus on the lowly laser printer instead of their glorious office machines.

This was not a popular message. Indeed, Trout soon realized that Xerox believed the future lay in another direction: To this day, 15 years later, I have a vivid memory of an interchange that ended this meeting. I asked what that was. The reply was that it was a little hard to explain to a layperson, but it was going to be fast and cheap.

As a result, competi- tors such as Canon and IBM have made serious inroads into the copier market, with their high-speed machines. However, providing Xerox can keep its focus on copiers and direct its technological ambitions towards this narrow, but still lucrative market, it could still dominate in the future. The rest of the world kept on viewing Xerox as a company which made photocopying machines.

Likewise, future business and technological predictions rarely come true. For instance, no-one predicted the rise of SMS text messaging on mobile phones. That name, however, is exclusively and historically associated with copier machines. Extension failures 29 Chiquita Is there life beyond bananas? Chiquita has been associated with bananas since , the year the fruit supplier was founded. Not only to get the public to eat more bananas, but to get them to want to buy only those with the Chiquita sticker on them.

However, in recent times the banana association has been something of a mixed blessing, to say the least. After all, bananas represent only a tiny fraction of the entire fresh produce market less than one per cent. Further- more, Chiquita has witnessed rival brands successfully make the transition from one type of fruit into other areas.

This has meant Dole has achieved equal success with other categories of fruit and vegetables. In recent years, Chiquita has also tried to move away from its core association, by moving into related categories. For instance, in the company launched Chiquita frozen juice bars. The company has also invested heavily in TV ad campaigns across the United States to inform people that it sells more than just bananas.

But even after the campaign most consumers and retailers still firmly associated the brand with bananas. But Chiquita was badly hurt towards the end of the s with a number of banana-related problems. Quite simply, there were too many of the damn things. This increased supply forced Chiquita to charge lower prices. As a result, the margin of profit diminished and debts mounted. There were also other problems over which Chiquita had no control.

Chiquita has also accused the European Union of favouritism towards Caribbean bananas grown in former European colonies. The long-running dispute hit Chiquita hard and according to Stephen G Warshaw, president and chief operating officer of Chiquita, the company had about a 40 per cent share of the European market before , but that dwindled to 20 per cent.

Although the EU banana trade policies were changed in , Warshaw is sceptical that the company will be able to regain the dominant market position it once held. The problems affecting the banana industry, combined with unpaid debts resulting from expansion and its many attempts to broaden its product offering, means the Chiquita brand is now in deep trouble. Chiquita tried to stretch its brand when banana sales were slipping. It needed to move beyond bananas to bring in more money, but more money was needed to move beyond bananas.

The company has been linked with bananas since the s and that association has been difficult to undo. Extension failures l A brand is never under total control. The development of a brand is only ever predictable to a certain extent.

Some factors will always be beyond control. To understand the risks of brand extensions it is worth taking a brief look at 10 more extension failures. It successfully extended its line with Country Time Pink Lemonade, which was introduced in How- ever, when the decision was made to extend the well-known Country Time brand to apple cider, the brand experienced its first failure.

It is an analgesic cream used for the relief of minor arthritic pain, muscle aches and back pain. Again, its first brand extension — Ultra Strength Ben-Gay — was a success, as it was essentially the same product, only intensified. When trying to think of another logical extension, the company came up with Ben-Gay Aspirin. After all, Ben-Gay could use its existing distribution network and the brand could still be associated with pain relief. Well, that is what the company thought.

The only trouble was Ben-Gay was so strongly associated with the burning cream that it was unable to make the transition. Nobody liked the idea of swallowing a Ben-Gay product. As a result, the Ben-Gay Aspirin failed. Rather than keep the My Kinda Town name, the company decided to set up a Capital Radio themed restaurant. When it decided to capitalize on this wide recognition by launching a range of Smith and Wesson mountain bikes, the company clearly failed to grasp the golden rule of brand extensions.

Namely, that the extension must link with the core brand. There needs to be some kind of correlation between the original product in this case guns and the extension. Guns and bikes may both be made out of metal, but other than that it is hard to perceive a connection. However, although this extension failed the yoghurts were off the shelves within 18 months , Cosmopolitan has had success with other crossovers.

The connection in this instance is obvious. Namely, sex. Companies use brand extensions to reach new audiences and to make the most of their promotional spend — but the important thing is not to tarnish the original brand. The salons also carried a full range of Lynx products and branded merchan- dise. After 14 months, the salons were closed.

Needless to say, the range did not take off and never left US soil. The idea must have been that consumers would eat their Colgate meal, then brush their teeth with Colgate toothpaste. The trouble was that for most people the name Colgate does not exactly get their taste buds tingling. Colgate also made a rather less-than-successful move into bath soaps. This not only failed to draw customer attention, but also reduced its sales of toothpaste.

Their popularity is also evidenced by the fact that more than 88 million miniature rolls of LifeSavers are given out each year to trick-or-treaters on Halloween. However, when the company produced a fizzy drink called LifeSavers Soda, the product failed even though it had fared well in taste tests. And what do people want to accompany a salty snack?

A soft, thirst-quenching drink. So what could be a better idea than Frito-Lay Lemonade? Although it may have been seen like a logical brand extension Frito-Lay Lemonade bombed. After all, Frito-Lay was a brand which made people thirsty, and therefore is the exact opposite of lemonade. In the old days, brands knew their place. Harley Davidson stuck to motor- cycles, Coca-Cola stuck to soft drinks, and Colgate stuck to cleaning our teeth.

Now, of course, everything is all mixed up. Sometimes this works. For instance, the Cater- pillar clothing range has proved a phenomenal success. Usually, however, brands struggle when they move into unrelated categories. Brand schizo- phrenia not only aggregates and bewilders consumers, it also devalues the core brand.

If a brand is well known its crisis can also be expected to make the headlines. In most cases though, the crisis does not kill the brand. If the company behind the brand acts responsibly and sensitively, the crisis situation can normally be defused. However, if the company fails to do this, the public will be unlikely to forgive. According to one US survey 95 per cent of respondents were more offended by a company lying about a crisis than about the crisis itself. If the company presents the right information, the consumer will respect it for its honesty.

Pepsi-Cola, faced with a syringe discovered in a bottle, ensured that its entire sales force had accurate information to communicate to customers. The press team also relayed this information to the media. As a result, they prevented a bad situation becoming even worse. Other companies, however, are not so good at handling trouble. They believe the best way to deal with a crisis is to deny its existence. And indeed, this position of denial is exactly what the public have come to expect.

Therefore, those companies that are willing to provide the whole truth and nothing but, score points for their open approach. After all, the key to successful brand management is being able to provide consumers with what they want. Normally, this means providing a good service or product.

At a time of crisis however, it means providing the truth. Although no company should welcome a crisis, the situation presents an opportunity as well as a threat. This is the time to either establish or destroy trust. If a company tells the truth about a negative incident, it is more likely to be believed later on down the line when it is trying to tell consumers about how fantastic its brand is. Public relations is about exactly that; relating with the public, not ignoring them.

Unhappy customers were offered vouchers and discounts and even one-to- one meetings with local store managers. Allied Domecq eventually managed to buy the site from Felton to turn it into an official customer feedback service. Today, the site is still up and running and providing both company and consumer with a valuable and informative resource.

Dunkin Donuts therefore not only prevented a crisis situation, but also gained a new way to listen to the customer. Only a very few, however, come to represent corporate incompetence and irresponsibility through one critical event. Oil company Exxon is among them.

In , the Exxon Valdez oil tanker ran aground and began spilling oil off the coast of Alaska. For the women of Bordj Okhriss, as throughout Algeria, the French army represented a dangerous and powerful force associated with mass destruction, brutality and rape. The central contradiction facing the mobile socio-medical teams teams was how to gain the trust of Algerian women and to bring them social progress and emancipation when they themselves were part of an army that had destroyed their villages and driven them into refugee camps.

The book knits together two of the most significant themes in the social and cultural history of modern Ireland - mass emigration and religious change - and aims to provide fresh insight into both. It addresses the churches' responses to emigration, both in theory and in practice. The book also assesses how emigration impacted on the churches both in relation to their status in Ireland, and in terms of their ability to spread their influence abroad. It first deals with the theoretical positions of the clergy of each denomination in relation to emigration and how they changed over the course of the nineteenth century, as the character of emigration itself altered.

It then explores the extent of practical clerical involvement in the temporal aspects of emigration. This includes attempts to prevent or limit it, a variety of facilitation services informally offered by parish clergymen, church-backed moves to safeguard emigrant welfare, clerical advice-giving and clerically planned schemes of migration. Irish monks between the fifth and eighth centuries had spread Christianity all over Europe, and should act as an inspiration to the modern cleric.

Tied in with this reading of the past, of course, was a very particular view of the present: the perception that emigration represented the enactment of a providential mission to spread the faith. You're not logged in. Advanced Search Help. Rochelle Rowe. Cleaning up Carnival. Abstract only. Log-in for full text You are not authenticated to view the full text of this chapter or article. Password Please enter your Password. Forgot your password? Rights and Permissions. Your current browser may not support copying via this button.

Imagining Caribbean womanhood Race, nation and beauty contests, — Related Content. States and statistics in the nineteenth century Europe by numbers. Author: Nico Randeraad. Author: Neil Macmaster. Population, providence and empire The churches and emigration from nineteenth-century Ireland. Author: Sarah Roddy. Sign in to annotate. Delete Cancel Save.

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100 forex brokers contest with picadors The car ended up looking more expensive than it actually was because of poor timing. If the company produced a vinegar, consumers would expect to be able to pour it over their meals. Ultimately, Unilever has been preserved by its heritage. The price cut was an admission that Marlboro's name was no longer sufficient to sustain the flagship position, which in a context where image is equity meant that Marlboro had blinked. In an age where markets are increasingly connected, via the Internet and other technologies, consumers can no longer be deceived. The public perception — fuelled by the media coverage — was that the food poisoning was an inevitable result of a company suffo- cating itself with corporate arrogance.
Alforex low lignin alfalfa Its brands may come and go, but Unilever itself has stayed strong. 100 forex brokers contest with picadors was when the New York-based Haloid Company met with Carlson and acquired the licence to develop a xerographic machine. In the first week of its launch, almost three million members of the US public visited Edsel showrooms. But when companies fail to understand the true nature of their brand the results can be disastrous. Branding is simply a more efficient way to sell things. Not surprisingly, this spelled good news for the U.
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Great overall, best for professionals. Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite. Best desktop platform, U. For traders in the U. It offers a wide range of markets and provides an impressive suite of proprietary platforms — alongside limited access to MetaTrader.

A Global Market Leader! As a trusted multi-asset broker, XTB offers outstanding customer service, a wide variety of forex and CFDs, and an excellent overall trading experience. Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.

Trusted broker, best banking services. Traders choose Swissquote for its quality research and vast multi-asset offering — as long as they are willing to pay a premium to have their brokerage account held with a Swiss bank. Trade with the Swiss leader. For the ForexBrokers. Here's how we tested. Alongside primary categories, ForexBrokers. Finally, each year ForexBrokers. Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products.

This fantastic all-round experience makes IG the best overall broker in CMC Markets is a globally-trusted broker that delivers a terrific offering for traders thanks to notably low pricing, nearly 10, tradeable instruments, and the Next Generation trading platform, which comes packed with quality research and innovative features such as its Dynamic Trading portfolio tool.

Of the 39 brokers that we evaluated for our annual review, the following forex brokers delivered the best trading platform experience:. IG takes first place in our Annual Review as the best forex broker, with available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.

A forex broker is a company that is licensed or considered exempt by a national regulator to grant you — as a retail or professional client — the ability to buy or sell foreign currencies, by way of an online trading platform or over the phone known in the industry as voice broking. A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on any relevant country-specific regulatory restrictions.

It's important to only use brokers that are properly regulated to reduce your risk of being scammed. Yes, to trade forex you'll need to use a forex broker. You'll need to open an account and deposit enough collateral margin to enable you to place orders with your broker to buy or sell forex.

The forex broker's job is to execute your orders — either internally by acting as the principal to your trade market maker execution , or by sending your orders to another market thus acting as your agent agency execution. Your broker should be a trustworthy one, regulated and properly licensed in the same country you reside or in a major financial center. Learn about our Trust Score for brokers. The most trustworthy brokers are also reliable. Reliability depends on which broker you choose, and can vary across brokers.

You must be able to rely on your broker to safeguard the money in your brokerage account. There are other trust factors to consider how dependable a broker is, such as ensuring it has adequate financial operating capital, how long it's been in operation, and whether it holds proper regulatory licenses in the countries where it operates to help ensure compliance with local laws.

Note: The largest broker may vary depending on the time period used to measure size. But common to the biggest brokers is that they have the most assets under management, the largest number of clients, and greatest market capitalization valuation for public companies. All are important factors to consider when gauging the size of a forex broker. Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers :.

CMC Market's Next Generation platform comes with a massive selection of nearly 10, tradeable instruments. It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders.

The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year. If you're a particular fan of mobile platforms, see our picks for best forex trading apps here. However, trading with a small amount of risk capital can let you test a new investment methodology, or allow beginners new to forex trading learn by trial and error.

Trading forex with such a small amount of capital will severely hamper your bottom line but can be a great way to learn with less risk. That 3. When it comes to pricing — commission plus spread — Tickmill offers the most competitive all-in costs, especially for active and VIP traders, who have access to pricing that is among the lowest in the industry.

Using typical spread data listed by Tickmill for its Pro account offering of 0. Methodology: To assess brokers, we take into consideration how much beginners, average traders, and even more seasoned traders would pay, looking at average spreads for standard forex contracts , units as well as mini accounts 10, units and micro accounts 1, units , where applicable. We then calculate the all-in cost by including any round-turn commission that is added to prevailing spreads. IG offers the most tradeable CFDs in the industry, 19, CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset.

As a highly-trusted and regulated global brand, Interactive Brokers IBKR provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over global exchanges.

In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker. Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance ESG investing, alongside the related Impact dashboard available in its Trader Workstation TWS desktop and WebTrader platforms.

Professional client status : In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker's insolvency.

Methodology : We broke down each forex broker's active trading program to assess brokers for professional trading, comparing available rebates, tiers, and all-in costs. Alongside pricing, each broker's trading platform was tested for the availability of advanced trading tools frequently used by professionals.

Here are three of the most important factors to keep in mind when choosing an online broker for forex trading. It is crucial to use a well-known, properly regulated broker to avoid forex scams. The participants with the highest account balance will win. You can participate on any day of the stock exchanges. Do not miss the chance to become the owner of large cash prizes totaling 10, USD!

The competition starts on January 3, , and registration will be open for 2 months after the start of the competition until February This is your chance to try your hand at trading with virtual money in the financial market, win and snatch real money. The Contest starts on August 2, Registration will be open for the next 2 months, starting from today, and expires on October 3, Forum » Recent Topics.

Registration Login. Read more Don't miss the start of the next contest on demo accounts! Comments 1. Most Popular News Don't miss the start of the next contest on demo accounts! Open Questions To trade or not to trade cryptocurrency?