Amany Hamza,21202244

Jonathan Ellis,21153283

Kavi Johal,10280251

Michael Sirch21 20 56 40

BY

2013

Agenda

Executive Summary

Nordstrom Overview

Introducing Nordstrom;

Situation Analysis;

Financial Analysis

The Global Nordstrom

Our Mission and Objectives;

Market Analysis: Brazil, UK

Market Entry: Brazil, UK

Recommendation;

Conclusion.

Executive Summary

1901: Founded as a

shoe store by Johan

Nordstrom and Carl

Wallin

1998: Nordstrom.com

launched

2009: First

International

online orders

Nordstrom Rack Group

121 Stores

Nordstrom Credit

Group

NordstromFull Line Group

117 Stores

Nordstrom DirectGroup

Other retail: HautLook, Jeffery Boutique and charitable store

COMPETITORS USA

NORDSTROM OVERVIEW

Executive Summary

Situation Analysis

Customer Store Design Production Team

“We put our customers at the heart of

everything we do and are truly

passionate about the

products that we sell.”

“Meeting point between our customers and Nordstrom fashion selling points.” Operates 242 stores, 31 states, Store modernisations, Good visual

merchandising and product presentation,

Efficient distribution of supply chain

“A unique, differentiated

product offer at affordable prices.” A range of Apparel(casual, formal wear),

Shoes, Accessories. Product

Standardisation.

“The right teams to deliver

sustainable competitive advantages through the best practice

across the business.”

10.0%

10.5%

11.0%

11.5%

12.0%

12.5%

13.0%

13.5%

14.0%

200

8

201

0

201

2

INCREASED ROICINVESTED $2B CAPITAL OVER

LAST 5 YEARS

ROIC

YOY Growth %

(2012 53 week vs. 2011

52 week)

Q3 YTD Q4

Sales 11% 13%

EBIT 2% 20%

EPS 8% 26%

Financial Highlights 2012

Global NORDSTROM MISSION

A

A Global Leading

Merchandiser

Multi-Channel

In an appealing

shopping

environment,

whether in

Store and

Dynamic

Online sites.

GLOBAL NORDSTROM

AT A GLANCE

We are committed to meet

the needs of all our

stakeholders in everything

we do. With compelling

merchandise and an

unyielding commitment , we

are the retailer that

customers trust.

Our Vision

"At Nordstrom,

we value the

richness that diversity

brings to our

workforce - it makes

our Company better

and the communities

we serve stronger.“

Our Values

Develop a good base for the future in a challenging

market

Secure long term profitability

Develop a niche position with 5% year on year growth

for the next three years

Establish a consistent brand globally

Budget $2.5m

Objectives

GLOBAL NORDSTROM Positioning

Fast High

Fashion at

Affordable

Prices

NORDSTROM

Market Leader

Our Breadth of

Appeal is Our

Customer-

Centric

Perception

Retention

CRM

Self-expression

Membership

Search engine

optimisation

More ways to shop

Acquisition

Satis

fac

tion

Pro

mo

tion

Customer Loyalty Approach

•Outstanding flagship stores, wide space layout

•High store loyalty

•Online

•M-commerce

• Billboard

• Facebook

• Social Media

• Internet Marketing

• Print

• NUS discount

•Market Penetration

•Competitive Pricing

•Membership

•Brands

•Core Lines

•Product Standardisation

•USP: Vibrant fashion trend Product Price

PlacePromotion

Marketing Mix

Integrated Marketing Communication Mix

Social Marketing

Customer-focused

Positioning

Promotion

Holistic

Approach

Brand Equity

BRAND ESSENCE MODEL

Brand

Essence

Fashionable and Flattering Clothes

Own Brands

Featured Brands

Designers Collections

Concessions

Attributes

Benefits

Finest Apparel

Vanity sizing

Fashion Rewards

Values

Everyday Value

Liberal Return Policy

StoreCard

Offer and sales events

Personality

Personal Stylist

Fashion-Friendly

Feminine

Full-Shaped Body

Store experience

High-Street Fashion

Speaking with one voice

Bra

nd

Tac

tics

Customer-Based Brand Equity Pyramid

ResonanceLoyalty

Engagement

Community

FeelingsCool

Fun

Excited

Timeless

JudgementsBrand credibility

High Quality

Value Proposition

ImagerySelf-Selection

Buying pattern

PerformanceAffordable Prices

Customer Care

SalienceLiked by all consumers in target segment

NORDSTROM

Own Brands

Designer Brands

Direct

Rack

Personal

Selling

Sales Force

Sales Promotion

Continuity / Frequency

Loyalty Programs

Social Media Networking

Pay per click Advertising

Unique Fashion -

Merchandise

The Brand Promise

Target Audience

Promotional Communication

(Push – Pull Marketing Mapping)

MARKET ENTRYN

ew

Mark

ets: U

K &

BR

AZ

IL

BRAZIL

FULL-LINE

UK

RACKRACK

Market

Share 5%

Expected sales mix impacted by

Rack, Full-Line for Brazil and UK growth

Strategic Focus

Raise profile of the Nordstrom brand in the UK and Brazil through Rack and Direct channels.

Improve customer experience to strengthen customer loyalty.

Continue global expansion through local partnerships.

Market Analysis and Entry - BRAZIL

Porter’s 5 Forces- Brazil

Industry Rivalry

Moderate

Competition

Substitutes

• High

competition

• Low switching

costs

Buyers

• Price sensitivity

•Low switching

costs

Suppliers

• Many suppliers

• Logistics

• Low switching

costs

Potential Entrants

• Low entry

barriers

PESTEL Analysis Brazil

Economical

Upper-middle income

country

GDP:

$2.477 trillion

GDP-Ranking:

7

Unemployment rate:

6.0

Inflation rate – all

items:

6.6

Social

•Population: 196.7 million

•Population growth rate:0.9

•Life expectancy: 73

•Overweight and obese aged 15 and over: 48.1

Technological

•Households with access to the internet::37.8

SOURCES: Worldbank (2013),

OECD (2013)

SWOT Analysis: Strengths

Innovators in technology for merchandising and tracking i.e. Personal Book, & register systems.

Known for yearly Anniversary Sale, which earns more revenue in one week than all of the holiday shopping season, making for very successful second and third quarters.

“Forbes 100 Best Companies”.

Nordstrom Rack’s revenue has grown consistently over last 3 years:

0

500

1,000

1,500

2,000

2,500

2009 2010 2011

$ (m)

SWOT Analysis: Weaknesses

Product Portfolio %age

Women's apparel

Shoes

Men's apparel

Women's accessories

Cosmetics

Childern's apparel

Other

• Room to grow in the

Children’s apparel

category.

• Men’s apparel is a

potential area that

Nordstrom Rack does

not market to enough.

GAP Analysis Brazil

0

1

2

3

4

5

6

Nordstrom

Arezzo

C&A

Marisa

Hering

Zara

Gap

H&M

Hofstede Analysis - Brazil

0

10

20

30

40

50

60

70

80

90

100

PDI IDV MAS UAI LTO

Brazil

UK

• Individualism score of 38.

• Integrated into strong,

cohesive groups (especially

represented by the extended

family).

• Important to build up

trustworthy and long lasting

relationships.

• Power Distance Score of 69.

• The different distribution of

power justifies the fact that

power holders have more

benefits than the less powerful

in society.

Brazil Macro Culture

194M

Population (40% under 20)

$2.3Tr

Salvador6th largest economy in the world

São Paulo

Portuguese

Brasilia

Strong democracy

Rio de Janeiro

Strongest Industries

AgricultureMiningManufacturingServices

PortugueseAfricanIndigenousOther European

Cultural Influences

Brazil Pricing

Brazilian Goods

Imported Goods

Source: pwc.com

Segmentation

Target richest cities in

wealthiest states:

Sao Paulo

Bahia

Belo Horizonte

Curitiba

Rio de Janeiro

Wealth

distribution

density by

state

Source: bookofezekiel3.wordpress.com

Demographic Segmentation

194MPopulation (40% under 20)

$2.3Tr Salvador

6th largest economy in the world

São Paulo

Brazil – Social Media

65mil

33mil

Largest social media capital in the

world

Market Analysis - Brazil

Target richest cities in wealthiest states:

Sao PauloBahiaBelo HorizonteCuritibaRio de Janeiro

Source:

latinlink.com

sophiamind.co

m/

R$

27

bnth

enfn

Class C

18-24

71% of

income on beauty & fashion

R$ 19bn Spent on fashion and beauty each year

Beauty Market

X51996-2010

Brazil Target Market

Target richest cities in wealthiest states:

Sao PauloBahiaBelo HorizonteCuritibaRio de Janeiro

Source:latinlink.com

Target Audience: Class C

Online consumers

14-28 year old women

Teenagers with expendable income

Fashion conscious young professional women

Brand Awareness - Digital

Brand Awareness - Physical

Spend more per capita than any other nation

$43.3m per day

Injected $5.9bn into U.S economy in 2010 an average of $5,400

per Brazilian

Brazilians that shop in the US recognise the

Nordstrom brand

Customer Life Cycle - Brazil

• Use analytics from sales and social media to adapt the brand offering

• Re-introduce the brand using consumer intelligence previously collected

• Focus on trend changes and seasonal products to increase sales

• Introduce brand and generate interest through digital and physical marketing

Brand awareness

Stimulate

MonitorRetain

Market Analysis and Entry - UK

Porter’s 5 Forces- UK

Industry Rivalry

Moderate

Competition

Substitutes

Low switching

costs

Buyers

Price sensitivity

Recession

Low switching

costs

Suppliers

• Many suppliers

• High

competition

• Low switching

costs

Potential Entrants

Low entry

barriers

SWOT Analysis- Strengths

• Innovators in technology.

• Known for yearly Anniversary Sale.

• 11th in Interbrand.com top 20 US companies.

• Nordstrom sales figures have grown consistently over last 3 years:

0

2,000

4,000

6,000

8,000

10,000

12,000

2007 2008 2009 2010 2011

$m

Source: Nordstrom Annual Report 2011

SWOT Analysis- Weaknesses

• Room to grow in the

Children’s apparel

category.

• Men’s apparel is a

potential area that

Nordstrom Rack

doesn’t market to

enough.

Source: Mintel 2012

%

Women's apparel

Shoes

Men's apparel

Women's accessories

Cosmetics

Childern's apparel

Other

SWOT Analysis- Opportunity

• Expanding their children's line.

• Use the existing partnership with Topshop to their advantage for market entry.

• Enter UK and Brazil market with penetrative pricing.

• Use the UK as bridgehead into Europe.

• Online Shopping.

• (M- Commerce)

SWOT Analysis- Threats

- Growth of online consumerism in the UK.

Website needs to be competitive.

- Rising taxes (business rates).

- Economic stagnation.

- Inflationary pressures in the supply chain.

- Competitor's:

The Customer Attitudes towards buying clothes, March 2012

“Thinking in general about buying clothes, which of the following statements do you agree with?”

Source: GMI/Mintel

How Often do Women Buy Clothes?February 2011,

Base: 991 female internet users aged 16+

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2010 2011 2012 2013 2014 2015

Source: Mintel 2012

£

m

UK Market Size- Mintel Forecast

Target Audience- Physical Retailers

Source: Mintel 2012

Target Audience- Online Retailers

Source: Mintel 2012

UK Target Market

Nordstrom Rack

- Location in Greater London.

- 16-24 year old students in full-time education.

Nordstrom Rack Online

- 16-24 year old students in full-time education.

0

10

20

30

40

50

60

70

80

90

100

PDI IDV MAS UAI LTO

Brazil

UK

Hofstede Analysis- UK

• Long Term Orientation score

of 25.

• Businesses are focused on

short term quarterly goals and

quick results.

• Individualism score of 89.

• The affluence of Britain has

increased throughout the last

decade, with wealth also

‘spreading North’.

• Rise of rampant consumerism

and a strengthening of the

‘Me’ culture.

Geert-hofstede.com

UK Macro Culture

194M

$2.2Tr

Manchester

7th largest economy in

the world

London

Portuguese

AgricultureMiningManufacturingServices

PortugueseAfricanIndigenousOther European

PoorClimate

EnglishGaelicWelsh

CatholicsProtestants

MuslimsHindusSikhsJews

Atheist

Birmingham

“Special” relationship with US

Constitution

al Monarchy

& Elected

Parliament

Our Position in the Market - UK

Monitoring – why?

Variable

Customer Needs

Changing

environments

Profitability

Organisational

learning

Monitoring –what?

Shareholder Value

Competitive Advantage

Customer Value

Brand Value

Cultural learning

Ethical behaviour

Customer Value (1)

Customer Service

• Company webpage

• Service points/Staff

• Customer phone

• Quality Agents

Home delivery

(UK)

• Personal call (regular customers)

• Delivery app

Customer Value (2)

Real product

• Online Product Ranking

• Data mining

• “My best dress award”

• “Fashion battle”

• Staff

• Casting shows/stars

• Fashion magazines

• Professional market

research

• Fashion scouts

Brand Value

“Brand

equity

ten”

• Brand

awareness

• Perceived

quality

• Perceived

value

• Loyalty/satisf

action

• Collaboration

with

Interbrand

• Same sources

as for CV

• card system

Shareholder Value

Budgeti

ng

Benchmarking:

• London – Sao Paolo –

New York

• Stores – “best of class”

store

ROI

Market share

Relative Market share

Ratios

Competitive Advantage

Strategy Review

• 5 forces

• Resources and Capabilities

• SWOT

• STP

Observation

• Stores (Quality scouts)

• News (Information Manager)

Cultural learning

Analysis review

• Cultural Framework

• Hofstede

• Hall

• Experiences

HR collaboration

Strategy meetings:

• Diversity view on strategy

• Training requirements

Ethical behavior

Code of Ethics

• Report to HQ

• Guidelines.

• Challenges.

• Training

requirements.

Operational

• Store performance review

• Personal conversations with Ethical Officer and staff

Data Collection

Internal

Loyalty card system

Intelligent till systems

Online surveys: Twitter/Facebook/INstagram

External

Collaboration with interbrand

Data sharing with OECD

and Worldbank and other

international organisations in

Brazil

Use of government statistics

in UK

Surveys with customers

Ethical behaviour - updated version

Fashion scouts

Researchers

R&D &Production

Financial department

Customer phone

Marketing Budget

Last updated:

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Personnel

Salaries, wages 200 200 $400

Benefits 0

Payroll taxes 10 10 10 10 40

Commissions and bonuses 20 20 20 20 80

Personnel Total $200 $10 $20 $10 $0 $30 $0 $0 $30 $0 $200 $20 $520

Market Research

Primary research 10 10 10 10 10 $50

Secondary research 10 10 10 10 10 10 10 70

Market Research Total $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $120

Marketing Communications

Branding 30 20 10 10 $70

Advertising 100 50 50 30 20 15 265

Web sites 10 10 10 30

Direct marketing 20 20 40

Collateral 0

Press relations 5 5 4 4 10 28

Public relations 5 5 5 5 5 10 35

Analyst relations 2 2 4 2 2 4 16

Events 50 30 40 120

Marketing Communications Total $172 $102 $119 $25 $2 $4 $35 $0 $41 $20 $20 $64 $604

Channels

Channel communications and training 50 50 20 10 10 10 $150

Channel promotions and incentives 10 10 10 10 16 10 10 10 60 60 70 276

Channel commissions/bonuses 0

Channels Total $60 $60 $30 $10 $16 $20 $10 $10 $10 $70 $60 $70 $426

Customer Acquisition & Retention (CAR)

Lead generation 10 10 10 10 10 10 10 $70

Customer loyalty 20 10 10 10 10 60

CAR Total $20 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $10 $130

Other

Postage 10 10 10 10 $40

Telephone 10 10 10 10 10 50

Travel 150 100 100 100 50 50 550

Computers and office equipment 20 20 20 60

Other Total $170 $110 $10 $130 $0 $10 $10 $10 $120 $10 $60 $60 $700

Total Marketing Budget($000) $632 $302 $199 $195 $38 $84 $75 $40 $221 $120 $360 $234 $2,500

Marketing Budget Plan

11/02/2013

Forward-Looking Statement

Product-Market Growth Matrix – Ansoff Outperformed Present Products (casual wear,

formalwear, shoes, accessiores),

Maximise Brand Roll out,

Growth Opportunities in new markets.

High

Market Growth

Low

QUESTION MarkA good market but will the product do well in it?

StarProducts that are doing well quickly.

DogStruggling in a slow market.

Cash CowContinuing to do well in an established Market.

Low Market Share High

NO

RD

STRO

M M

arketing Strategies Boston Matrix

ChallengesConvert the Question Marks and Stars into Cash

Cows of the future

Manage the Dogs

The profits earned from Cash Cows can be used to

develop and promote Stars and Question Marks.

Exiting New

New

Exit

ing

Ma

rke

t

Products

Market Penetration

Product Development

Market Development

Diversification

Sales

Time

(1)

B C

D

A

(2)

(3)

Portfolio (A – Rack) is at

Maturity stage – cash cow.

Generates fund for the

development of Portfolio (D-

Multi-Brands)

Cash from Portfolio (B – Full

Line) is used to support Portfolio

(C- Featured Brands )through

growth stage and to launch

Topshop Exclusivity. The Rack

now possibly a dog?

Cash from Portfolio (C-

Featured Brands ) is used

to support growth of

Portfolio (D- Multi-

Brands) and possibly

finance extension strategy

for B?

Product Life Cycle and the Boston Matrix

Contingency Plans

Outlet

Store

Scrap /

Recycle

Last

chance

clearance

Ceasing

Business

Joint

Venture

Recommendation and Conclusion

UK

High quality merchandise sold at discounted prices to students in Greater

London aged between 16-24.

UK market size predicted to grow to £7bn in 2015. This with recession

means that consumers will want to spend money if they feel it is 'worth it'.

Consumers have all the bargaining as there are so many organisations

competing against each other.

Brazil

Growing digital consumption and relatively slow uptake by competitors

creates a significant gap in the Brazilian retail market for quality products

Attractive market: Brazilian economy is strong, has a developing middle

class with expendable income and a young population

Recommendation and Conclusion

TimeLine:

The market entry needs to be heavily promoted

during the holiday season. This is when

consumers are doing most of their shopping.

We foresee that Nordstrom will dominate these

two markets if we focus on young fashion with

tasteful styling at affordable prices.

The efficient execution of our global marketing

model will lead Nordstrom into the Fashion

market with more expansion plans in other

countries in the near future.

Thank you

for your

attention!

Appendices

References1. Answers, (online), available at: http://www.answers.com/topic/nordstrom-inc #

2. BBC, (online), available at: www.bbc.co.uk

3. Ceasing a business in UK regulations, Growing Business, (online), available at: http://www.growingbusiness.co.uk/the-cost-of-closing-down-a-business-has-gone-up.html

4. Clothing Retailing Market Report 2012, Keynote, (online), available at: https://www.keynote.co.uk/market-intelligence/

5. Forbes, (online), available at: http://www.forbes.com/sites/lydiadishman/2012/02/20/nordstroms-savvy-sales-strategies-for-stellar-growth/

6. Geert, (online), available at: www.Geert-hofstede.com

7. Interbrand, (online), available at: www.interbrand.com

8. Microsoft Advertising- Clothing & Footwear Trends, Adam Goodman, May 2011.

9. Mintel Report- Fashion Online – UK – March 2012.

10. Nordstrom Annual report 2011

11. Nordstrom Retail Marketing BA 495 (online), available at:

12. 2. PR Web, (online), available at: http://www.prweb.com/releases/retail/fashion/prweb10494886.htm

13. The Brand wheel, (online), available at: www.therightgroup.com.au

14. UK Trade and Investment, (online), available at: http://news.bis.gov.uk/imagelibrary/downloadmedia.ashx?MediaDetailsID=6389&SizeId=-1

References

15. arezzo.com.br/inverno2013/

16. bloomberg.com/news/2013-01-15/brazil-november-retail-sales-rise-for-sixth-straight-month-1-

.htm

17. bookofezekiel3.wordpress.com/2010/03/19/dear-president-luis-de-silva-its-good-to-share-

proportional-to-population/

18. cea.com.br/

19. Chee, H Harris, R. (1998). Gap Analysis. In: Chee, H Harris, R Global marketing strategy.

London: Financial Times Pitman Publishing . 71

20. cia.gov/library/publications/the-world-factbook/geos/br.html

21. comscore.com/Insights/Presentations_and_Whitepapers/2013/2013_Brazil_Digital_Future_in_

Focus

22. comscoredatamine.com/2010/10/orkut-facebook-and-twitter-growth-in-brazil/

23. en.wikipedia.org/wiki/Brazil

24. Nordstrom Investor Relations - http://phx.corporate-ir.net/phoenix.zhtml?c=93295&p=irol-

irhome

25. forbes.com/sites/ricardogeromel/2012/03/23/brazils-e-commerce-is-booming-record-breaking-

figures-in-2011-growth-of-26-earnings-of-11-bi/

26. gap.com/products/womens-clothing.jsp

References15. hering.com.br/

16. hm.com/gb/

17. huffingtonpost.com/2012/03/11/brazilian-spending-us_n_1337354.html

18. huffingtonpost.com/brian-honigman/100-fascinating-social-me_b_2185281.htm

19. institucional.geravd.com.br/arquivos/acontece/WebShoppers.pdf

32. instituteofcustomerservice.com/1711-8843/The-UK-Customer-Satisfaction-Index-January-

2012---executive-summary.html

33. just-style.com/analysis/zara-grows-in-brazil-while-gap-and-hm-dither_id112354.aspx

34. kpmg.de/docs/Folder_Market_Entry_ing-Final.pdf

35. latinlink.usmediaconsulting.com/2011/11/what-brazilians-buy/

36. lib.utexas.edu/maps/americas/americas_pol96.jpg

37. luxuryinstitute.com/blog/?p=2310

38. marisa.com.br/

39. online.wsj.com/article/SB10001424127887323301104578257950857891898.html

40. pwc.com/en_GX/gx/retail-consumer/pdf/brazil.pdf

41. socialbakers.com/facebook-statistics/brazil

32. sophiamind.com/en/research/beauty/women-are-satisfied-with-the-beauty-products-

available-today-however-they-are-not-loyal-to-specific-brands/

33. Thompson Reuters Street Events – Nordstrom at Bank of America Merrill Lynch

Consumer and Retail Conference

http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CDQQFjA

A&url=http%3A%2F%2Fphx.corporate-

ir.net%2FExternal.File%3Fitem%3DUGFyZW50SUQ9MTc1ODI3fENoaWxkSUQ9LTF

8VHlwZT0z%26t%3D1&ei=9jRUUfveM8G1PZ3FgcAF&usg=AFQjCNFzAsh3W9As7rK

F4gAWEujdxUH1iA&sig2=5k0TOzwYYKZCyg1hUkPqmQ&bvm=bv.44342787,d.ZWU

&cad=rja

34. time.com/time/world/article/0,8599,2075717,00.html

35. zara.com/webapp/wcs/stores/servlet/home/uk/en/

References

Back-up

Financial Summary

Added +$1B in sales

THREE CONSECUTIVE YEARS

Nordstrom

Rack $2bn

Nordstrom Rack Income Generated

2011

Brazil – Retail expectations

Latest fashion

Pay in instalments

One-on-one customer

service

Brazil – Retail Customs

Latest fashion

Prefer shopping

malls

Shop in groups

GAP Analysis UK

0

10

20

30

40

50

60

70

80

90

100

Nordstrom

GAP

H&M

Zara

Next

TK Maxx

0

10

20

30

40

50

60

70

80

90

100

PDI IDV MAS UAI LTO

Brazil

UK

Hofstede Analysis- UK

• Long Term Orientation score

of 25.

• Businesses are focused on

short term quarterly goals and

quick results.

• Individualism score of 89.

• The affluence of Britain has

increased throughout the last

decade, with wealth also

‘spreading North’.

• Rise of rampant consumerism

and a strengthening of the

‘Me’ culture.

Geert-hofstede.com

Hofstede Analysis - Brazil

0

10

20

30

40

50

60

70

80

90

100

PDI IDV MAS UAI LTO

Brazil

UK

• Individualism score of 38.

• Integrated into strong,

cohesive groups (especially

represented by the extended

family).

• Important to build up

trustworthy and long lasting

relationships.

• Power Distance Score of 69.

• The different distribution of

power justifies the fact that

power holders have more

benefits than the less powerful

in society.

“Brand equity ten”

Differentiation

Market priceBrand awareness Loyalty

Popularity

Market share

Perceived value Perceived quality

Brand personality

Organisational associations