En ljudlogotyp är en ljudkomposition som används för att särskilja ett varumärke. Ljudlogotypen ingår i varumärkens strategiska arbete för att skapa sig en bild i konsumenters medvetande. Denna bild kallas varumärkesuppfattning. Syftet med denna studie var att utöka kunskapen om hur musik kan användas i kommunikativt syfte i allmänhet och om hur melodin påverkar uppfattningen av varumärken i synnerhet. En webbenkät genomfördes för att studera om olika typer av melodisk kontur hos en ljudlogotyp kan ge olika effekter på hur ett fiktivt varumärke uppfattas ifråga om varumärkespersonlighet. Deltagare rekryterades via sociala medier. Till undersökningen utformades åtta videoklipp innehållande en ljudlogotyp och en grafisk logotyp. Videoklippen var identiska förutom att den melodiska konturen skilde dem åt. Deltagarna skattade i vilken grad de uppfattade fem olika personlighetsdrag hos den ljudlogotyp de fick höra. Resultaten analyserades statistiskt. Genom undersökningen genererades inget stöd för att typ av melodisk kontur skulle ha någon påverkan på uppfattningen av de fem personlighetsdragen. Lämpliga metoder för undersökningar om ljudlogotyper och varumärkesuppfattning diskuteras. För framtida studier inom området föreslås kvalitativa studier samt studier som undersöker andra musikaliska parametrar. Vidare efterfrågas mer forskning om melodisk kontur. / An audio logo, also called sonic logo or sound logo, is a sound composition utilized to differentiate a brand. A sonic logo is part of a brand’s strategy to create an image in the awareness of consumers. This image is called brand perception. The objective of this study was to expand general knowledge about music’s applicability for communicative purposes and moreover to specifically look at how melody affects brand perception. A web survey was conducted to investigate if different types of melodic contour in an audio logo can have different effects on the perception of brand identity for a fictional brand. Participants were recruited using social media. Eight videos consisting of an audio logo and a graphic logo were designed. The videos were identical apart from their melodic contours. Participants rated the degree to which they perceived five different personality traits for the audio logo they heard. The results were analyzed statistically. Through the survey, no support was generated for an impact from the type of melodic contour on the perception of the five personality traits. Appropriate methods for investigating audio logos and brand perception are discussed. For future research within the field qualitative design is suggested, as well asinvestigations into other musical parameters. Furthermore, additional research into melodic contour is proposed.

Background: The cosmetics industry has historically been associated with women, and much research has focused on them. However, the male cosmetics market has been growing rapidly for several years around the world. Nevertheless, little attention has been paid to men and their new way of life and consumption. France, which is the world’s leading exporter of cosmetic products, is struggling to convince its domestic market. Even though many forecasts predicted the French market to be one of the most dynamic and fastest-growing markets in the world, the lack of attention in the literature regarding the behavior of French male consumers motivated us to carry out a study designed to identify and understand the potential reasons that could explain the delay in the development of the cosmetics market. Purpose: The objective of this study is to understand the behavior of male consumers in France towards cosmetic products. We observed their perceptions of concepts of masculinity, what it means to be a man, body image, self-concept, and perception of brands present in the French market. This study responds to the need of the literature in which attention to the behaviors and attitudes of men consuming cosmetic products has been poorly studied despite the rapid growth of these markets worldwide. The phenomenon of grooming among men in France is still poorly understood. Method: We studied the behavior of French male consumers based on the Consumer Decision-making Process (CDP) model and its phases: problem recognition, information search, evaluation of alternatives, purchase decision and post-purchase evaluation. We followed a qualitative methodology and conducted 12 in-depth semi-structured interviews with French male consumers of cosmetic products aged between 20 to 25 years. We used a non-random sampling method to select participants with experience with cosmetic products from our personal networks. Under an interpretivism paradigm, the results were analyzed using thematic qualitative data analysis to discover new emerging themes in the French socio-cultural context. Findings: The results show that our participants encounter difficulties in defining their conceptions of masculinity and manhood, and openly criticize the traditional masculine stereotypes in French society and the consequences they have on relationships with others. As a result, they do not recognize themselves in the brand images and promotional campaigns of major cosmetic brands because they are considered too traditional and stereotypical. Moreover, the respondents say they are exclusively interested in their personal well-being, which implies that they buy cosmetic products to meet physiological needs, without worrying about aesthetic considerations imposed by others. We also observed that our participants do not use online distribution channels because they are concerned about the human relationship of physical outlets. The men we interviewed have great confidence in the cosmetic products recommended by health professionals. Therefore, they usually buy their products in pharmacies or parapharmacy, and more generally in supermarkets for classic products for accessibility reasons. The quality and effectiveness of cosmetic products are at the heart of the participants’ concerns. This study contributes to the understanding of male cosmetic consumer behavior, which may be useful for marketers wishing to adjust their strategies based on our empirical observations.

This master's thesis focuses on the concept of branding in politics. The main aim of this piece of work is comparison of perception of brand personality. In this case, the party leader Petr Fiala by ODS and Karel Schwarzenberg by TOP 09, have been chosen for this research. The brand value was assessed by procedures which were suggested by K. L. Keller. The OCEAN concept, created by Gerard Saucier, was used for brand personality research, which is the main pillar of this thesis. The sample of 212 students of political science and economics took part in the above mentioned research.

El presente trabajo se interesa en aquellas marcas que han usado futbolistas de la selección presentándolos en escenas relativas al humor y, con ello, alejados de la solemnidad y rigor del espectáculo futbolístico. La investigación desarrollará dos categorías que explican la problemática a trabajar: el humor definido como un modo de comunicación lúdica presente en la publicidad de marcas financieras y las actitudes de los jóvenes respecto a la personalidad de aquellas marcas cuyo rubro connota prácticas serias y en algunos casos alejadas del humor. De esa forma, el objetivo principal de la presente investigación será analizar la influencia del humor en las actitudes hacia la personalidad de marca en hombres de 20 a 25 años del distrito de Santiago de Surco. Caso spots de la campaña ‘cuenta Free’ de Scotiabank 2019. La metodología de la presenta investigación será cualitativa, debido a que se basará en investigar a personas y escenarios en que se encuentran considerándolos un todo. Asimismo, el diseño de la investigación a utilizar en el presente trabajo será Teoría Fundamentada, determinado debido a que implica un estudio de la realidad social para comprender de qué manera funciona el mundo y comprender los rasgos de la actividad humana. / The present work is interested in those brands that have used national characters presenting them in scenes related to humor and, thus, far from the solemnity and rigor of the football show. The research will develop two categories that explain the problems to be worked on: humor defined as a playful mode of communication present in the advertising of financial brands and the attitudes of young people regarding the personality of those brands whose heading connotes serious practices and, in some cases, away from humor. Thus, the main objective of this research will be to analyze the influence of humor on attitudes towards brand personality in men between 20 and 25 years of age in Santiago de Surco district. Spot case of the Scotiabank 2019 ‘Free Account’ campaign. The methodology of the investigation will be qualitative, since it will be based on investigating people and settings in which they are considered as a whole. Likewise, the research design to be used in this work will be Grounded Theory, determined because it implies a study of social reality to understand how the world works and understand the features of human activity. / Trabajo de investigación

En este trabajo se analizará la relación entre el Brand Personality y el Consumer Personality y su influencia en el Brand Loyalty en el sector de zapatillas. Se identificará la importancia de esta investigación para el mercado peruano y se determinará si es que realmente existe una relación entre las primeras dos variables que pueda impactar en la tercera. El enfoque de esta investigación se centra en el consumer personality, cuyas dimensiones son personalidad, rasgos sociales e identificación, en cómo esta variable se refleja en el brand personality, con dimensiones como sinceridad, responsabilidad, actividad y emoción y posteriormente, en cómo esta relación influencia en el brand loyalty que desarrolla el consumidor. Se empleará un modelo de análisis correlacional y de regresión lineal múltiple como metodología para el estudio y se tomarán en cuenta las limitaciones que puedan proceder del cambio en el hábito de consumo de las personas por la coyuntura actual. / In this work we will analyze the relationship between Brand Personality and Consumer Personality and their influence on Brand Loyalty in the sneakers sector. The importance of this research for the peruvian market will be identified and it will be determined whether there really is a relationship between the first two variables that may impact the third. The focal point of this research focuses on the personality of the consumer, which dimensions are personality, social traits and identification, in how this variable is reflected in the personality of the brand, with dimensions such as sincerity, responsability, activity and emotion and later, in how this relationship influences the brand loyalty developed by the consumer. We will use a correlational analysis and multiple linear regression model as the methodology for the study and the limitations that may come from change in people’s consumption habits due to the current situation will be taken into account. / Trabajo de investigación

In recent years there has been an increase in the usage of social media. This trend coincided with the increase in promotion via influencers and with overall growth in public interest in health and fitness. This has led to an opportunity for new marketing strategies, namely influencer marketing. Through empirical observations we have identified early adopters of the influencer marketing strategy growing exponentially, especially in the sports wear fashion industry where relatively young companies have taken market share from bigger companies. Literature has shown influencer marketing to be beneficial to target customer segments efficiently and cheaper compared to traditional means of marketing. Hence, the purpose of this study is to examine how companies in the sportswear fashion industry use influencer marketing, how influencer marketing affects the consumers buying process and post-purchase behavior. By analyzing various factors of influencer marketing and the customer journey we have gained valuable insights into the interaction dynamics between companies, influencer and consumers and into what constitutes a successful influencer marketing campaign. In order to conduct this study, a theoretical framework has been designed centered on theories about influencer marketing, consumers' journey and brands. The study has used a qualitative method where 8 semi-structured in-depth interviews with industry representatives have been carried out. The respondents come from four different sportswear fashion brands and are well versed in this subject. The authors have considered all ethical aspects and made sure that non-identifying information is included that can be traced or linked back to the respondents. The interviews were conducted via Zoom and over the phone and the authors chose to do a thematic analysis to answer the research question: How do brands use social media influencers to affect consumers' journey within the sportswear fashion? The results from this study indicate that brands can use social media influencers to influence consumers' journey in sportswear fashion. The biggest and foremost reason brands can influence the consumer journey is the choice of influencers. A developed model from empirical data and analysis has been created to explain this process. The model shows how brands start by choosing an influencer, what factors influence the choice, then who the influencer should be and the desired characteristics, and finally how influencers affect consumers, how consumers react and the relationship between all parties.

行銷上，我們可以看到有許多品牌透過與消費者建立關係，來創造其與消費者之間更緊密的連結。這種策略的其中一種做法，便是為品牌塑造一種個性，使品牌與消費者之間建立關聯。而品牌個性的概念乃是基於消費者對於品牌的知覺，將人類的性格與特質加諸在該品牌上。消費者傾向透過在品牌當中尋求自我表達的功能，因此如果個人能夠認同該品牌，將會經驗較高程度的自我概念一致性，從而正向影響他對該品牌在理性和感性上的評估。 時尚產業的服飾、配件等主要產品具有外顯的性質，在消費者使用這些產品的時候，得以藉此表達自我的形象、特質，因此，在時尚產業的行銷當中，品牌與消費者的自我概念一致性被視為扮演重要的角色。然而，時尚產業當中不同的產業位階，如傳統精品、快速時尚，兩者即有諸多面向的不同，在不同位階之間，究竟品牌應塑造與其目標客群在真實自我，或是理想自我上的一致性，才能成功創造消費者對品牌較好的態度，甚至產生情感依附呢？ 本研究旨在分析品牌個性與消費者的真實與理性自我概念一致性在傳統精品、快速時尚品牌之間，是否存有適用性上的差異。研究首先回顧過去相關研究之文獻，了解品牌自我概念領域的研究進程，並探討自我概念一致性類型、時尚產業位階之間的特性，以及消費者在理性與感性上評估品牌的指標。接著訂定研究方向，以人物個性和品牌個性共同組成真實、理想自我一致性的不同情境，從而探討當品牌在提升消費者品牌態度與品牌情感依附時，在傳統精品和快速時尚之情形下，品牌自我概念一致性的適用性各自為何。 本項研究實驗採用情境故事法進行，並以2（人物個性：真實外向理想內向、真實內向理想外向）x 2（品牌個性：外向、內向）x 2（時尚產業位階：傳統精品、快速時尚）的二因子實驗設計，將實驗總共分成八組。 本研究發現，不同的時尚產業位階在真實、理想自我概念一致性並無顯著適用性的差異，反而在整體而言，皆以真實自我概念一致性對於品牌情感依附具有顯著較好的影響。 因此，對於時尚產業之行銷規劃上，無論傳統精品或快速時尚，皆應以其目標客群之真實自我為其設計品牌個性之主要依據，並強調品牌貼近、表達，並能體現消費者之真實狀態與價值，從而成功提升消費者對品牌之情感依附，加深消費者與品牌之心理層面連結。 / In today’s marketing world, it is commonly seen that certain brands are trying to build up relationships with their consumers in order to create a stronger connection with them. Among the many tactics of this strategy is to match the brand’s personality with that of the consumers’, in turn generating a linkage in between. The concept of brand personality is to have the brand endowed with a personality which is usually found in humans. A consumer tends to seek and pursue within the brand the function of self-expression, since if a consumer can identify with the brand, he will experience a higher level of self-congruence, which then leads to positive impacts on his perception and evaluation of that same brand. The conspicuousness of apparels in the fashion industry implies the fact that consumers use these products as a means to express their self-images and personality traits. Therefore, brand self-congruence plays an important role in the marketing of such an industry. Nevertheless, since characteristics vary greatly within the fashion industry due to the existing hierarchy among brands, there remains the question whether a fashion brand should create a personality to fit the actual or ideal self-congruence of its target audience to successfully generate better brand attitude and even form stronger relationships as emotional brand attachment. The objective of this study is accordingly to analyze whether the application of actual and ideal self-congruence differs within the fashion industry. The study first reviews previous literatures related to the topic to understand the progress having been made to date, and researches on the topic of types of self-congruence, the fashion industry, and the predictors of consumer evaluation of brands. The study then moves on to setting the conceptual framework, where scenarios were designed to understand the application of actual and ideal self-congruence of luxury fashion and fast fashion. The study adopts a scenario approach to manipulate self-congruence, and has a 2 (personality of the person: actually extrovert-ideally introvert vs. actually introvert-ideally extravert) x 2 (brand personality: extravert vs. introvert) x 2 (fashion industry: luxury fashion vs. fast fashion) between-subjects full factorial design, generating eight experimental conditions. The study found no significant difference between luxury and fast fashion in terms of the application of two self-congruence types. In contrast, a generally better influence is seen for the actual self-congruence in generating consumer emotional brand attachment. Therefore, the study attempted to suggest that actual self-congruence should be used to build brand personality both for luxury fashion and fast fashion through expressing and performing consumers’ authentic self and value, so as to successfully increase emotional brand attachment which in turn deepens the psychological connection.

自從歐盟成立後，歐洲市場對於台灣經濟的重要性與日俱增，目前為台灣主要貿易國家 (地區) 中出口成長率最高的地區，而德國又為台灣在歐洲進出口貿易額中最高的國家，然而國內學術界對於德國乃至於歐洲地區的消費者研究卻屈指可數，大多著重於中國大陸、美國與日本的研究，造成此現象的原因除了是過去歐洲市場在台灣的經濟地位不比中、美、日之外，也與台灣留學國外少以歐洲為主有關，造成與消費者相關的初次級資料取得不易、研究成本過高等因素，但隨著國內研究生赴歐洲交換學生的趨勢漸增，將提供國內學術界與實務界暸解歐洲消費者的機會。 本研究首先從過去的跨文化研究中暸解台灣與德國在各文化構面上的差異，推論受到文化所影響的品牌個性、廣告訴求與消費者價值信念，在台灣與德國消費者的認知中同樣會產生差異；此外，本研究也進一步探討品牌個性、廣告訴求、消費者價值信念與品牌偏好度的關係。本研究以問卷調查的方式蒐集台灣與德國消費者的第一手資料，並根據此初級資料進行分析比較，問卷內容包括品牌個性構面、品牌偏好度、廣告訴求、消費價值信念以及基本資料等五個部份，品牌則選定「Mercedes-Benz賓士汽車」與「Acer宏碁電腦」等兩個在台、德具有知名度的品牌。為了能夠順利進行調查，本研究分別以中文及德文版問卷在台灣與德國進行研究，採隨機發放的方式，總共蒐集了495份有效問卷，其中台灣問卷有247份，德國問卷有248份。 研究結果顯示，台灣與德國消費者對於同一個品牌的品牌個性、廣告訴求具有顯著差異，均對本國品牌較有正面的觀感，而台、德消費者價值信念也因為文化的不同而在「名牌情結」、「他人導向」、「情面影響」、「享樂主義」、「簡約習性」及「保障需求」上具有顯著差異。本研究的實證結果還發現，品牌個性會與消費者的品牌偏好度有關，而品牌偏好度受到廣告訴求與消費者價值信念的影響程度就相對較小。 廠商可依據本研究結果針對台灣消費者的「他人導向」、「簡約習性」、「保障需求」與「價格敏感」等信念，以及德國消費者的「享樂主義」、「價格敏感」與「簡約習性」等信念設計行銷活動，也可以藉由塑造品牌個性來增加消費者的品牌偏好度，對於學術而言，本研究不僅增加國內學術界對於歐洲市場的瞭解，更得到品牌個性、廣告訴求與消費者價值信念皆能影響品牌偏好度的結果，其中品牌個性又能明顯影響品牌偏好度，本研究成果可供後續相關研究作為深入探討的基礎。 / Since the establishment of the EU, the importance of the European market to Taiwan has been steadily increasing. Among Taiwan’s major trading countries (areas), the European market has the highest export growth rate, with the highest volume of trade happening between Germany and Taiwan. Despite this fact, researches about German or European consumers are still rare in the domestic academia, where the focus is mostly on China, USA, and Japan. There are some reasons causing this. First, Europe’s economic status of was lower than the previously mentioned countries. Also, there were fewer scholars from Europe, which may lead to higher research costs and difficulty in collecting data among others. Nevertheless, with the increasing number of exchange students going to Europe, this would offer domestic academia and businesses an opportunity to better understand European consumers. This research starts with an examination of previous culture-related literatures to discover the differences in all cultural dimensions between Taiwan and Germany. From this, the research infers that there would also be differences in brand personality, advertising appeals, and consumer value-beliefs. Moreover, the research discussed the relationship between brand preferences and brand personality/advertising appeals/consumer value-beliefs. Two well-known brands were selected, Mercedes-Benz and Acer, and questionnaires for each brand were developed and distributed randomly in Taiwan and Germany. Four hundred ninety five valid questionnaires were collected, among which 247 were collected in Taiwan and 248 were in Germany. The results revealed that there were significant differences in one brand’s brand personality and advertising appeals. Furthermore, consumers had more positive attitudes toward their home country’s brand. The research also found that consumer value beliefs affected by the culture were different between Taiwan and Germany in “Brand Favor,” “Conformance Orientation,” “Face Influence,” “Hedonic,” “Frugality Intention,” and “Security Needs.” In addition, it was proved that brand personality was significantly related to consumers’ brand preferences. However, advertising appeals and consumer value-belief had relatively lower influence on the brand preferences. Businesses could utilize the results of this study to devise marketing initiatives depending on consumer value-beliefs, such as Taiwan’s “Conformity-orientation,” “Frugality intention,” “Security Needs,” and “Price Sensitivity” and Germany’s “Hedonic,” “Price Sensitivity,” and “Frugality Intention.” Moreover, businesses could also build favorable brand personality to influence brand preferences. As for the academia, this research not only broadens the understanding of the European market, it also finds the relationship influence between brand personality, advertising appeals, consumer value-beliefs, and brand preferences, especially that in which brand personality significantly influences brand preference, which could be the base of further investigation.

為建立適用於本土文化的品牌性格量表（brand personality scale），本研究以主位取向（emic approach）的角度，採取基本語彙策略（fundamental lexical strategy），依序建構「品牌性格語彙詞庫」與編製「品牌性格量表」，以期建立的量表具有本土契合性（indigenous compatibility）。本研究以六個階段依序進行，在語彙詞庫建構部分，透過「知名品牌調查」、「性格語彙蒐集」與「品牌性格語彙篩選」三個階段，得到253組相似詞組，收錄959個品牌性格語彙。最後，再利用使用頻率區分使用層級，進而建構出「品牌性格語彙詞庫」與「性格語彙檢索表」。在量表編製部分，則包含品牌性格語彙適合性調查、品牌性格語彙與品牌配對，以及品牌性格調查三個階段。經因素分析主成份法與信度分析，得到「知性與感性」、「冒險創新」、「能幹可靠」，以及「純淨健康」四個品牌性格構面，信度分別為.99、.97、.96與.91，總解釋變異量為87.45%；經純化後，四構面的信度分別為.96、.95、.94與.88，題項由89題縮減至37題。 本研究透過對譯方式，分別與Aaker建構美國和日本品牌性格構面進行跨文化比較。結果顯示：(1)本土與美日的品牌性格構面不具有一對一的對應關係；(2)本土品牌性格構面，僅有「冒險創新」構面特質較接近美國「Excitement」構面（達47.62%），而「知性與感性」、「能幹可靠」與「純淨健康」三構面分別有57.14%、70.59%與69.23%的性格特質未出現在美國品牌性格構面中；(3)本土品牌性格構面，僅有「純淨健康」構面特質較接近日本「Sincerity」構面（達38.46%），而「知性與感性」、「冒險創新」與「能幹可靠」三構面則分別有69.05%、71.43%與70.59%的性格特質未出現在日本品牌性格中。此說明，本研究建立品牌性格構面在本質上是異於美國與日本品牌性格構面，是可以反映本土重視的品牌性格特質。

隨著資金、市場與人才國際化的趨勢，企業面對的競爭越來越激烈，企業從單品牌策略逐漸走向多品牌策略；其中，併購品牌為最快速、控制與投資程度高的品牌組合建立方式，也是目前品牌組合建立的主要趨勢，尤其以國際大型集團發起的併購案件，近幾年於市場上更是層出不窮。然而，目前關於併購行為所產生的益處與影響，多著重於有形資產財務指標的表現，而忽略無形資產的變化，然而品牌是企業彰顯價值以及與消費者溝通的橋梁，是競爭優勢來源之一，因此，本研究欲以消費者的觀點，探討品牌併購會消費者品牌認知的影響。 本研究選定保養品牌作為研究目標，操弄「併購類型相關性」與「品牌個性相似度」等變數，探究品牌併購前後，消費者對主併品牌與被併品牌「品牌權益」與「購買意願」的變化；本研究首先進行前測，找出保養品牌個性差異小與個性差異大的品牌組合，以作為正式實驗之研究標的；接著透過實驗分組，探究受試者對這些品牌組合的反應，以得到其對品牌權益與購買意願產生的變化。 本研究結果顯示，對主併品牌而言，在併購之後，對品牌權益與消費者購買意願變化並無明顯差異，但有相關性併購優於非相關性併購、品牌個性相近組合優於品牌個性相異組合的傾向；而對被併品牌而言，在被併購之後，品牌權益與消費者購買意願變化皆有顯著提升，並且相關性併購提升程度大於非相關性併購，品牌個性相似組合提升程度亦大於品牌個性相異組合。透過本研究結果分析，發現併購活動會造成企業無形資產品牌權益與購買意願的變化，因此，企業在進行併購活動時，應將品牌納入併購活動策略考量中，同時也應注重併購品牌的相關性與品牌個性相似度，以避免對彼此的品牌受損。 / With the internationalization of capital, market and human resources, companies are facing more and more intense competitions. In order to deal with this situation, companies moves from single brand strategy to multi-brand strategy, especially the strategy of merger and acquisition (M&A), which is a fast, highly controlled and highly invested method to develop multi brands. At the same time, M&A is the most common way nowadays to apply multi-brand strategy, especially for international corporations. However, the researches about the advantages and influences of M&A have focused on tangible assets, such as financial performance, instead of focusing on intangible assets, such as brand equity and brand image, which are also important to the corporations. Brand is not only a channel for company to communicate with customers but also a source of competitive advantages. Therefore, this study wants to research how the brand merger and acquisition affects customers’ brand recognitions. This study chooses beauty care brands as research object, and “merger type” and “brand personality” as variables. By undergoing an experiment, this study examines the changes of “brand equity” and “purchase intention” after M&A for both acquiring and acquired brands. The findings are, for the acquiring brand, there is no significant change in brand equity and purchase intention after M&A, and related M&A is better than unrelated M&A, while the similar brand personality combination is better than distinc one. As for the acquired brand, there are significant rises in brand equity and purchase intention after M&A, and just like the acquiring brand, related M&A is better than unrelated M&A, while the similar brand personality combination is better than distinc one as well. This study’s results show that the M&A would actually affect corporation’s intangible assets, brand equity and purchase intention. Therefore, when corporations decide to implement M&A strategy, they should take “brand” in consideration. Also, corporations should pay attention on the merger type and brand personality between acquiring and acquired brand to prevent the harm on both brands after M&A.