This approach would be more concerning to a brand manager, as they would have to build a brand that is attractive to the target audience of the company. Furthermore, it would also mean that the company should be offered positive service quality, as brand equity can be heavily dependent on a consumers’ past experience with a company.
BUILDING BRAND EQUITY The basis of brand equity lies in the relationship that develops between a consumer and the company selling the products or services under the brand name. A consumer who prefers a particular brand basically agrees to select that brand over others based primarily on his or her perception of the brand and its value.The Means and Limitations of Building Brand Equity Introduction Organizational strategic brand management plan is a process that identifies and defines the strategic and directive decision-making on the resource allocation.The fundamental concept of brand equity lies in the fact that the brand has power implanted in customer’s mind and this is facilitated by their experience over a long period of time. Therefore, brand equity is a culmination of processes that head to realization of a special and distinct brand identify.
Brand image, brand awareness and brand meaning have their direct impacts on brand equity. Secondary brand association transmits the equity of various businesses to the brand in consideration. Consumers judge the brand value on the basis of brand elements that are associated directly and primarily with the underlying product, for instance, physical features, packaging and colors, and.
Brand image is generally carefully developed by the brand owner through marketing campaigns or product positioning. The image of a brand may develop spontaneously through customer responses to a product and it can be seriously damaged through inappropriate advertising or association with somebody or something that has fallen from public favour.
My Voice: Brand Equity Essay - My Voice: Brand Equity Branding is an effort on the part of the manufacturer(s), marketer(s), to create a distinctively unique image about their market offering(s) in the heart and mind of the consumer(s) through delivering value, utilizing marketing promotion and various brand building initiatives.
Building And Maintaining Brand Equity The feature of luxury is base on the fact that it is a brand, which is a basic discrepancy of luxury and craftsmanship. According to Keller (2003, p.60), “brand equity is the differential effect that brand knowledge has on consumer response to the marketing of the brand”.
Esomar Report Essay. Sumeet is currently the Category Head for Horlicks, health food drink company General Manager, Marketing in India. In his previous role, Glaxo SmithKline Consumer Healthcare Sumeet was head of the DLF Plaza Tower, DLF Phase 1, Gurgaon, Crocin brand, a popular OTC Haryana, India analgesic in India.
As a societal marketing program, RMHC contributes to McDonald's brand equity through six steps. They are building brand awareness, enhancing'brand image, establishing brand credibility, evoking brand feelings, creating a'sense of brand community and eliciting brand engagement. The following section would discuss these six ways in detail.
To build a strong brand equity, companys should convey exclusive and positive brand association to consumers. For example, considering Sony, consumers alway link with colourful, creative, digital and so forth. Diverse associations have been linked with this brand. These brand associations ultimately work on consumers ' decisions.
Brand Building is generating awareness, establishing and promoting company using strategies and tactics. In other words brand building is enhancing brand equity using advertising campaigns and promotional strategies. Branding is crucial aspect of company because it is the visual voice of the company. Goal of brand building is creating a unique image about the company.
Brand Equity Perhaps the most distinctive skill of professional marketers is their ability to create, maintain, enhance and protect brands. Branding has become a marketing priority. Successful brands command a price premium and elicit much loyalty.
Building brand equity is one of the ways through which it can gain this superiority over this competitor. This firm offers products that are almost identical to that of Top Coffee Brewers. Male Coffee Shop can outsmart other market rivals by building a brand equity that would help it differentiate its products in the market from those of other market competitors.
This term paper is made on Building Brand Equity. A product is a cluster of value delighted for which consumer are willing to exchange money. Product itself is at the heart of brand equity. Every product should have a personality.
These retailers make large investments to build brand image and brand equity. One part of this branding strategy is to launch store brands. One of the leading grocery retailers, the British supermarket chain Tesco, has developed a look and feel for its own-brand products that reflect its brand values rather than the values of the established brands in each category (Wolff Olins, n.d.).
Brand-building is enhancing brand’s equity directly and indirectly through marketing campaign and promotions respectively. Brand equity is the significance your business name has in the industry without accounting the profitability of the company (Vincent, 2012).
After building a strong brand equity for a brand, positive brand image can be build. We have discussed what a brand image is and how it works but brand equity is also very important for a successful and growing or expanding brand (Aaker,1991; Yasin et al., 2007).