Brand Exploratory
A brand audit is a detailed assessment of a brand’s current ranking in the market compared to other competitors. It provides information on how the business is performing in the market. A brand audit also aims at examining the image and reputation of the brand as perceived by customers. The two key elements of brand audit are brand inventory and brand exploratory. Brand inventory provides up to date itinerary of how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken so as to comprehend what consumers feel about the brand. It seeks to conduct a consumer insight research in order to acquire consumers’ feelings and perceptions. This paper looks into the brand exploratory of Cadbury in terms of the customer-based brand equity (CBBE) model.
Customer- Based Brand Equity (CBBE) Model
Building and enhancing a strong brand has been found to have profitable rewards in business, it has therefore become a prime priority for many firms. Customer-base brand equity (CBBE) is a model that has been adopted by Cadbury in order to build a strong brand that can compete with the other ones in the market. The company has followed the four steps of the model. The first step involves the establishment of appropriate brand identity, which includes enhancing customer awareness of the brand.
The second step deals in creation of proper brand meaning through powerful and unique brand connection with the customers. The third step involves invoking positive brand response while the fourth one involves engaging the customers so as to build a brand affiliation aimed at enhancing active brand loyalty. However, some building blocks are requisite in order to achieve these steps. These...
... middle of paper ...
...der to ensure that the quality of its products is upheld (Grover & Vriens 2006, p. 147).
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin
.
Works Cited
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future advances, Sage Publisher, California.
Rommaniuk, J & Byron, S 2004, ‘Marketing Theory’, Conceptualizing and measuring brand salience, vol.4, no 4, pp. 327-342.
Zikmund, WG & Barry, BJ 2010, Essentials of Marketing Research, 4th edn, Cengage Learning, Mason.
The brand identity building process is complex. This is especially true for organizations that offer a range of services and products. The process entails extensive research, including market research, marketing audit, competitive audit and usability, and a clear branding strategy. Furthermore, a brand identity is only truly successful when customers closely identify with the brand. This happens when a brand caters to customer requirements and preferences. Marketers have to keep this in mind and ensure that the brand identity is aligned with, and relevant to, its customers.
Brands have become subjects of increasing interest to marketers over the years. There have been extensive studies to understand the idea of what a brand is. While taking into consideration the success of a brand, the marketers must ask whether - sales, contribution to market share, additional profit margin, loyalty generated, and awareness or corporate image contribution are the key factors that drive the success or failure of a brand. However, today marketers must look from a different viewpoint - not from the viewpoint of those who create, develop and nurture brands but from the point of view of the ultimate audience, the consumers of brands. Therefore, a successful brand understands its perception and therefore the people who perceive it (Keller, 2003).
[a] company may have a unique vision, a superior product, strong management and an efficient distribution system – yet if it is not able to convey the core benefits of the brand to its target audience it will ultimately fail. [5]
...of brand equity in an organizational-buying context. Journal of Product & Brand Management, Vol. 6(6), pp. 428-437.
A brand is a powerful tool to be able to rely on its strength for its approach to consumer. Getting your target market choose you over the competitor is essential but getting your brand has a prospect to fulfill consumer needs and wants as their main solution is important. To assess the current position of a local brand and global brand in Indonesia, it is crucial to analyze how the brand is recognized, how the brand is appraised and to what extent consumers are entrust to the brand. (Dillon, Madden, Kirmani, & Mukherjee, 2001) give a model to analyzed brand based on two components: brand-specific associations and general brand impressions. The model can give a benefit too:
The second step deals in creation of proper brand meaning through powerful and unique brand connection with the customers. The third step involves invoking positive brand response while the fourth one involves engaging the customers so as to build a brand affiliation aimed at enhancing active brand loyalty. However, some building blocks are requ...
The development of branding was created as a vehicle for companies to create and distinguish their products and services at the same time it is a way to set them apart from those of the competitors. A brand also offers consistency and quality in the eyes of the customer thereby setting the stage for a long and prosperous relationship, for example: McDonald’s, Startbucks, KFC etc offer customers the same quality and consistency on their products regardless of the geographical location, qualities that customers have come to expect when they visit any of these establishments (Mccabe and Boyle, 2006).
Companies use a collection of brand equities to represent their products in the market (Voolnes, 2012). Brand equity refers to the commercial value that is derived from the perception of consumers on any given brand name of particular products in the market as opposed to the product itself. Ataman (2003) notes that the effect to the consumer is in the brand name and not the product itself. Companies use logos, trademarks and a collection of other symbols to present this information to the customers. The use of these symbols is meant to try and capture the customer mindset so that they can be thinking about the company products at all times through the items they possess at home (Estes, Gibbert, Guest, & Mazursk, 2012). This can well be explained by use of the customer-based brand equity model that brings together the requirements for a publicly renowned brand in the market.
This model pinpoints 4 main aspects of brand equity (+ 1 supporting as-pect), which shows to what extent strong brand influences buyers product and brand evalua-tions. For every brand category, the COO of the brand has a significant effect on the brand equity (Saydan, 2013). There are also a number of micro-related predictions that follow the conceptualisation of this particular type of equity as a four-dimensional construct.
(Farquhar et al., 1991; Simon and Sullivan, 1992).Brand equity has been examined from two different perspectives – financial and customer based. The first perspective of brand equity that is not discussed in this article is the financial asset value it creates to the business franchise. This method measures the outcome of customer‐based brand equity. Researchers have developed and effectively tested accounting methods for appraisal of the asset value of a brand name
To measure customer-based brand equity, most marketing researchers employ Keller’s (1993) and Aaker’s (1996) brand equity dimensions. Keller (1993) defined customer-based brand equity as “the differential effect of brand knowledge on consumer response to the marketing of the brand”. He introduced a conceptual framework of brand equity with two broad components: brand awareness and brand image. Brand awareness is the familiarity of the brand under different conditions. Brand image is defined as “perceptions about a brand as reflected by the brand associations held in consumer memory” (Keller, 1993). It is important for firms to understand the brand equity from a customer perspective. According to Keller (1993), positive customer-based brand equity is created when consumers have the ability to identify the brand and have some favorable, strong and unique associations with the brand in their
What comes to mind when you hear the term “brand” or “branding” in marketing? Nike? McDonalds? Five dollar foot long? Whatever it is, the importance of branding in the marketing mix should not be argued against, instead, it should be studied further to reveal what makes this aspect so important. Therefore, the following is an assessment of what a brand means to consumers and the effect it has on their purchasing behavior. This will also evaluate the importance of brands to the companies that own them and the qualities each company hopes to attain when creating their brand. Lastly, this assessment will uncover reasons for brand failure and offer suggestions on how businesses may build a stronger brand.
The brand development process is categorized as an important element of business development matrix. The overall sustainability and progress of the business depends on brand development framework of the organization. In this reference the role of consumer is significant to contribute significantly in brand success and determine the profitability of the firm. Consumer contributes positively to improve the marketing strategy of the firm and helps to understand the consumer psychology that includes consumer thinking process, consumer perception regarding the brand, consumer behavior toward the brand, key characteristics of the brand that are considered significantly by consumer to determine the consumer taste and make purchase
3] Keller, K.L. (1993) Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing 57, 1–22.
This article studies the relationship between advertising and sales promotions and their impact on brand equity. A main priority for most companies is to establish and achieve a strong and powerful brand name. A company can build a strong brand name by creating the market for their customers want. By creating a strong brand name, a company will become more established. Brand equity is important to the producer, retailer and consumer. The consumer knowledge of the brand says how the producer will produce and market the product. The consumer knowledge of the brand name also determines the quantity the retailer will sale. Brand equity can have a positive or negative effect. A positive effect would be for everyone to recognize the name and purchase the product. The negative effect would be to have the product recalled. Brand equity is important because it can offer many advantages for a company. Brand equity can create a high demand for your product, reduce marketing cost and the company’s brand name will have high credibility.