Doyle (1990) suggests that a winning strategy for building a successful brand lies in building quality, providing good service, innovation and differentiation.
Brands that have been successful have built a high level of brand equity, which is defined in terms of the marketing effects uniquely attributable to the brand. (Keller, K. 1993). It is synonymous to the price, market share and profitability the brand commands in the marketplace for the firm.
Beside valuation purposes, brand equity can be used to improve marketing productivity stemming from the firm’s success creating knowledge about the brand in customer’s mind from investments in previous marketing campaigns. (Keller, K 1993).
Previous research introduced the concept of customer based brand equity, define as the differential effect that a brand knowledge has on consumer response to the marketing of said brand (Kotler et. Al 2009); which can be positive or negative based on how favorable customers react to each element of the mix when the brand is identified (awareness) vs. not.
Building customer-based brand equity req...
Marketing and Brand Management Strategy – Showing the passion and pursuit of innovation to create strong global awareness of the brand.
Kevin Keller’s brand equity model is known as the Customer Based Brand Equity Model (CBBE). This model was first introduced in his book, Strategic Brand Management. According to the model, a company must shape how customers think, feel, and act towards a product in order to build a strong brand. A consumer must have the right type of experience around the brand, which foster positive thoughts, opinions, perceptions, beliefs and feelings. By building strong brand equity, customers will recommend company products and will buy more of them. Moreover, this increases brand loyalty and decreases brand switching to competitors. One’s memory consists of a network of associations and connecting links, and any association ever processed about a brand
The term “personal branding” has over the recent past been associated with Tom Peters, a renowned management guru. A brand can be described as the comprehensive, consistent value that a person receives from using a product or service. It conveys a whole set of expectations which can be either negative or positive. A brand is also described simply as a bundle of benefits, attributable to a product or service. Is branding limited to goods and services?
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
Intro Deciding what you want to study during your college career can be a difficult and tedious task. This is due to fact that many young adults coming out of high school are unsure of what they want to do or what path to take career wise. It is also tedious because this requires that these individuals have to constantly try and explore new avenues so that they can find their passion in life. The path I chose to take when coming out of high school was entering the business school at Howard University.
In order to get a clear cut understanding of the effects and utilization of branding strategies to create high value; brand equity and achieve brand loyalty, the qualitative method will be applied to the research. It was believed that the usage of this method will facilitate to gain insight and describe complexity (Hanson and Grimmer, 2007). The research displays an inductive approach where the data will be assembled from the literature review and also by further field research such as interviews and observation. One major advanta...
Brand attitudes: it’s the consumer evaluation of brand .Keller (1993)another important impact distinctive Between 11 dimensions: product attributes, intangibles, customer benefits, price, use/ application, user, product class, celebrity, country of origin, competitors, and life style. Aaker’s and Keller’s show many topologies like price, user imagery, usage imagery, and product attributes I will identify some weakness , but it should be considered that how it’s possible to trap the content of consumer knowledge. Aaker (1991). "Sum of the total brand impression is called brand image (Herzog 1973), anything that is associated with brand (Newman 1957), and "the perception of the product" (Runyon and Stewart
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.
Brand equity is crucial as it implies that the brand itself is an important (financial) asset and can be calculated in financial terms (Barwise, 1993). This is particularly important in the luxury sector as from a behavioural viewpoint, brand equity can differentiate a company or product from other competitors, adding to their competitive advantages based on non-profit competition (Aaker, 2004). The model created by Aaker (1992) states that there are four categories of brand equity; Loyalty, Awareness, Perceived Quality and Associations. Luxury branding relies on a high level of perceived quality, loyalty and associations, although potentially less so for awareness, as it is thought that consumers choose luxury brands based on their exclusivity and as such the more the awareness that surrounds the brand, there is potential for it to become less valuable (Phau and Prendergast,
Excellent brand management: To build genuine demand and rapport with their customers, and ensure sustained loyalty even as consumers grow more selective in their leisure spending (e.g. loyalty programmers and other customer reward programs).
Definition; - “brand equity is the added value endowed on products and services. It may be reflected in the way consumer think, feel, and act with respect to the brand, as well as in the price, market share and profitability the brand commands.”(Kolter and Keller.2012, p265) according to the case study of Holland and Barrett, brand equity refers to high brand value, brand with high value equity means, H&B has the ability to create some sort of positiv...
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
Secondly, some light has been thrown on the previous researches by various authors on the similar topics by providing with a summarised form of the same. It helps in better understanding of the ongoing concepts and perceptions on the concept of brand and its importance.
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...
All humans are exposed to branding and marketing on a daily basis. Commercials, internet ads, t-shirts, television shows. In today’s fast moving society, we’re constantly bombarded by the marketing and branding practices of businesses. As a new business owner, it can be daunting to step from being the observer to a creator of marketing and branding.