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 aspect of auditing under 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 is being adopted by many organizations in order to build strong brands that can compete with the other ones in the market. The model outlines the four steps that should be followed in building a strong brand. 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 requ...
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...trustworthy or not. This narrows down to how the consumers view the expertise of the company in manufacturing this particular product. Therefore, the company should ensure that all the staff members are highly qualified so as to boost the confidence of the customers.
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 (Grover & Vriens 2006, p. 147).
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Works Cited
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future advances, Sage Publisher, California.
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.
These immortal words symbolize the power of branding and the criticality of brand management. Every brand has a personality and is thus able to position itself in the mind of the prospect. Products in the same category may solve the same problem but, all consumers don’t buy the same product. Some base their decisions on price while some may decide on the basis of the benefit they derive from that product. The decision making process is sometimes long and arduous but sometimes, low involvement and easy. The personality of the brand and how it is communicated is one of the key factors on which decisions are made. Through this paper one would identify products in the same category and analyze their promotional strategies and how the brands have evolved over the years. Marketers use diverse techniques to project various images to the prospect, once these projection techniques are identified the marketing techniques would also be explored. After the brands are identified, the promotional strategies employed by them would be explored. Thus, the evolution of the brand can be traced. The evolution of the brand would give us key insights in the different images projected by them.
[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.
Yoo, B., & Donthu, N. (2001). Developing and validating a multidimensional consumer-based brand equity scale. Journal of Business Research , vol.52, 1-14.
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
Brand value evaluations have also been studied in relation to purchase decisions. Positive perceptions of brand value may help the customers make purchase decisions through development of positive feelings regarding the brand (Kumar et al., 2006).
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
“A Product is something that is purchased by consumer and it is also made from a factory. Consumers have a deeper memory towards a successful brand. (ALAMGIR, 2010) This statement shows the people can determine the influences of brand advertising influence the consumer buying behaviour especially brand image, brand loyalty and brand awareness. As we all know, brand history informs us how people used the brand to identify themselves. Brand marks generally are used to represent the brand on the products and to promote the brand through the advertising. Consumers can easily differentiate the product among all the others brand easily. It is also used to justify the purchase decision of the consumer and increasing consumer awareness
Brand equity, in general terms, simply refers to how much a product is worth and how consumers behave and associates themselves with that product (Slotegraaf, Rebecca & Pauwel, 2008; Page 93-306). Consumer attitudes and the value of the product is linked to brand equity as it will determine how big of the market share the brand will occupy and how much the brand will earn in the long run. As the aviation industry is extremely competitive, many airlines have customer loyalty schemes and frequent flyer programmes to maintain or expand their brand equity, making the switching costs substantially high between airlines (Chen & Chang, 2008; Page 40-42). Chen and Chang (2008) also found out that brand equity is also linked to brand preference, purchase intentions and have an influence on consumers when they are thinking about switching brand products. Tigerair Australia’s brand equity was low in the Australian aviation market due to low brand awareness from consumers, the breaches of safety regulations by the Australian Civil Aviation Safety Authority (CASA), and strong competition from competitors like Jetstar.
The review of relevant literature is to identify what's brand awareness and how to carry out in strategic marketing, and consumers' behavior. The study prove that the significant factors on brand awareness as a perception of product, service, and image of the company and has a tremendous effect on consumers’ evaluation of system results. From reading all of the relevant journals, it is understandable that the significant factors on building a successful brand image and awareness is consumers and their relationship with the brand, company, service and the product. Brand awareness is the vital importance to marketing strategy and marketing communications because it links customer behavior to firms’ financial metric. Keller (2001), noted, customers’ reaction toward brand awareness is associated profitably brand equity.
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.
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.