QualificationGraduate Diploma in Management Module NameGraduate Diploma in ManagementModule NumberAssignment TitleBuilding A Brand Strategy through Brand EquityName of CandidateDelakshana Mohan Candidate No.445031828Submission Date19th August 2018Word Count2000 Contents TOC o 1-3 h z u HYPERLINK l _Toc520990897 1.
0 Introduction PAGEREF _Toc520990897 h 2 HYPERLINK l _Toc520990898 2.0 Branding and Brand Equity PAGEREF _Toc520990898 h 3 HYPERLINK l _Toc520990899 3.0 Brand Equity Models PAGEREF _Toc520990899 h 4 HYPERLINK l _Toc520990901 4.0 Methods to build Brand Equity PAGEREF _Toc520990901 h 7 HYPERLINK l _Toc520990903 5.0 Measuring Brand Equity PAGEREF _Toc520990903 h 8 HYPERLINK l _Toc520990904 6.0 Managing Brand Equity PAGEREF _Toc520990904 h 9 1.
0 Introduction As competition creates infiniteselections,organizationsseek forways in whichto attachwith customers and showing emotion, become uniqueand buildlongrelationships. Today, brandingis experiencinga brand newqualityensuingfrom new, innovative applications. Creating a powerful and positivebrand, develop a solid foundation forthe organization,howeverthe success of thebrandover thelong rundepends on thebrandequity. There are two types of brand equity – positive and negative. This report provides information about branding, brand equity and brand equity models. This report will explain about methods use to build brand equity and how organization measures brand equity and also how to manage brand equity and devolving brand strategy. And this assignment will pay more attention on brand strategy.
2.0 Branding and Brand Equity A brand is a theoretical concept that incorporates numerous aspects of a product, as well as a logo, name, colors, packaging, and a group of customers aware of it. The initial plan behind branding was to help out customers differentiate between comparable products by totally different manufacturers, and its most important role was to enhance visibility and understanding. Eventually the idea of branding developed and grew.
A product can be simply copied by different competitors in the marketplace, butthe brand will be always unique. For example coca-cola and Pepsi taste alike, even though they taste very similar some people only drink Pepsi and a group of people feel connected to Coca- cola. Lets take an example, bottled water. The product is H2O however, in order to persuade people to buy specific water organizations come up with different brands. Such as American, Knuckles, Speed, Mount Spring and etc. every one of these brands gives different meaning to the item water. We keep safety flowing, Just drink it, Crystal clear Mountain Spring Water And so on. The main idea of branding is to keep loyal consumers by providing a product which the brand promises to deliver.
Brand equity is more of a thought than the others and acts as a structure for understanding the ability of buyers feelings in connection to the positioning. There are two types of brand equity – positive and negative. If a product is usually reviews good opinion with buyers, then the organizations brand equity worth is way higher. For example Organizations like Gucci and different designer companies work hard to create their brand equity because it is essential in their line of business. The thought here is exceptionally as these corporations operate during a niche market. Here they reduce the number of stores and make costs higher.
The brand equity recognized in an expensive and exclusive brand solely some will afford to be apart of. Good example of brand equity is continuous clash between Apple and Microsoft. These two organizations constantly wage battle over market share. So far, Microsoft has won each time.
But that doesnt mean Microsoft has more brand equity. The customer who use Apple product quick to spend money when Apple releases a new product. An Apple fan who own an Iphone immediately buy the new version when its released because of the brand loyalty. Microsoft has the market share but the Market of Apple is more loyal and ready to spend money. 3.
0 Brand Equity Models Kellers Brand Equity Model is also well-known as the Customer-Based Brand Equity Model. The above brand equity model shows the important four questions that buyers will ask when they are interested about our brand. In the Kellers Brand Equity model it is said that in order to build a positive brand, we must think how consumers think and feel about our products. We got to make the correct kind of experience about our brand therefore, the buyers will have unique, positive ideas, emotions, attitudes, and opinion about it. For example we will take Kist Nectar and Heineken Beer.
4.0 Methods to build Brand Equity A good brand will solve customers problems towards the product. If the product or service is reliable, the customers who are loyal towards our product will continue to buy. Brand equity is a way to make sure that consumers feel our product is different and unique from the competitors.
If we want to build a loyal customer base we can market our brand equity. 1. Choosing Brand Elements When choosing brand elements it should be memorable, meaningful and likeability. 2. Positioning product or service as unique and reliable If the product is reliable, itll create brand equity. The customers who are loyal towards our brand will buy the product even the price increases. 3.Marketing the Brand Brand can create positive emotions in the mindset of the consumers.
If a brand emotionally connected towards the consumers theyll be loyal. 4. Work on ways to make product unforgettable Buyers should remember the brand when they think of related product. The logo should be simple and easy to remember. 5.Finding how well our marketing efforts convert prospects into consumers Can judge the effort by surveying the customers.
Examining from search rankings and website traffic. 5.0 Measuring Brand Equity To measure the brand equity we have to use qualitative and quantitative metrics. Quantitative data generally rotates around sales digits and revenue initiated, authorizing to decide the value of the product and its position in the industry. Although it gives simple numbers, quantitative data cannot give the intuition into the company from the buyers point of view. Qualitative values are intangible not like tangible quantitative data, which tells/shows that they cannot be accurately calculated.
They include subjective facts, like brand recognition, consumer satisfaction and emotional relations. Techniques like Free association, Projective technique, Brand personality and relationship can be used to measure qualitative data. The simplest and sometimes most influential way to address brand associations includes free association technique where the topic is asked what comes to the mind when we think of a brand. Example, what comes to the mind when we think of BMW cars By answering these questions will help the company to clarify about their brand profile. Projective techniques frequently give helpful intuitions that help to collect more whole picture of customers and their relationships with brands. Brand personality is the human traits that could be attributed to a brand.Brand personality can be measure in different ways. Example, the straightforward way is to request open-ended responses to do a research such as if the brand is to come alive as a person, what it will be like, what it will do, where it live, what will it will wear.
Even though qualitative measures are helpful to recognize and differentiate the range of probable relations to a brand, a more quantitative portrait of the brand frequently desirable to authorize more justifiable and positive strategic and tactical recommendations. While qualitative study normally includes some type of verbal responses from customers, quantitative research usually employs a variety of types of scale questions so that mathematical representations and summaries can be made. Quantitative data can be measured by awareness, recall, recognition, image and etc. 6.0 Managing Brand Equity Brand management is the function of managing a brand, from tangibles such as logo, design and etc.
to the intangible like emotions and consumers feelings when buying a brand product. Successful brand equity management begins with a strong sense of understanding of the brands status in the mind of the customers. It is important for the organization to know, what marketing will revitalize the brand within the minds of the customer. The main key to revitalize a brand is to increase its differentiation, which could be accomplished by declaring the importance through incremental and continual improvement.
When a brand is revitalized, many people will identify the brand but will however want to know whats new in it. So, to support the revitalization, there must be well planned marketing and promotional campaigns. Revitalization could happen through new uses, distribution change, innovations, segmentation, and Opinion leaders. Brand Reinforcement is all about confirming that the customers do have the desired information so that the brand will have its required sources of brand equity. The following includes in brand reinforcement Maintaining brand consistency – Brand consistency guide customers to get familiarized with the brand and improve their awareness about brand differentiation, it will increase brand reputation. E.g.
– Coca Colas open happiness proposition across the globe. Protecting sources of brand equity – Brand be supposed to always try to defend the available sources of brand equity they must moreover look for influential new sources of equity. PAGE MERGEFORMAT 9 Page -k jzOwo3WW/y/[email protected] G7zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIIH7( [email protected]_egDcZOtO FY7@/[email protected]/aZt4p8([email protected]_K60 xRd0q08B.V4_Ct0.nrdiUNObojCfT/yKUk _Q- sMNDkP61Pm@ zPDtQu [email protected] _h,Trmm_v5t9mvlNMLiufb2z/3fqM_hZzGO(6Jh47 BfIuFR4Zb[email protected]/nw3).QoVCI8GyVRTYB1BMQp.
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