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Role of brand elements in developing brand equity.
Pages 12 (3012 words)
Brand can be defined as “A name, symbol, logo, signature or a combination thereof that defines a manufacturer's products or services through differentiating them from competitors' products or services and offers perceptions such as quality, value, prestige to the consumers”(Pars & Gulsert, 2011, p.228).
Competition is immense in current business world and prominent companies are looking for every opportunity to increase their competitive power. Brand building is one way of increasing competitive power. Branding is a process intended for building awareness about a product or service. It enhances customer loyalty towards a particular product or service. It helps a product or service to distinguish itself from other products or services. Brands have different attributes which help them to cement their place in the minds of consumers. According to Kathiravana, et al., (2010) “Brand attributes consist of ‘bits’ of information that are linked to a brand name in consumer memory and that, when combined with the brand name, make up a brand’s image”( p.21) “Brand Equity is the value and strength of the Brand that decides its worth. It can also be defined as the differential impact of brand knowledge on consumer’s response to the Brand Marketing” (Brand Equity - Meaning and Measuring Brand Equity, 2013). It is the value that a consumer gives to a particular brand. ...
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