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Name Instructor Course Date Question 1 It is crucial for a business establishment to market its products effectively in order to ensure that it gains maximum revenue from selling its products. To do so, a business organization should ensure that their brand is well known to the market.
Consumers tend to believe that goods and services with well known brand names are much better than the products whose names or brands are not well known. The process of evaluating or establishing if a given company’s brand name is well known by customers is known as Brand Equity (Aaker, 2009). If one examines the car industry, some brands have been in the market since the invention of automobiles. A good example of such a company is the Ford motor company which despite emergence of many companies, Ford has continued to experience success especially in the American market just as a result of its brand name. Other companies such as Toyota have been producing cheaper and better cars, but despite this, Ford is among the favorite car brands in the United State of America. There are various approaches to ensure brand equity in a company. One of the approaches is known as customer based equity brand approach. This approach was developed by Kevin Keller hence it is referred to as Keller’s Brand Equity Model. The approach is best understood by using the diagram below; The above diagram simplifies the application of the customer based brand equity. In the first step, the goal of the company should be to create customer awareness or salience. ...
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