The clients, through what they speak of the product, ultimately determine the brand equity of a commodity. In this case, the most promising products in meeting the needs of the clients have a strong value for their brand. Through the use of information available at the market and the clients’ perception of the products capacity to meet the needs, an appropriate product is selected. This is greatly influenced by the beliefs and perception of the client towards a commodity in relation to the specific needs that need to be addressed. In the course of improving brand equity of a specific product or institution, the two main factors that are taken into account include brand knowledge and brand awareness. The product should be placed in the client mind to an extent that when s/he is confronted with a problem, the products appears to be the first choice among the products that could address the challenge. Understanding the rivals in a business Understanding the brand equity of competitors is important in the making of brand equity; this is mainly because the organization will maximize on their weaknesses. Moreover, this will provide sufficient information in preparation of a brand that is unique from the existing ones and thus easily identifiable by the clients. This places the product as well the organization at a competitive edge in the market that is ever competitive, thus enjoying customer loyalty, increased sales and consequently growth. Approaches for ensuring brand equity There are various approaches to ensure brand equity in an organisation within the market in which its supplies products to its customers. Customer-based equity brand approach is one in which an organisations considers various factors to be implemented so as to come up with a brand that is strongly established in the market. Customer-based brand equity model ensures that an organisation can be able to attract its customers by clearly considering their choices as could be determined by their preferences. Kevin Keller developed the model and hence it also bears the name Keller’s Brand Equity and it involves four steps of developing a stable and strong brand in the market. The first step of customer-based brand equity implies that a product needs to be logical, and should integrate different aspects of life as well as establishing itself in the market. This happens by creating customer awareness or salience, which aims at ensuring that a brand stands out, and customers recognise it. According to this step, an organisation, which is implementing a branding venture, should focus on being all-inclusive and focusing on its ability to its establishment in the market. This means that for a brand to thrive in a market, it will have to undergo the process of growth to establish itself in the business by involving as many people with their own differences. This means that an
Brand refers to different aspects such as name or symbol, which are aimed at outlining the product in respect to products of its competitors. Since the main aim of branding is winning the customers and meeting their expectation that the products offered are the best for them, then it is mandatory to have an in-depth understanding of their needs. …
Whilst other competition position on quality, reputation or innovation, Fitness First has gained positive ground by appealing to the budgetary needs of its many target consumers. Fitness First maintains many weaknesses, most of which are related to marketing and promotional development, lack of a cohesive organisational culture, and an inability to remove supplier and buyer power in the market.
Role of brand elements in developing brand equity.
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).
Rebuilding Brand Equity of Nokia. Nokia, the consumer electronics company which once commanded the mobile communications race, has suffered a remarkable multi-faceted decline in the past two to three years. This decline has resulted in the company having to sell its mobile handset business along with the related patent licenses to the IT giant Microsoft for $7.17 billion (“Microsoft to acquire Nokia's Devices & Services business, license Nokia's patents and mapping services”, 2013, p.
Research has shown that prunes carry the image of being dried out, worn out, wrinkled, ugly, old-aged things used only as laxatives, and are a plebeian symbol without prestige. Consumers also hold images of institutions. Images of retail-store characteristics or personalities affect shopping behaviour.
Since these are constantly moving targets, so is equity. Companies must address their "value package" or "value proposition" for each customer and plan accordingly (Crawford 2003), The equity of their brands, products, and services insure the loyalty of the customers they want.
One way is to measure brand equity as a means of knowing the progress of a specific hotel or hotel chains.
Hotel chains make use of typical applications of brand approach. Branding enables hotel chains to identify and differentiate them among other competitors in customers' perspectives.
They advise us that commitment is what brands seek to establish with consumers as it represents what they feel about a company, as opposed to loyalty, which they describe as what consumers do (Hofmeyr and Rice, 2000, p. 3). In order to gain a level of commitment from consumers, a brand must establish some sort of relationship as well as image that transmits and provides them with a reason or reasons to act upon that foundation.
The pursuit of brand excellence can be likened to the Holy Grail of marketing. It is almost impossible to achieve, much less to maintain. The marketing landscape is littered with brands that failed, or are languishing in oblivion as more and more products and services enter the market each year, all vying for a piece of the proverbial consumer pie.
Brands that were in the front line in the past and had ruled the scene once are there today for the sake of it. There a long list of such brands that have a glamorous history but today they are desperately waiting for a buyout, restructuring,
Brand equity refers to the positive image and pleasant associations that a particular brand has in the mind of the consumer. Brand equity is a measure of brand loyalty, which in turn is caused by quality and consistency in product or service
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