As discussed before, a brand is a unique business identity, and a well managed one would be the asset of an organization, and the marketing and financial value associated with its strength in a market is so-called brand equity. (Dibb et al, 2001, p 272) According to Dibb et al (2001), there are four main elements underlie the brand equity, which are brand name awareness, brand loyalty, perceived brand quality and brand associations.
Many consumers swear their allegiance to brand names. Branding is the marketing tool many companies invest in to become an in-demand product or service on the market. According to Ogden & Ogden (2014) “The use of branding has become more important because customers relate to a brand on an emotional and personal level” (p. 305). Marketers understand the relationship between consumers and an emotional bond with their organization’s product. Marketers use the relationship to drive their brand to gain recognition and acceptance. Recognition and
In the modern era of marketing, brand management has proved its importance by being a widely discussed topic. While brand value was primarily connected with customers only, its importance into non-customer areas has been acknowledged. Brand equity and brand value are argued on their relation with relevant stakeholders. In this assignment I am reflecting on the importance of managing these stakeholder relationships.
In this Literature Review, the author will focus specifically on the definition of brand loyalty, how brand loyalty has developed and finally, how to manage and measure the loyalty
The meaning of customers having relationships with a brand or brands is a topic of major interest in the marketing circles. Actually, this topic has attracted several arguments and debates among marketing academics, especially on whether customers can have relationships with brands. The debate
Brands as Knowledge: This center highlighted that clients constitute operant assets and hence dynamic co-makers of brand worth. It likewise highlighted that brand worth is the recognition of a brand's quality being used to the clients.
Why do you drive the car you drive? Is it because it’s affordable? Or is it because it’s been your dream car since childhood? Is Apple really better technology than Windows? Or do you make that association because you see figures in television media (hackers, designers, etc) using Macs that it is a quality brand? This all has to do with brand equity. Brand equity is one of the most important marketing concepts. Relatively new, the term came into practice in the late 1980s, and the study of this concept has grown fast. Over the years, many definitions and standards of measuring brand equity have developed upon researched definitions. Brand equity is defined by two factors: financial and consumer-based perspectives. For the purpose of the paper, I will review the dimensions of the customer-based brand equity; specifically media’s role in customer-based brand equity. I will do this by collecting information and research from various literature, including research papers, empirical students and dissertations produced discussing customer-based brand equity and cultivation theory in regards to branding and the perceived quality of brands based off television messaging.
Successfully building, managing, and tracking the brand equity of brands are main goals of brand management. The brand strategies are flexible to fit the increasing competitive market and customers’ brand knowledge. It is more and more difficult to maintain the customer’s brand loyalty. Thus, it becomes crucial to understand brand equity and brand building processes
Another integral part of understanding your customer, conveying your brand’s image, and trying to retain that customer that shows evidence of brand loyalty is the customer’s buying decision process. There are five steps in this process, to briefly gloss over these steps, they go as follows: Problem Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, and Postpurchase behavior. Although these are decisions that the consumer makes, as a marketer for a company, it is extremely important to understand the importance of each step of this process in order to
Since the early time, the conception of brand has marked a turning point in business whether it regards as brand identity, brand equity, or brand loyalty (Hart and Murphy, 1998). The brand now
Advances in marketing effort have resulted in many changes in company. One such strategy is the plan of branding. Branding illustrates a positioning of a company and its product through a symbolic mean. Nowadays, branding has become significantly important as a mean to encourage repeated purchases. Moreover according to Bubba (2015, n.p), branding allows a company to promote its product and/or its service making customers form an association between the product and the company. “If you’re remembered as a quality provider, then you will be encouraging repeat business.” (Ibid.). This essay will examine important and cases in point of branding and its chain reaction on consumer behaviors in present day.
A company (in this case, a coffee shop) needs to establish a clear and consistent brand identity by communicating its brand attributes in a way that can be easily understood by prospective customers. One of the firm’s most valuable assets for improving marketing productivity is the customers’pre-existing knowledge of the brand from the firm’s investment in previous marketing programs (Keller, 1993). According to Keller (1993), the differential effect of brand knowledge upon customers’ response to brand marketing is known as brand equity. Brand equity is related to customer satisfaction and brand loyalty (Nam, Ekinci, and Whyatt, 2011). Customer satisfaction is a mediating variable between brand equity and brand loyalty, while brand loyalty itself is the biased (non-random) behavioral response (purchase) expressed over time by some decision-making unit with respect to one or more particular brands out of a set of brands and is a function of psychological processes (Jacoby, 1971). Considering the importance of brand equity in companies’ efforts to develop positive customer perception and win the tight competition in their industry by achieving customer satisfaction and loyalty, this study aims to investigate
Brand awareness refers to the strength of the brand presence in the consumer’s mind. It is the ability of a potential buyer to recognize or recall that a brand is a member of a certain product
Brand awareness is an important and sometimes undervalued component of brand equity. Awareness can affect perceptions and attitudes. It can make peanut butter taste better and instill confidence in a retailer. In some contexts, it can be a driver of brand choice and even loyalty. Brand awareness reflects the salience of the brand in the customers mind, (CALIFORNIA MANAGEMENT REVIEW VOL 38. NO. 3 SPRING, 1996). There are levels of awareness, of course, which include: