Brand Development Strategy of Kiehl’s

Brand equity is a business having the clout and power of its product(s) to leverage that equity or clout for its need to raise capital or increase customers. Developing brand equity is important because it allows companies to interact with their customers in order to induce loyalty which increases the growth of a company. Every company, established ones as well as start-ups have the ability to create brand equity. It is especially important for start-ups because in the first step of business, they would want to ensure that

Brand equity is a consumer-based concept (Elliot 2017) and strategic asset of a company that encompasses the idea of the added value a brand contributes to a product. Influenced by consumer choices, it is the characteristic of a brand that indicates high levels of performance and determines the success of companies.

The brand must be distinct and stand out in ways that relevance to consumers’ needs so as to be chosen by the consumers among thousands of brands in the market. However, before consumers respond to the brand’s communication efforts, the brand must be understood and understood correctly. That familiarity leads to a strong, positive consumer-brand connection.

However, the overarching theme remains the same as they target skin care to help you look younger.

According to the American Marketing Association (AMA), a brand is a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”. However, as Keller highlights, a brand is also “something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace”. Therefore, a brand is an identity created to differentiate itself from the competitors and to be remembered in consumer’s mind.

One thing that can make or break a company is its brand equity. Brand equity is the value that comes with the familiarity with a company’s branding and the feelings consumers have towards that brand (Brand Equity, n.d.). A company with strong brand equity usually gives consumers a sense of reliability and value; causing a higher inclination to purchase its products. It usually takes

Brand equity increases as brand loyalty, brand awareness, perceived quality brand associations, and number of brand-related proprietary assets increase and become stronger and more positive.

Kiehl’s is a natural brand of L’Oreal Group. It is famous for high quality skin care and hair care products in U.S. market. Kiehl’s believes that natural ingredients have been an important part of their formulas since they began as a New York City pharmacy more than 150 years ago (Kiehl’s, 2001; L’Oreal, no time).

The value given to the brand by the consumer is the brand’s equity. The brand obtains its

Brand awareness is a fundamental attribute of customer brand equity. It tends to be an underestimated component of brand equity (Tong & Hawley, 2009). Brand awareness includes two elements which are brand recall and brand recognition. According to Aaker (1996) there is a positive relationship between trust, value and brand equity. Trust is the faith put into a brand with regard to its quality, consistency, etc. Value is created by providing a solution to consumers’ needs and wants in a way that the cost to the consumer is fair considering the benefits gained (Aaker,

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.

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

One of the most valuable assets for any firm is the intangible asset represented by its brands. Therefore, it’s important to properly manage brands to maximize their value—or brand equity—to the firm (Keller & Lehmann, 2003).

Recently, brand equity has increasingly been defined in customer-based contexts. It defines brand equity as the value of a brand to the customer (Aaker, 1991; Keller, 1993) defines brand equity as “a set of brand assets and liabilities linked to a brand, its name and symbol that add to or subtract from the value provided by a product or service to a firm and/or to that firms’ customers." Brand awareness, brand associations, perceived quality, brand loyalty and other proprietary assets were the five assets of brand equity. Keller (2003) argued that the power of a brand lies in the minds of the customers and what they have experienced and learned about the brand over time. He defines customer-based brand equity as “the differential effect that brand knowledge has on

There are certain questions to be imposed in order to build and identify brand salience. These questions are used for the development of the brand by depicting the brands value and identity. The manager or the negotiator will be able to identify the brand and ensure that the particular brand meets the customer satisfaction (keller, 2016). In the customer perspective, a brand is to be well advertised for its awareness among the people and the brands knowledge is to be known by providing an association or link between the product category and the brand. Basically salience ensures in creating brand awareness that refers to how easily a brand is recognized and what the importance is given to that brand when compared to other brands. salience also refers to the same thing which also includes how is the brand popularized and how the customers find the product and purchase it by themselves. The level of salience can be determined by the extent and dimension or breadth of the brand. Here extent refers to the knowledge of the customer that is how easily a customer is able to recognize the product or brand. Dimension refers to the ability of the customer that happens when a purchase is made. This is the basic and foremost step that is to be followed in the brand pyramid