Brand Equity

Since an increasing number of people focus on brand names instead of product, brands become important elements for customers to choose products (Carroll, 2008). When customers trust the brand, the benefits for the manufactures are generated. In the first place, brands can be used by products as the tool to identify and differentiate themselves from various products. Secondly, brands are helpful for companies to build a competitive advantage (Bick, 2009). Therefore, organisations take more attention to branding.

It is when making a decision to buy a product for it’s brand even though there are other drivers such as price, product features and convenience. In Apple people stands in queues for hours to get the new product that means the branding is an important factor in the decision to buy.

Brand Equity is the added value endowed by the brand to the Product. Although the idea of using a name or a symbol to enhance a product’s value has been known to marketers for a long time, brand equity has gained renewed interest in recent years. Brand managers realize that after years of look-alike advertising and over copying with me-too brands, they now live in a world of product parity. The ensuing price competition through short term price promotions reduces the profitability of brands leading manufactures to examine ways to enhance loyalty toward their brands. In addition, facing with the increasing power of retailers, manufacturers of consumer products realize that having the

The economic base over the past fifty years has undergone a major shift from being production centric to consumption centric as consumers have made a transition from the sphere of rationality to the realm of desire and wants. This shift has contributed significantly towards the birth of an economy driven by people, making it resoundingly lucid that customers are now in the seat of power, compelling industries to treat ‘customers as king’ by offering them their desired products at the demanded place and time. In such markets where industries are producing homogenous products and competing against each other to satisfy the needs of ever demanding customers, branding plays an imperative role (Lafferty B,2001). It is branding that provides companies the competitive advantage by contributing towards image creation, creating differentiation and customer recognition thereby highlighting that branding in present day is paramount (Shipley D; Howard P ,1993)

In the contemporary business scenario and the stiff market competition, ‘brands’ are inevitably gaining importance in business perspective as the most valuable assets that can be possessed by a firm. The markets in the past were closed but now with the forces of globalization and liberalization taking over the ride, the competition prevailing in the market has boosted up significantly and hence there is a herd of marketers that are constantly yearning for portraying their product as a unique product proposition delivering most satisfaction and hence to accomplish this objective they come up with a brand. The present study explores the various facets of business activity involved with ‘branding’.

It has been asserted (Kennedy, 2012) that, a brand collects name, symbol, design, logo and term together, intended to identifies and differentiates a product or service. Consumers regard brands as an essential element of the

Over the years brand equity has gained renowned attention all over the world. Organizations all over the world have been formulating strategies in order to enhance the brand equity of their brand. Many researchers have worked on brand equity and have come up with different models of brand equity. There are many factors which have been discussed by many researchers from time to time regarding brand equity identified by researchers from time to time which

In his CBBE framework, Keller identified 6 key elements needed to build brand equity; Brand Salience, Brand Imagery, Brand Performance, Consumer Feelings & Judgements and Brand Resonance (appendix 7). From the conducted research this report will ascertain the degree to which HTC satisfies each level of Keller’s model.

In recent times, branding has played a pivotal role in some brands’ success. This has been made possible through the ability of some marketers to capture the essence and minds of people (consumers), and put the trends and characteristics into the personality of a brand. Customers have always found ways to identify themselves with certain products, and on several occasions, branding campaigns

It is defined by award-winning advertising as well as by the god-awful ads that have somehow slipped through the cracks, got approved, and, not surprisingly, sank into oblivion. It is defined by the accomplishments of your best employee-the shining star in the company who can do no wrong-as well as the mishaps of the worst hire that you ever made. It is also defined by your receptionist and the music your customers are subjected to when placed on hold. For every grand and finely worded public statement by the CEO, the brand is also defined by derisory consumer comments overheard in the hallway or in a chat room on the Internet. Brands are sponges for content, for images, for fleeting feelings. They become psychological concepts held in the minds of the public, where they may stay forever. As such you can 't entirely control a brand. At best; you only guide and influence it.”

A successful brand is the most valuable resource a company has. In fact, one authority speculates that brands are so valuable that many companies include a “statement of value” addendum to their balance sheets to include intangibles such as the value of their brands. Brands are used as external cues to taste, design, qualify, prestige, value and so forth. In other words, consumers associate the value of a product with the brand. For example, the value of Kodak, Sony, Coca-cola, Toyota and Microsoft is indisputable. One estimate of the value of Coca-cola, one of the world’s most valuable brand places it at

Nowadays, there are so many different products in living world economy. Customers are aware of some of them, not all of them. This is just about Branding Strategies in the Market. An entrenched Branding Strategy ought to help secure a brand 's position, protect the brand from rivalry, and hence upgrade the brand 's business execution. This potential effect underscores the vitality of Managing the Brand Image over the long haul (Park et al., 1986).

Christodoulides, George, and Leslie De Chernatony. "Consumer-based brand equity conceptualization and measurement." International Journal of Market Research 52.1 (2010): 43-66. EBSCO Business Source Complete. Web. 13 Apr. 2011.

Rouse and Parcanschi describe a brand as ‘a product, service, or concept that is publicly distinguished from other products, services, or concepts so that it can be easily communicated and usually marketed.’ (Rouse and Parcanschi, 2015). However, Ogilvy states that a brand is ‘the intangible sum of a product 's attributes:

The establishment of a unique brand is the target of any given business. A successful brand is that which customers can easily relate to, an aspect that enables a brand to be capable of gaining competitiveness in the market. The creation of a brand that a large percentage of customers can relate to and easily identify with translates to a large consumer base. Branding is primarily directed towards creating a positive perception in the minds of the consumers, an aspect that makes the customers to understand what they would expect from a business. The development of a brand by a business is primarily processual, and ensuring that there is an effective strategy in brand development helps ensure the emotional connectivity and appeal of the brand to the customers (Powers, 341-360).