Customer Based Brand Equity Model (CBBE)

According to Holt (2004), a brand can be defined as a term, name or a design that distinguishes product or service of one manufacturer from others. Brands are normally utilized in advertising, business and marketing. In accounting terms, brand is an intangible asset which is present within every organization. It is most valuable asset that is outlined in the balance sheet of a company. Brands owners need to effectively manage their brands in order to enhance shareholder value. Brand valuation is an important technique that associates money with a brand. Effective branding often results into high sales volumes of a particular product. A customer who prefers a brand is more likely to choose other products which are offered by the same brand. Brand can be stated as a personality that facilitates identification of a company, product or service. It even encompasses relation with other constituents like customers, partners, investors, staff, etc. Individuals distinguish psychological aspect of a brand from experimental

Brand equity is an important key to produce customer loyalty. It is a powerful factor in winning market share. It helps an organization or a brand to grow and defend market share. A brand with strong and positive image and productivity has the ability in driving stable customer loyalty. Customer loyalty is the combination of consistently positive consumption experience, perceived value of experience and also physical satisfaction towards products and services. Consumers always have a positive view on the brand they are supporting the most. Customer is a major key for a brand to success, therefore

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.

A brand is an organisation, product or service which has created an emotional connection with their consumers in order for them to favour their brand over their competitors. It is incredibly important for brands to keep up their image and one little thing could change the global perception of a business. It takes a lot to maintain a brand image that has been built up over a long period of time and even more to regain it if that reputation is lost. Brands are created through various different aspects such as their visuals, tone of voice, advertising, actions and reputation. The combination of these will leave their consumers with long lasting emotions and perceptions of a particular brand and will effect whether they support a business or not and whether they would favour or avoid it. When a brand looses their image it can cost a lot of money and time to rebrand to prevent complete failure of the product or service.

It has been identified from the earlier researches that brand credibility and endorsers credibility share common fundamentals positively contributing to the brand equity such as trust worthiness and expertise, brand equity is based upon overall satisfaction of the consumer with the brand’s services and perceived quality, most of the prior studies are conducted on the telecom sector and on other fast moving consumer good items and are of quantitative nature. Banking sector is the best example of relation based service providers. Less work has been done in Pakistani market in the retail banking sector with respect to the impact of endorser’s credibility along with the brand credibility. Habib Bank Limited is one of the most credible and well

I believe a brand can forge an emotional bond with me. It is easy for the brands to forge an emotional bond with people because most people are tended to be persuaded by a brand’s marketing. Emotional brand is one of marketing communications that appeal consumer’s emotion and trigger people to desire the brand by feeling of needs. I have experienced this with many brands. One of the brands

Consumers also like to develop a relationship with a brand and are loyal to those brands sometimes regardless of change, appearance, or price. Each brand has its own personality just like individuals who seek to be unique. Anything that is personable an individual gravitates to it. Brands now have the power to market to different segments utilizing personalization and personality to create a relationship.

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,

Branding carries benefits for all parties involved in the exchange process and, in theory at least, makes it easier to buy and sell products. As illustrated in Figure 1, Brassington (2003) concluded that branding benefits from three factors: consumer, retailer, and manufacturer. Neumeier (2003) points out that brand is a gut feeling because customers are emotional, intuitive beings despite their best efforts to be rational. It is a person’s feeling because, in the end, the brand is defined by individuals, not by

According to Aaker (1991), “brand equity is the set of brand assets and liabilities that is 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”. Some academics have given the components of brand equity. It consists of “perceived quality, brand associations, brand awareness and brand loyalty “(Aaker, 1991; Baldauf et al., 2003; Keller, 1993; Selase Asamoah, 2014), and this is the first version of components of it; regarding it as the “consumer 's behavior” toward a make, Keller (1993) proposes two elements: “brand awareness and brand knowledge”; Kim et al.(2008) argue that strong brand equity boosts “consumer satisfaction, repurchasing intent, and degree of loyalty”. Thus, past

Business to Business (B2B) Branding: An Introduction ........................................................................... 2 Customer Value Proposition in Business Markets .................................................................................. 3 Brand Equity in Business

In an attempt to unify a common brand definition, many theoretical frameworks have been provided in order to conceptualize the definition and understand the brand value (Maurya and Mishra, 2012; De Chernatony et al., 1998; Ambler and Style, 1996). These structures help both scholars and practitioner to comprehend the different angles the brand has been seen from deeply (Brodie and De Chernatony, 2009). As a result, different philosophies are presented to provide brand new concepts (Brodie and De Chernatony, 2009). Nevertheless, the most foremost hypothetical outlines are related to De Chernatony and Riley, Maurya and Mishra, and Ambler (Avis, 2009; 2008, Wood, 2000).

The brand offers the consumer a guarantee of quality, value and product satisfaction. Therefore as long as the brand keeps its part of the bargain the consumer will continue to support it. However, should the consumer not like the brand, or should it fail to deliver what the consumer requires, or should another brand appear which suits the consumer's needs better, then the brands identity allows the consumer to avoid the brand and purchase an alternative brand. Brands are defined in various ways by different authors, one definition by Leslie De Chernatony and Malcom H.B McDonald (1994): "A successful

Importance of brand equity demands need for more practical experience and comparative research to judge and validate the usefulness of brand evaluation methods (Farquhar 1990). The recent merger and acquisition trend has also increased the importance of measuring brand equity (Tauber 1988). The role of brands is now far beyond product differentiation or competing for market share. They are accumulated annuities which the firm can acquire from its balance sheet (Tauber 1998). Firms could have a strong competitive edge over competitors if they could create brand equity ‘through building awareness, image, and linking associations’ (Keller 1998). A stronger brand would always have a better understanding of needs, wants, and preferences of consumers than the brands that are not competitive. Thus stronger brands would help in creating effective marketing programs that could go beyond consumer expectations.

Customer-based brand equity (CBBE) approaches brand equity from the perspective of consumer, helps marketers to comprehend the needs and wants of consumers and inventing products and programs to satisfy them, see figure 3.1 (Keller, 2008). Following will discuss how to apply CBBE model in Wonder Air.