Function of a Brand Exploratory

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

As the brand and the customer pertains the strong interconnection, it has be to firstly identified by the managers and should be recognized the brand propositions that communicate to the consumers. Particularly, the elements like the quality, durability, functionality and the value regarding to the brand should be recognized by the branding team of the organization. The recognition of the brand may help the company to build up the relationship between the consumers (Aaker,

Have you ever wondered why most people are buying products from familiar brands? Usually, the most valuable brands becomes associated with a level of credibility, quality, and satisfaction in the consumer's mind. They provide unique design, performance, technology and durability in order to fulfill their customer's needs.

Brand equity is an important asset for any organization. It is also an assets that offers an organization or a brand a road to success. Brand equity is important because its brand's product is closely associated with its premium price in the market. An organization or a brand with positive brand equity typically have higher quality products and services when compared to similar generic unbranded products. Furthermore, brand equity is important because it helps an organization or a brand to strengthen its competitive edge in the market. It is important to an organization or a brand, the reason are that it help lower the marketing costs and allows a brand to enjoy higher brand awareness and brand loyalty. Therefore, the ultimate goal of a brand

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 acknowledge (Romaniuk & Sharp 2004) that Brand salience can be defined as the propensity of the brand to be thought of by buyers when they are in a buying situations. A brand awareness strategy depends on how well known the brand is, Brand Salience is forming image to refresh their memory about the brands that can linked to consumer mind as well as the quantity and quality of the cue to brand links (Olson & Peter 2005), it is very important that consumer can connect to their mind as many cues as possible . The level of consumers’ brand awareness necessary to induce purchase varies depending on how and where they make their purchase decision for that product category or form. The brand attitude is focus on evaluating the brand, according to Schiffman and Kanuk (2007) “attitudes are relevant to purchase behavior are formed as a result of direct experience with the product, word-of-mouth information acquired from others, or exposure to mass-media advertising, the internet, and various forms of direct marketing”

This gain value and addresses a key decisive achievement factor in the industry (Grant,2010). As position is important to offer convenience and a deep assortment, An extra unique intangible resource would be their brand representation and customer loyalty, this is vital since it can attract or attract consumers and it could be necessary to build the brand image .

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.

(Ahmed H. Tolba, 2011) The brand performance has been studied in terms of the market share, ability of the company to charge the price premium, and its distribution coverage. The more the companies evaluate their performance on increasing the market share and enhancing the coverage of the product, the more are the chances of the brand extension to succeed in the market.

To achieve the purpose, a Focus Group Discussion was conducted which helped in identifying various variables. Using these variables, a questionnaire was developed to understand the perception of the consumers about the brand. A diverse group of approximately 100 consumers was chosen to get the response. The next step involved running a factor analysis on the data collected and arriving at core factors. The Brand Equity was measured next and a STP strategy is recommended.

“Image”: The brand image is the factor that influences the consumer’s behavior regarding the new category of product under the evaluation of the core brand image. We’re talking here about the global perception of brand personality.

Using marketing analysis tools this paper aims to give a view into a product and brand strategy. With the use of marketing tools we gain insight into what a product is, and what a brand’s position and strengths are. Which directly and indirectly shapes and offers a view into product and brand strategies likely to be successful moving forward. We aim to give an introductory look at product and brand strategy through the lens of a specific product class in terms of the product, key brand characteristics and the brand itself. We will look at automotive vehicles as the product to examine and Toyota as the brand in order to give a clear look at product and brand analysis as it is applied. This will be done by first looking

Price – Price is also important because company should set the price according to the quality of their product and to achieve the target of sales they must set the price which can beat all of their competitors who are selling the similar products. Customer must get the value for his money.

Price can serve as an indicator of quality for consumers. The higher the price of a product, the more perceived risk a consumer incurs. In general, consumers often associate a high-priced retail product with higher quality than those of lower pricing; however, some researchers believe that this quality and price relationship is too simplistic. Prices are used by marketers in retail stores in order to appeal to different consumers on different levels. The consumer uses comparative judgments in order to evaluate a potential purchasing decision. The consumer utilizes reference prices in order to make these comparisons. Reference pricing is a subjective price level that is used by the consumers to determine if the product is at an acceptable price for purchase.

How consumers perceive the quality of a product is important factor in determining the purchase intention. If the product is not one of high quality the consumer may not be interested in patronizing the product. Besides