saliency, brand associations and brand personality, and where brand value is the outcome of managing the brand meaning. Keller (1993) defined Consumer Based Brand Equity as the differential effect of brand knowledge on consumer response to the marketing of the brand. The Consumer Based Brand Equity involves consumer’s reactions to an element of the marketing mix for the brand in comparison with their reaction to the same marketing mix element attributed to a fictitiously named or unnamed version of the product or service. Consumer Based Brand Equity occurs when the consumer is familiar with the brand and holds some favourable, strong and unique Brand Associations in memory. According to Keller (1993), Consumer Based Brand Equity consisted of
In a short word, marketing segmentation strategy are correspond to the target needs to effectively its own branding position relative to the identified market segment. Concept of global market segment The concept of global market segmentation are the most hot issue in the company marketing in the roles of positioning, developing and distribute an unit selling technique to sell product across the specific target national boundaries. The market segment potential customer are in similarity purchase behaviour. Market targeting as a process of evaluating the segment and focusing on the business market efforts on targeted country, nation of consumer which the company seen as potential audience to respond, example as those customer which have most effectiveness, efficiencies and able for profitably. The positioning of the marketing is required to differentiate the current product image of company brand in the target audience minded.
Brand image simply means the general impression of a product carry by real or future consumers. Brand image play in a role that creating satisfaction of the consumers. Foxall and Goldsmith (1994) proposed that the recognition of the customer about the characteristics of the product and service is influenced by the perceptions about the brand and branding. Building up of brand image is an important matter for a company as it is a powerful recognition for its own product in the product market. Keller (1993) defined the brand image as “the brand relations preserve in consumers’ mind causes the assumptions about a brand.” Arslan and Altuna (2010) proposed that the product brand image is negatively by brand augmentation, but negative effect is reduced by the relation between the original and expansion brand.
Therefore, the added value the brand has gained due to being popular. There are different ways one can calculate brand equities. Marketing scholars have come up with various brand equity calculating methodologies such as Asker Model, which evaluate the different attributes of the brand. Moran brand equity index measure the brand equity by three factors – effective market share of the brand in the market, the relative price as compared to competitors and the durability, which is the customer loyalty to the brand. Young and Rubicam’s Brand Asset valuator they also measure brand equity using different dimensions which are differentiation, relevance – meeting the customer needs, esteem where customers can relate to their personality and the knowledge – consumers awareness of the brand.
Definition of a Brand A brand is an emotional and physiological relationship a firm has with a customer, strong brands inspires thoughts, feeling and sometimes-physiological reactions from a customer. A brand is a wellspring of a guarantee to its customers. It promises important separated profits. It does so not just to place itself into the buy attention set, however considerably all the more critically, to be the brand browsed that buy thought set. (Lynn B Upshaw 1995) The Branding Strategies Exist in Three Types a) Unique Brand If a company sells only one product and succeeds in becoming the leader, the product should be able to be distinguished from other products so that there will not be imitations of the product to take advantage of
The data analyst should be able to analyse the important lessons in order to apply them in forthcoming initiatives in maximizing the Return on Investment(ROI). (Lei, Dawar and Gurhan-Canli, 2012) suggests that the base-rate information significantly influences the consumer’s attribution for the product during a crisis. However, the effect is more evident for the brands having positive (vs. negative) prior beliefs. Also, the subsequent events are distinctively affected depending on how the base-rate information impacted the first
Brand awareness: Brand awareness is an important factor considered while discussing consumer choices about brands. Brand awareness has a great influence on consumer choices. There several researchers who discussed brand awareness as a factor of brand choice in consumers mind. Jiang, (2004) have observed that brand awareness is an important factor whose role in consumer’s choice of brands is vital. Lin and Chang (2003), these two researchers jointly found in their results that the brand awareness has a strong, and powerful influence on buying decision and it leads the consumer to be brand loyal in ultimate form.
BRAND: Definition of brand: According to American Marketing Association a brand is a name, term, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers According to consumers point of view brand plays a vital role and it is one of the integral part of the product which also adds value component to the product. Brand equity is value of a brand for both consumers and companies human attitude and perception regarding brand and product is unique from one another to find out various influence consumers brand many study have been conducted. Elements of brand Brand mainly consist of various aspects like, v Name: a word or a name used to recognize the company concept or product v Logo:
A business can build brand reputation, customer satisfaction and loyalty by refining the quality of products and social responsibility. In a study done by Malik (2013) it was found that people ae very cautious about their purchase decisions with regards to branded products thus consumer buying behaviour is largely dependent on brand reputation. Key areas that an organization can examine in order to analyze an emerging issue that may threaten brand reputation are the brand elements which include the situation at the marketplace of the brand for example corporate favourability, the crisis situation, company initiatives such as marketing efforts and customers response to those initiatives. These areas altogether affect the buying behaviour of consumers (Greyser,
A brand can be person, place, firm, or organization. AMA defines a brand as a “distinguishing symbol, name, logo ,mascot, term, sign, or design ,or a combination of them,projected to identify and differentiate the goods and services of one seller or group of sellers from those of competition. Some brands create competitive advantages with product performance. Branding is vital to make any organization successful. Stakeholders must understand how to create a strategic and effective branding as word of mouth and firsthand experience have more of an effect on user love than celebrity endorsements and well-toned advertisements.