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Brand Management Essay

3639 Words15 Pages

1.2 INTRODUCTION
In Indian scenario the importance of branding in the retail market is felt from the high degree of competition that is prevalent in the market. This study brings to light the influence of Retail store Attributes on building brand equity. For the purpose of this study well established supermarket in Chennai city were chosen. The rapid changes in the Indian and global markets have led to the importance of understanding the concept of Brand Management. A brand refers to the name or symbol which identifies the products or services of one manufacturer and differentiates with that of competitors. Brands are considered to be the valuable assets for any organization. Strong brands help to create commitment among the customers and develops …show more content…

It is worthwhile to mention here that the process of brand building is also referred to as brand equity. Brand equity is the outcome of various marketing strategies of any organization which is reflected in the consumers’ response. Brand equity is perceived by consumers as the value added to the product by associating it with a brand name. The sources of brand equity help to increase the customer base of a firm. The effectiveness of marketing strategies is enhanced by brand equity assets. Brand equity depends upon the favorability of the attitudes which customers hold about a particular brand. Building positive brand equity would enable an organization to enjoy a competitive advantage. It is imperative for firms to create unique, strong and favorable associations for building strong brands. Understanding the various dimensions of brand equity would help the organizations to know the value provided by the brands to its consumers. Marketers have to select appropriate brand elements for creating positive brand equity. The effectiveness of brand building of organizations would ultimately depend on the success of its brand elements in creating positive equity among its customers. To bring a clear picture of brand equity it becomes necessary to understand its different approaches. Brand equity for the purpose of this research is discussed in detail from customers’

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