Two factors that reinforce association to any piece of information are its personal relevance and the coherence with which it is represented over time. The particular associations we recall and their significance will depend not only on the power of association, but also on the recuperation of cues present and the context in which we consider the brand. Let’s consider the factor that, in general, impact the power and recallability of a brand association. Consumers form beliefs about brand attributes and benefits in different ways. Brand attributes are those descriptive features that characterize a product or service.
Brand attributes and brand benefits are the two factors that affect the strength and recall ability of a brand association and they are formed in the mind of consumers in many different ways. Brand attributes are those they descriptive features that characterize a product or service and brand benefits are the personal values and meaning that customers attach to the product or service attributes (Kevin Lane Keller, Strategic Brand Management, Building, Measuring, and Managing Brand Equity, 2013,
It sometimes refer to the firm culture of the brand and sometimes to a brand as a part of the broader cultural landscape. Brand equity The goal of the any company is to endow the products and services with the brand equity. The brand equity defines the value of the brand and it can refer to two understanding of the brand value, namely a strategic, subjective understanding or band equity as a financial, objective expression of the value of the brand. Brand essence The academic brand management writer agree the every brand has an identity and that an every brand identity contains the essence that is very core of the brand. The brand essence is most often an abstract idea what is the heart and soul of the band.
This is deemed as the principal viewpoint of brand equity (Farquhar et al. 1991, Simon and Sullivan 1990). The financial point of view permits organizations to extricate the budgetary brand esteem from the aggregate estimation of the organization. Simon and Sullivan (1993) were among the main creators to introduce an approach to scientifically figure brand value. They utilized the budgetary business sector estimation of an organization as a premise for assessing brand value and, by figuring the Tobin's Q, found that it was conceivable to recognize the brand esteem and the estimation of every other resource of the organization.
It creates a relationship between the customer and the manufacturer. Thus Brand is a specified name given to the product or combination of products from the creator. The basic objective of this research is to assess the role of brand in influencing consumer buying behavior, by tapping the responses
Through the relationship performance between the relevant stakeholders and the brand, brand value and equity can be created. Jones (2005) suggests, that one should acknowledge two key points while accessing the stakeholders: 1. Network of relationships / dependency upon multiple stakeholders, 2. Value assessment on the basis of each individual relationship. Regarding the dependency upon multiple stakeholders, one needs to realise that brand value depends on several stakeholders that support the value creating process for the firm.
Brand Awareness: refers to the strength of a brand in consumers’ minds and it is considered the first step in building BE (Aaker, 1991). It is the result of consumer’s exposure to a brand, and it has several levels ranging from mere recognition of the brand to the dominance of the brand on consumer’s mind (Alba and Hutchinson, 1987). 2. Brand Association: it is everything related to the brand (Aaker, 1991). Keller (1993) noted that brand associations reflect “the meaning of the brand for consumers” and added that to have a positive effect on BE, the brand association should be unique, strong and favorable (Keller, 2003).
The American Marketing Association defines brand equity as ―The value of a brand. From a consumer perspective, brand equity is based on consumer attitudes about positive brand attributes and favorable consequences of brand use. Branding expert David Aaker defined brand equity as ―A set of assets and liabilities linked to a brand, its name and symbol that adds to or subtracts from the value provided by a product or service to a firm and/or to that firm‘s customers.Brand Equity was the one coined by David Ogilvy, when he said many years ago: A brand is the consumer 's idea of a product. Thus many researchers focus on brand image for measuring brand equity,since it can be manipulated by associations and attitude(that is brand image).Keller defines customer-based brand equity as ―the differential effect of brand knowledge on consumer response to the marketing of the brand. David A. Aaker, discusses that the four dimensions of brand equity are brand loyalty, brand awareness, perceived quality and brand associations.
According to Herbig & Milewicz (1993); Janiszewski & Van Osselaer (2000); Turley & Moore (1995) brand name offers a symbol that can assist consumers to identify service providers and to predict service results; as a consequence, brand awareness will affect purchase decision through brand association, and when a product owns a positive brand image, it will help in marketing activities (Keller 1993). According to Stryfom et al. (1995) the marketers can create brand awareness among their target audience by repetitive advertising and publicity. Macdonald & Sharp (2000) also reveals that brand awareness plays an important role on purchase intention because consumers tend to buy a familiar and well known product. According to Chaudhuri, & Holbrook (2001), brand awareness and brand image to be ascendant to brand
It is also use to target the scatter mass audience. The role of advertising on sales volume is very important. It is proved to be very essential tool in enhancing the sales of brand. Advertisement is directly linked with the sales of the products (Abiodun, 2011). Through advertisements customer behavior shaped and they motivate to buy such products.