A strong brand will help an organization to differentiate the price from the rest and encourage their customers to pay for the intangible benefits they get from associating themselves with a brand that makes them appear cool fashionable, or clever. In addition, a brand provides a vital differentiator, especially when the basic product or service is widely
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’
The goal of working strategically with brand image is to ensure that consumers hold strong and favorable associations of the brand in their minds the brand image typically consists of multiple concepts, perception, because the brand is perceived cognition, because that brand is cognitively evaluated; and finally attitude, because consumers after perceiving and evaluating what they perceive form attitudes about the brand. 3.2.8 Brand Loyalty Achieving a high degree of loyalty is an important goal in the branding process. Loyal consumers are valuable consumers because it is much more expensive to recruit new customers than nursing and keeping existing ones. Brands are important vehicles when building consumer loyalty as they provide recognizable fix points in the shopping
3. Literature Review • Brand Image Brand image is the variable which enforce a consumer for finding difference between brand and its competitors. Brand image consist of expectations, impressions and beliefs that a person holds about brand. The overall perception of consumer about quality and service can be created by brand image. Brand image is nothing but organization character.
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.
Keller (2009) points that brand awareness are related to the strength of the brand node or trace in memory as reflected by consumers’ ability to recall or recognize the brand under different conditions. Brand image is defined as consumer perceptions of and preferences for a brand, as reflected by the various types of brand associations held in consumers’ memory. Reinforcing these two components serve as sources of brand equity that can affect positively loyalty; price premiums and more favorable price elasticity responses; greater communication and channel effectiveness; and growth opportunities via extensions or licensing (Keller
The study conducted to investigate the causal relationships between the dimensions of brand equity and brand equity itself which measures the consumers’ perception of brand equity affected the overall brand equity evaluations. Data collected from a sample of university students in Turkey. Findings conclude that brand loyalty is the most influential dimension of brand equity. Weak support is found for the brand awareness and perceived quality dimensions. Marketing managers should consider the relative importance of brand equity dimensions in their overall brand equity
Introduction Before beginning to discuss what makes a strong brand or how a brand becomes the number one brand there must firstly be a clear definition of what a brand is. A brand is defined as a name, term, sign, symbol or design, intended to identify the goods or services of a seller. Essentially a brand is something unique intended to differentiate your product from that of your competitors. In today’s marketing world where we are inundated with new products everyday branding is undeniably important. For a company branding is the main way to achieve a sustainable competitive advantage.
Therefore, a brand makes life easier and fewer risky (Barwise et al., 1990) and may be sources of value for the buyer (Kapferer, 1997). A brand is additionally an “intangible however important element of what a firm means; a set of promises” (Davis, 2002). Finally, Bedbury and Fenichell (2002) say that “a brand is, if it's something, the results of a conjunction method within the brain. They’re sponges for content, images, feelings, sensations, and experiences; psychological concepts within consumers’ minds.” Hence, brands enhance the worth of a product on the far side its functional purpose (Farquhar, 1989). The various definitions that are developed for a
Having a positive consumer-based brand equity can lead to long term revenues, greater margin profit and success in term of marketing communication. To develop successful strong brand equity, it involves several stages that have been assembled as a set of brand building blocks. The brand building blocks also aims to identifies areas of strength and weakness as well as to provide guidance to marketing activities. Professor Kevin Lane Keller introduced a pyramid model known as customer based brand equity model that focusing on understanding how customer felt, recognize, heard etc. on the particular brands based on their experiences using the brand over the time.