Brand Equity Model Essay
Introduction
Building strong brand equity has many advantages, in addition to the fact that it creates strong bonds between consumers and their products; it gives competitive advantage to the firm and makes it less susceptible to be replaced in the market. It also makes the brand less elastic in terms of price change and makes it easier for the brand to grow.
In the pursuit of building strong brand equity, two main questions need to be answered:
1. What makes a brand strong?
2. How do you build a strong brand?
This paper is about a Customer-Based Brand Equity model which was developed in a logical, well-integrated way. The model had to be versatile and applicable to all possible kinds of brands and industry settings. Furthermore, the model
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Behavioral loyalty.
2. Attitudinal attachment.
3. Sense of community.
4. Active engagement.
Applications
The CBEE model can be used to interpret many trends by simply answering three broad questions:
1. Why do certain categories or markets seem not to have any strong brands?
Example: banks and airlines.
The CBBE model shows that in this category, services are very much alike and different firms have failed to create points-of-parity that will shift the advantage into their field.
On the other hand, Southwest Airlines reached Brand Resonance by designing and executing an outstanding marketing program that achieved the aspired Brand Meaning.
2. How do strong brands get into trouble?
Example: Kodak, Oldsmobile, Montgomery Wards, Revlon, Miller Lite, Levi’s and Kellogg’s.
All these brands underwent through market pitfalls and had reclining brand equity due to many reasons, including but not limited to: Competitors, changing in consumer loyalties and changes in the environment which lead to a rapid change in consumer brand loyalty.
3. What makes a great online brand?
Example: Yahoo, E*TRADE, eBay and Amazon.
These are examples of successful online brands which managed to achieve Brand Resonance by creating a sufficient level of brand awareness, in which other rising online brands have failed to
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