And distinct from other elements of brand equity, a factor that consumers weigh against their feelings about a brand but really, a brand’s price is just as important and integral to a brand’s equity as any. Line extensions because one element of a strong brand, one attribute of a strong brand is that it can actually allow you to leverage the brand equity to develop brand or line extensions which leads to greater sales. Key elements of brand equity brand equity is a set of brand assets and liabilities linked to a brand, its name and symbols, that add to or subtract from the value provided by a product or service to a firm and/or to that firm's customer. Choosing brand elements to build brand equity brand elements, sometimes called brand identities, are those trademarkable devices that serve to identify and differentiate the brand the main brand elements are brand names, urls, logos, symbols, characters, spokespeople, slogans, jingles, packages, and signage. Brand elements lead to brand equity: differentiate or die mosarrat farhana university of dhaka, bangladesh [email protected] abstract: the aim of this paper is to discuss brand elements and to explore its contribution to brand equity based on some relevant research reviews and some examples of prominent brands where brand elements have.
Variant of brand equity approaches has considered the added value endowed by the brand name by focusing the application of momentum accounting to assess the rates of relevant sales and expenses over time (farquhar and ijiri, 1993. Hence brand description or brand image is like the base on which the brand equity is built if the company has a bad brand image then it can never have a good brand equity the success of the brand image or the otherwise leads to the degree of the brand strength. Brand equity accounts for the difference in customer response that a brand name makes in essence, brand equity is a factor of a brand’s ability to keep and attract customers consequently, a brand can have negative brand equity or positive brand equity. Module lead: fenfang lin the concept of brand equity, brand performance and key principles of strategic brand management • the value of brand, brand concepts and brand elements • branding and brand management • strategic branding • brand marketing designing and implementation • brand performance in the modern market.
5 main elements of brand equity are as follows: 1 awareness, 2 brand associations, 3 perceived quality, 4 brand loyalty, 5 proprietary brand assets a brand is an intangible asset for an organization the concept of brand equity originated in order to measure the financial worth of this. The brand leads to the retrieval of these associations from memory managing your branding elements to create a high equity brand you create these associations in everything you do – advertising messages, logos, names used, segments served, etc if you use a statement in your advertising that you are the “team to trust” – you hope that. Brand equity is the result of a process which leads to a creation of a unique and distinct brand identity these brand identifiers a brand identifiers brand identification can be done through various ways for example, unique selling proposition (usp), logo, style, bra ambassador, etc brand elements facilitate the process of consumer brain.
Brands and brand equity: definition and management lisa wood sheffield hallam university, sheffield, uk leads to brand loyalty and ‘‘insulates the brand from a measure of competitive threats’’ aaker (1991) suggests brands and brand equity: definition and management. Brand equity usually is dependent on brand awareness, loyalty, perceived quality, strong brand associations and other assets such as patents, trademarks, and channel relationships it involves fulfilling the promise the business has made to the customers and maintaining the relationship well. Entire set of brand elements makes up the brand identity cohesiveness of the brand identity depends on the extent to which the brand elements are consistent each brand element plays a different role in building brand equity, so marketers should “mix and match” to maximize brand equity.
Brand equity is the result of a process which leads to a creation of a unique and distinct brand identity all the factors which add to a good brand element are discussed in detail. Brand identity = the contribution of all brand elements to brand awareness and image if all brand elements are consistent with each other, the brand identity is cohesive each brand element plays a different role in creating brand equity, so marketers must mix and match for the best effect. The handshake differece delivering the definitive b2b commerce platform customer results brand strategy: the 6 key elements by mandy movahhed on april 11, 2016 there are many components that make up a brand, including logos and packaging, brand equity (which is the value of perceptions and expectations about your brand), and the. The aim of this paper is to discuss brand elements and to explore its contribution to brand equity based on some relevant research reviews and some examples of. Contribution of brand elements to reinforce brand equity a brand element is visual or verbal information that serves to identify and differentiate a product a sub-set or even the entire possible brand elements are often employed (keller.
And since this brand equity is from customer’s perspective, customer based brand equity brand equity is a good barometer to understand past action and future course of action for marketers, who are active in formulating strategies for a given brand. How to measure brand awareness, brand image, brand equity and brand value which each lower-level element provides the foundations of the higher-level element in other words, brand attachment stems from rational and emotional brand evaluations, which derive brand) but also the width of recall (the cues that lead to brand recall. The head of brand marketing puts together an exceptional brand marketing cross-functional team, and leads its development, driving new ideas and crucial day-to-day brand marketing operations with the support of this team and senior brand marketing management.
Despite the popular notion supported by hard facts and latest research, which argues that brand equity is the surest way to protect competitive advantage, the global recession and the consequent focus on pricing to win customers did erode starbucks’ equity at that time. Brand equity is the heart of brand management the brand managers are engaged in building strong brand equity as it directly affects the consumer’s buying decisions, defines market share of the product, and determines the brand position in the market. Brand equity: the estimated financial value of the brand image and brand elements projected in terms of future profit branding: the creation of brand elements and connecting them to brand image.
Most brand managers spend hours on the brand equity scores/index/indices – in effort to really understand what the equity index or score really means or indicates and more often than not – questions remain unanswered. Brand element design and maintenance are essential pieces of brand management according to strategic brand management by kevin lane keller, brand elements, also known as brand identities, are devices that allow a brand to be identifiable and differentiable these devices are things like logos, brand names, slogans, jingles, packaging, and so on. Choosing brand elements to build brand equity by andrea celis 1 brand elements 11 urls, logos, symbols, characters, spokespeople, slogans, jingles, packages, and. Brand loyalty- this is the big one, the most valued component of brand equity loyalty is the foundation of the lifetime value (ltv) marketing concept loyal customers increase profitability ( awareness ) and reduce consumer acquisition costs ( time/effort .