BRAND EQUITY Earning wealth and recognized through the power of brand name or symbol. ASHWATH P. PRADIP KUMAR BISWAS
Development of Marketing
BRAND EQUITY A brand is a name or symbol used to identity the source of the product. The brand can add significant value when it is well recognized and has positive associations in the mind of the consumer. This concept is known as brand equity.
NEED FOR BRAND EQUITY Values of brand equity ? Value to the customer ? Value to the firm ?
PERSPECTIVES OF BRAND EQUITY
Brand is an intangible asset that produces added benefits for the business. This is the domain of strategic brand management : how to create value with brand management.
STAGES IN DEVELOPING BRAND EQUITY
“If these business were split up I would give you the land and the bricks and mortar and I would take the brand and the trade mark and I would fare better than you” - JOHN STUART
BRANDING STRATEGIES Single brand identity Umbrella strategy Multi – brand categories Family of names strategy
ASPECTS OF BRAND EQUITY
MEASURING BRAND EQUITY
Loyalty (price premium, satisfaction).
Perceived quality (popularity).
Association (brand personality, organizational association).
Awareness (brand awareness).
Market behavior (market share).
CUSTOMER BASED BRAND EQUITY PYRAMID BUYER CLIENT BASED POTENTIAL MARKET
BENEFITS OF BRAND EQUITY Predictable income stream - Increases cash flow - Brand equity is an asset - Improved perception - customer loyalty - competitive marketing actions - Less marketing crisis - Larger margins - brand extension opportunities. LIMITATIONS OF BRAND EQUITY Failure to live up to the brand promise - support the brand - control over the brand - improper balancing of consistency and change in the brand .
Brand equity for products with short product life cycle
PRODUCT LIFE CYCLE
CHALLENGES FACED BY THE COMPANY
4 Ps of Marketing.
Changing consumer preferences.
Hype and curiosity.
BUILDING BRAND EQUITY THROUGH ADVERTISEMENTS
Potential to build the brand in long term to develop or to reinforce brand equity.
Brand health depends on three factors which is known as brand health.
Consumer perception on five dimensions.
Is equity drives the brand, what drives the equity ?
Equity measures and ad recall (high, middle, low).
“Challenge for marketer is ensuring that customer have the right type of experience with products, service and their accompany marketing programmes, so on becoming linked to the brand.”