UNILIVER BRAND EQUITY
Strategic Brand Management Assignment
Table of Contents
II/ Definition of brand equity
III/ BUIDING BRAND EQUITY
IV/ CUSTOMER BASED BRAND EQUITY
V/ BENEFITS OF BRAND EQUITY
V / CONCLUSION
Brand equity is one of the important ideas in brand management, marketing, in business practice or academic research. Improving and properly creating brand equity has been focused problem for most organizations. Nowadays, there are many famous companies had developed with their own well-known brands. Unilever is one of the famous companies who used different types of branding (marketing) strategies in order to build its awareness in the mind of consumer. This essay will discuss in details of the customer based brand equity as well as different marketing strategies adopted by Unilever’s product, Lux in order to build its brand equity. II/ Definition of brand equity
Until the late 1980s, the idea that the brand adds value to a product has been used to find out the actual value of the assets of a company. Kapferer (1998) suggests that changes occur in the business with large wave of mergers and acquisitions among larger companies with established brand followed by the development of information technology and globalization. These activities led to the formation of brand equity. Brondoni (2001) defines brand value as "an intangible asset of the company based on the knowledge of a particular brand in a market". As brand equity is dynamic in nature and subject to change, its impact over time to be monitored measured value of the brand. Thus, brand equity represents the results in response to actions taken by a company to its target market to establish their identity. The economic value of brand equity depends on the understanding of perception and image, and determines brand awareness which in turn related to demand loyalty and customer satisfaction. The other way to see the value of the brand is in the financial condition or in the consumer brand awareness. III/ BUIDING BRAND EQUITY
Consumers buy products with the help of one of these two brands are well established or if the consumer has no other choice. The company invested a huge amount of funds for various marketing activities such as advertising, sales promotion to create awareness and positive brand image of their products. So branding is not just a name but also sell various activities carried out by companies to distinguish their product or service from its competitors. As Kotler (1991) considers brand as a name, term, sign, symbol or design or a combination of all for the purpose of distinguishing products or services of competitors in the same market. Unilever uses "U" symbol printed on the back of each product as a brand icon with a mysterious symbol or icon 25 (Appendix 1) different. This difference Unilever from its competitors is the entire identification of system around the idea of revitalizing life. Thus, the Unilever brand was created by the combination of 25 different symbols and is designed in U alphabet. Unilever products are classified into personal care, beverages (soft drinks and Ice Cream), household care and food. Product of Unilever (LUX) specifically focused on meeting the needs of consumers of its functions. Under (Elliott, 2011), the Unilever brand can be classified as functional scope of its products to keep their promises about their performance means what you see is what you get. Unilever faces strong competition from its competitors such as Nestle and Procter & Gamble (P&G). But it has about 2 billion consumers in approximately 190 countries worldwide. As Moran (1991) defines brand value as a meaningful name and value to consumers, affecting sales of the product or products that are sold under the brand name specific. Aaker (1991) argues brand equity as a collection of brand assets and obligations relating to the...
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