Brand Equity – is the set of assets and liabilities linked to the brand. The conceptualization of brand equity, which occurred in the late 1980’s was pivotal because it changed the way that marketing was perceived.
Brand Awareness – is assets that can be extremely durable thus sustainable. It can be very difficult to dislodge a brand that has achieve dominant awareness level.
Brand Loyalty - An existing base of loyal customers provides enormous sustainable competitive advantages. It reduces the marketing costs of doing business, since existing customers usually are relatively easy to hold. Brand Associations- Anything that is directly or indirectly linked in the consumer’s memory to a brand. Product attributes and customers benefits are the associations that have obvious relevance because they provide a reason to buy. Example:
Calvin Klein, Jaguar Design
Nike The Experience
Emotional and self-Expressive Benefits – relate to the ability of the offering to make the customer feel something during the purchase of use experience.
Safe in Volvo
Exhilarated in a BMW
Energized when watching MTV
Healthy when drinking evian
Warm when buying reading a hallmark card
Self expressive benefits – reflect the ability of the purchase and use of an offering to provide a vehicle by which a person can express him or herself to illustrate, a person might express a self-concept of being
The role of brand Identity
- The need to articulate a brand identity and position introduce discipline and clarity into the strategy formulation process. The ultimate strategy is usually more precise and elaborated as a result. However, the brand identity and position have other, more explicit roles to play.
Multiple Brand Identities
- Arbitrarily insisting that a brand identity should apply to all...
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