Creating brand equity
7 important questions on Creating brand equity
Consumer benefits of the role of a brand:
- Identify source/ maker
- Simplifies decision making
- Reduces risks
Three brand equity models:
- Bandasset valuator
- Brandz
- Brand resonance model
Activities in holistic marketing in which customers learn about the brand?
- Personnel observation and use
- Interaction with company
- Worth of mouth
- Higher grades + faster learning
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Three characteristics that identify a brand community:
- Consciousness of kind or sens of felt connection to the brand
- Shared rituals, stories and traditions that help convey the meaning of community
- Shared moral responsibility or duty to both the community as a whole and individual community members.
Two ways of measuring brand equity:
- Indirect; approach assesses potential sources of brand equity by identifying and tracking consumer brand knowledge.
- Direct approach assesses the actual impact of brand knowledge on consumer response to different aspects of marketing.
A firm has three choices in brand strategy:
- It can develop new brand elements for the new product
- It can apply some of its existing brand elements
- It can use a combination of new and existing
Different roles of brands as part of a portfolio
- Flankers; positioned with respect to competitors' brands so that more important flagship brands can retain their positioning.
- Cash cows; keep around because they manage to maintain profitability with virtually no marketing support
- Low-end entry level; attract customers to the brand franchise
- High-end prestige; add prestige and credibility to the porfolio
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The question on the page originate from the summary of the following study material:
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- Never study anything twice again
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