Essays /

1409315388 Brand Equity Essay

Essay preview

From Products to
Brands
- Creating Brand Equity

From Products to Brands

What is a brand?

“What’s in a name? that which we call a rose
By any other name would smell as sweet.”
- William Shakespeare, Romeo and Juliet

“Shakespeare was wrong. A rose by any other name would not smell as sweet … which is why the single most important decision in marketing of perfume is the name.”
- Al Ries and Jack Trout

Brand Equity: Key Elements &
Implications

Key elements of brand equity
– Brand name: Awareness and associations
– Perceived quality – actual quality:
• A brand conveys information about the product
– Brand loyalty

What is the value of brand equity in the market?
– Product differentiation
– Price premium over unbranded alternatives
– Barriers to entry
– Ability to extend brand name to other categories
– Leverage in distribution channels

Brand

A name, term, sign, symbol
or design, or a combination of them,
intended to identify the goods
or services of one seller or group
of sellers and to differentiate
them from those of competitors.

An Effective Brand Name
 Is easy to pronounce
 Is easy to recognize and remember
 Is short, distinctive, and unique
 Describes the product, use, and benefits
 Has a positive connotation
 Reinforces the product image
 Is legally protectable

Attributes of Strong Brands
• Excels at delivering
desired benefits
• Stays relevant
• Priced to meet
perceptions of value
• Positioned properly
• Communicates
consistent brand
messages

• Well-designed brand
hierarchy
• Uses multiple
marketing activities
• Understands
consumer-brand
relationship
• Supported by
organization
• Monitors sources of
brand equity

The Role of Brands
Identify the maker
Simplify product handling
Organize accounting
Offer legal protection

The Role of Brands
S...

Read more

Keywords

1409315388 abil accept account activ actual adapt advantag al allow also altern appeal applic appropri arm armi associ assumpt attract attribut aunt avoid awar bar barrier basi becom belief benefit bic bicycl birth brand bring broad broader bubbl build busi call campbel candid cannib capit care carri cash categori chanc channel charact check chocol clarifi classic cloth cobrand colgat combin communic compani companion competit competitor complementari compon condition connot consist consum consumer-brand contain continu control convey cooler cooper core cost coverag cow cream creat credibl crise current custom davidson dealer decis decreas defin definit deliv deliveri describ design desir deterg develop diaper differ differenti direct disadvantag dispos distinct distribut distributor diversif docker domino dri drop earn easi effect effici elast element end endow enhanc ensur enter entri entry-level equiti establish evalu even everywher evok exampl excel exclus exist expenditur experi expertis extend extens facilit fail failur famili favor featur feel firm fit flanker flavor focus follow footprint forego form franchis frill fruit fruit-flavor gain generic give global good greater group grow gum h hammer handl harley harley-davidson hershey hierarchi high high-end higher honda hurt ice identifi ignor imag imc implic import improv increas individu inelast inform ingredi intend intens introduc inventori issu ivori jack jell jell-o jemima juliet key kleenex knowledg known label larger launch laundri lawn least legal less level leverag levi licens lighter line logo long loom lotion low low-cost low-end loyalti major maker manageri mani manufactur mar margin mark market may mean meet mega memori messag milk mistak mistaken modif monitor moreov mower multipl name negat new no-brand-nam no-fril o offer often one opportun option orang organ own packag pancak parent part penetr perceiv percept perform perfum pop popular porsch portfolio posit possibl potenti power pre pre-exist premium pressur prestig price privat process product profit program promot pronounc proper propos proposit protect provid pud put qualifi qualiti rapid recogn reduc reinforc relationship relev rememb respons result retail rie right risk role romeo rose sale sauc scalp secur see seek segment seller serv servic sever shakespear shampoo short sign signifi similar simpli simplifi singl skin slogan smell soda sourc stay store strategi strength strong structur sub sub-brand success suit sunkist support sweet swiss symbol syrup tailor take target tast term terminolog thought tie tomato toothbrush toothpast trade trademark transfer travel trial trout type umbrella unbrand underneath understand uniqu unrel url use util valu varieti variety-seek vaselin versus visa vulner watch well well-design wholesal william wine within would wrong