Building a successful brand requires using creative marketing and branding strategies to create strong brand equity in today's competitive market, a brand can only achieve success if it can. Brand management begins with having a thorough knowledge of the term brand it includes developing a promise, making that promise and maintaining it it means defining the brand, positioning the brand, and delivering the brand brand management is nothing but an art of creating and sustaining. Consumer based brand equity cbbe is thus the differential effect brand knowledge has on consumer response to the marketing of that brand authorized adaptation from the united states edition of marketing management. Following these, the paper analyses the relationships between current trend of marketing, building sustainable brand equity and marketing communications finally, in conclusion, a strategic view on marketing is presented.
Marketing case essay sample brands are the means with which products get recognition and consumers' loyalty powerful positioning and human like characteristics of a product make it worth purchasing in the eyes of consumers. Urde (1999) in his model of brand orientation, aaker and joachimsthaler (2000) in their model of brand leadership, davis (2002) in his model of brand asset management, de chernatony in his model of corporate branding (de chernatony, 1999), and kapferer (1997) have discussed brand equity in their respective models of brand building. Brand image, brand awareness and brand meaning have their direct impacts on brand equity secondary brand association transmits the equity of various businesses to the brand in consideration consumers judge the brand value on the basis of brand elements that are associated directly and primarily with the underlying product, for instance. Before going into the brand image of nike, there is an importance to know what exactly brand and brand image is brand is a name, term, sign, symbol, design or combination of all these which identifies the goods or services of one seller or the group of sellers and to differentiate them from those of competitors.
Aaker (2000,p15) provided the most precise definition of brand equity, he defined brand equity as a set of brand assets and liabilities linked to a brand, its name and symbol, that add to or subtract from the value provided by a product or service to a firm and/or to that firm's customers. Companies can build the brand image using the communication mix: advertising, personal selling, sales promotions, pr and direct marketing an important issue in developing brand image is the coordination of all communications from the firm. Brand equity is a phrase used in the marketing industry to try to obtain the benefit from the brand's power, based on the idea that the owner of the well-known brand name can make more revenue from products or services. Differentiating between brand assets, strength and value tracking brand equity goodwill: the convergence of finance and marketing how brands create value for the customer how brands create value for the company corporate reputation and the corporate brand 2.
Brand equity refers to the marketing effects or outcomes that accrue to a product with its brand name compared with those that would accrue if the same product did not have the brand name and, at the root of these marketing effects is consumers' knowledge. Apply brand concepts to assess the current position of brands in the global market place synthesise current academic writing on branding in the global context using relevant library resources develop a brand plan for assessment and formulate marketing recommendations for that brand. Find helpful customer reviews and review ratings for the new strategic brand management: creating and sustaining brand equity long term (new strategic brand management: creating & sustaining brand equity) at amazoncom read honest and unbiased product reviews from our users. Excerpt from creative writing : marketing and branding discuss the history of brand and ways brands have evolve over time the history of brand has quickly evolved from a relatively simple approach taken by companies to differentiate their products and services by name or graphical representation alone to highly targeted, effective, emotive approaches to communicating value. Jean-noël kapferer is an internationally recognized authority on brands and brand management a professor of marketing strategy at hec graduate school of management in france, he holds a phd from northwestern university (usa) and is an active consultant to many european and us corporations.
Brand management, one of the most interesting marketing measures, allows you to understand how brand equity is built and well maintained by mncs you will understand how to add value to your product, differentiate it from others and finally, position your offerings as the best or most appealing in the market. Brand equity essay - introduction a brand is a distinguishing name and/or symbol intended to identify the goods or services of either on seller or group of sellers, and to differentiate those goods or services from those of competitors (aaker 1991)a brand is the most valuable asset for an organization in the current competing world. Very simply, brand description (or identity or image) is tailored to the needs and wants of a target market using the marketing mix of product, price, place, and promotion. I'm sure we're all familiar with the term 'brand equity' it reverberates around the walls of multinationals as marketing executives distill the essence of a brand into a discernible strategy, and.
Creating and sustaining brand equity brand equity might seem like one of those lovely marketing type terms that have or add very little value but when it comes to brand equity, this is definitely not the case. Moving beyond marketing, the new strategic brand managementaddresses the bigger picture, integrating other creating and sustaining brand equity long term. The word brand has become this ubiquitous term that everyone from entrepreneurs and schoolmarms to pro athletes and musicians reference in everyday conversations and media interviews.