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Branding is a complex concept and it is becoming an essential marketing scheme in simple terms a brand is considered to be a distinguishing symbol logo word sentence mark or a combination of these items which is used by companies to distinguish their.
Brand equity image. If the purchaser s motivations are hedonic in nature low quality is a less important driver. Brand equity is a major indicator of company strength and performance specifically in the public markets. Brand equity can help a strong brand remain relevant and competitive in the marketplace and it can help brands and companies weather storms that threaten their value and existence. Nike town are three vivid channels that nike has applied to enhance its brand image and awareness.
The commercial value that derives from consumer perception of the brand name of a particular product or service rather than from the. Brand image usually declines before sales do so it is an invaluable measure of your brand s health. A marketer s role is primarily to defend and grow its brand s image and equity through a strong personality and consistent communications. Volkswagen for example is hoping that the strong brand equity it built during the decades before the 2015 emissions scandal will help restore customer confidence in its company and product brand.
Brand equity is said to be positive when consumer are fully satisfied with the product offered under the brand name and in such a way that they use the brand name as a synonym of the product itself or the image that pops up in the minds of the consumer when they think of the particular product such as dettol for antiseptic lotion dalda for hydrogenated vegetable oil bisleri for mineral. This can be done in various ways but one of the ways is to use the keller s brand equity model or cbbe model of keller. Often companies in the same industry or sector compete on brand equity. The study confirmed that low brand image is much more damaging than low brand quality.
Key difference brand equity vs brand image the difference between brand equity and brand image lies in the broadness of each concept. If you are not succeeding in all areas then you are almost certainly challenged by weakening sales. Brand equity is the holy grail in the subject of branding the ultimate objective of a branding team is to increase the brand equity of an organization.
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