Brand Equity : Brand Equity www.soopertutorials.com
Brand Equity : Brand Equity Product and services in the market are identified by the brand name. Brand is the symbol, label or source of identification for the products and services.
There are thousands of products from different companies are available in the market place but some are more preferred by customer and other are less preferred. Products people love to buy and agree to pay more are due to the reputation of the product. Brand equity is intangible asset for the company; it delivers value to the customer.
Positive or Negative brand equity : Positive or Negative brand equity Products or services with positive brand equity deliver value to the customer based on its quality, experience, durability, availability, services, warranty and etc. Companies charge more premiums indicate higher brand equity.
Negative brand equity has a worst impact on the company image. The cause of negative brand image is poor quality, customer bad experience with the product, bad word of mouth and most important poor performance of the previous product and services. Customers are not willing to buy the products with negative brand equity because its not equal to the worth of amount.
Sources of brand equity : Sources of brand equity Market ResearchIntroducing brand in the market needs quantities or qualitative research to get familiar with the trends and different attributes. Proper market research allows the company to launch a right brand for the right segment.
Quality New product must incorporate quality ingredient because first impression is the last impression. If customers are satisfied with the quality of your product then customers will suggest other people to go for this product by sharing good thoughts.
Brand NameBrand name should be related to the product and easy to remember.
Brand PositioningPosition brand in such a way that customer can remember it for a long time and position in his mind
Slide 5 : Marketing MixThe proper use of marketing mix adds value in the brand marketing. Promotion and personal relation increase brand equity.
Brand ExtensionTo polish your brand, bring some new products and services under the umbrella of same brand name. For example, Dettole Soap and shampoo, Lux Soap and Lux Shampoo, LG monitors and mobiles.
Customer opinionAlways look for customer opinion because they know the best and worst about the product. For example - Procter & Gamble ask for the customer idea for their product through their customer portal.
Top brands of the world : Top brands of the world 1 –Google
2- General Electric
3- Microsoft
4-Cocal Cola
5-China Mobile
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