Creating Brand Equity - 1159 Words

creating brand equity Creating brand equity Marketers build brand quality by creating the right brand knowledge structures with the right consumers. Building brand equity 3 sets of brand equity drivers. -Initial choices for the brand elements or identities making up the brand (brand names, URLs, logos, symbols, -product and service and all accompanying marketing activities and supporting marketing programs – way brand is integrated into supporting marketing program -associations indirectly transferred to the brand by linking it to some other entity Choosing brand elements Brand elements = trademarkable devices that serve to ID and differentiate a brand (Nike swoosh) Test of the brand-building ability of elements is†¦show more content†¦Inventory suggests what consumer’s current perceptions may be based on. Primarily descriptive exercise. -brand exploratory – research activity conducted to understand what consumers think and feel about the brand and its corresponding product category to ID sources of brand equity. Brand tracking Tracking studies collect info from consumers on a routine basis over time and provide valuable tactical insights into the short-term effectiveness of marketing programs and activities. Audits measure where the brand has been, tracking studies measure where the brand is now and whether marketing programs are having the intended effects. Brand valuation – total financial value of the brand. Managing Brand Equity Brand reinforcement – equity reinforced by marketing actions that convey meaning of the brand to consumers in terms of: (1) what products the brand represents; what core benefits it supplies, what needs it satisfies and (2) how the brand makes those products superior and which strong, favorable, and unique brand associations should exist in the minds of consumers. Reinforcing requires marketing innovation and relevance. Must recognize tradeoffs between fortifying brand and reinforcing its meaning and attempting to leverage or borrow from existing brand equity to reap some financial benefit. Revitalization – 2 approaches: -expand the depth and/or breadth of brand awareness by improving consumer recall and recognition of theShow MoreRelatedRebranding Is A Risky And Heavy Financial Investment For A Brand979 Words   |  4 PagesRebranding is a risky and heavy financial investment for a brand to activate in order to reenergize a mature brand and position it in the market as a leader while being relevant to its target consumers. Rebranding can be a minor adjustment or a major change. In order for a brand to be successful in rebranding the market manager must follow multiple steps prior including researching of current sources of brand equity and decide how to move forward with the positing considering its target consumerRead MoreReal Madrid Brand Management1569 Words   |  7 Pagesglobal organization and turned into one of the most well known football clubs in the world by leveraging its brand equity and implementing successful marketing programmes throughout the world. 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