Quiz 2: Enhancing Brand Equity and Accountability

Business

Necessity of Brand Awareness and Insufficient Indicator of Brand Equity Brand is the identity of goods or services, seller want to sell in the market. In other words, the identity that differentiates two homogeneous products or services is their "brand". In highly competitive market it becomes essential for seller to give unique identity or recognition to the product by various means so that consumers can recall their brand whenever there is a need in a particular product category. Brand includes "trade dress" which refers to looks, labeling, shape, image, design and style. There are many more attributes that can make the product 'a brand' among consumers, the factors that need to be consider are the type of product and consumer's perspective towards the products or services. Marketing communication (Marcom) is targeted communication with customers about the goods services through various media means and brand awareness is integral part of it. But the importance has been given to the movement of awareness towards recognition. It is important to be aware but it become insufficient till customer recalls it when thinking about brand in a particular product category. For example, customer may be aware of many brands of filter water bottles but while actual buying in the store he picks "N" may be due to its popularity or better quality. Similarly, customer may be aware of many sports shoe brands; A, Ni and P but buy A because it fulfill particular need like cost, esteem, or heard lot of good reviews about this brand from other users. Awareness is primary indicator of brand equity but recognition is essential as it bring products that customer is aware of on top of their mind while taking buying decision. Marcom has also indicated that promotion advertising helps in improving awareness about goods or services but may add cost or lead to low quality also, hence can affect brand equity adversely. Thus spending on awareness and leaving the market to decide about buying decision may not help in building strong brand equity. There are indicators that should be considered simultaneously as an indicator of brand equity: 1. Goods or services are directed to particular target market are properly positioned. 2. Budget constraints are taken care of. 3. Goods or services should be identified with value it can provide to consumers because they believe that brand can deliver its promises. 4. Various attributes such as; looks, style, design, color, shape, labeling and quality should be given high importance so that customer can recognize brand, seller tried to aware about through different advertising promotion means and cost incur on such efforts do not go waste.

From a customer's perspective, the value of brand equity is determined to the extent a brand imprints its impression on customers' minds. Some brands are popular among customers that they automatically appear in a customer's mind while other brands may find less awareness among the customers. People tend to develop certain association with brands based on their strength, favorability, and unique attributes. Following is the description of the type of personal associations that the mentioned brands hold in mind: (a) HD motorcycle: There is a favorable association with the brand HD as one can relate with the brand in terms of attributes, benefits and overall positive attitude towards it. The bike is sturdy and is looked upon as a prized possession by its owners. The bike is unique in appearance, and its features distinguish it from competitors such as BM or H. At the same time, the maintenance of the bike is no more than other ordinary bikes, which makes it more affordable. (b) GC Service: The overall brand image of GC service has been favorable as the company offers exciting discounts on a range of products and services. The brand has certain distinguished features from its competitors and hence, secures a higher level of brand awareness. (c) BS: Association with BS can be described as that of the level of brand recognition, where connectivity with the brand exists at a superficial level. Brand holds higher value and has a god maount of recognuition. (d) The O newspaper: The brand image with respect to 'O' newspaper is strong as the company's logo. The company's satirical way of presenting current events helps it rank prominently among other digital media companies. The freshness of the content on the company's website help it establish itself as a strong brand in mind. (e) LBJ: LJ is one of the best basketball player, he is ranked among the top players due to his uniqye physical features. J has imprinted a strong image in his fans base due to his versatility and combination of speed, agility, strength and endurance. J' spectacular playing strategies and his superstardom status have made him a popular name among everyone. (f) MC automobile: Contrary to its name, M, the car has a 'Giant' brand image. Belonging to BM's M brand, MC has become an ultimate dream for car owners, who cannot afford the super luxurious BM cars. MC cars have been able to survive the competition, when others, such as C's PT Cruiser or the New B's popularity F out. The attractive look of the car combined with its comfortable interiors has helped it to become a household name.

Reflection of Personality Dimensions Before listing down the two favorite brands, it is important to understand the concept of 'Brand'. A brand is a product or service whose features differentiates it from other products or services that are created to serve the same need. Thus, the brand carries its own personality, which helps it to relate with staff, investors, and customers. Here are two of the favorite brands of the author: 1. A: The launch of A's M computer followed by the famous S B TV advertising in 1984 helped it to firmly establish itself in the minds of its consumers. The brand's 'Think Different' advertising campaign echoed the company's attitude. S J, the founder, and a visionary, became the trendsetter in revolutionizing the industry. A's music with the iP to smartphones with the iPh has created an immortal space in everyone's life. 2. G: G became an instant household name and has grown its brand value to such an extent that search has become synonymous with it. G's innovation in the Internet arena has secured its leadership among the other competing search engine giants. Today, every brand endeavors to attain brand image similar to G.