b. Explain the concept of brand equity, brand values, and experiential branding.

Brand equity can be summarized into a brands values which a customer perceives them. For example,
Nike consumers will perceive their products and brand name as more valuable then clothing from a local
retail business. Brand values are essentially a brands image and what the company stands for as a whole.
Brand values are set in place to help guide a company in maintaining and establishing a name for
themselves as that is what consumers associate with a good brand. experimental branding is an approach
to the overall satisfaction and interest consumers give to a company through branding that may not have
correlation with a brands product however creates a positive message that helps market their products.
c. To understand the characteristics of good branding strategies and the impact these strategies have on
creating or improving brand equity and brand image. For each of the items in the list below, write a short
description (with examples if possible).
o Customer attraction - Customer attraction is when a company is marketing products in order to attract
new clientele rather than retaining existing ones.
o Emotion – Emotion is used in the act of branding within a business by provoking emotion in order to
create a relationship amoungst that foundation.
o Confidence in product – confidence in product is a brand ability to now what they have to offer to be
able to develop a reltionship with consumers built on trust an reassurance.
o Brand recognition – brand recognition is the act of a custmer or persons ability to correctly identify a
brandd via a visual cue such as logo or advertisment campaign or audio cues such as a jingle or slogan.
o Brand preference - Brand preference is the act of a consumer to choose a certain brand or companies
product rather then others within the same price range and quality.
o Brand tone/feel - A brands tone/feel helps to determine the initial feeling for a customer for example a
childrens clothing company that uses bright blues and pinks rather then having dark colours which do not
correspond with the desired atmosphere.
o Online reviews, rankings, and feedback - Reviews, rankings, and feedback help a brand to attract
customers and also retain past customers by having well reviews and things said about their brand/product
which then brings more customers to trusting this brand right away based off others opinions.
o Trademarks and copyrights - trade marks and copy rights are acts put in place in order to protect the
brands or intellectuals propertie from other brands or organizations using it first.
o Brand Loyalty - rewards programs are a huge part of brand loyalty which is a neccesities certain
organizations offer in order to keep customers hooked on their brand while retaining and attracting other
customers using the same type of programs.