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  • Assignment of Principles of Marketing

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    Muhammad Faizan
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    1) Brand equity refers to customer perception and loyalty to a brand, while brand value refers to the monetary worth that can be obtained by selling or licensing the brand. 2) Marketers build brand equity and value by clearly defining their target audience and competitors, creating a memorable logo and messaging, and focusing on consistent quality, communication, and customer benefits to build customer loyalty over the long term. 3) Strong brands are built by prioritizing the customer experience and allowing positive word-of-mouth from satisfied customers to reinforce the brand message.

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    1) Brand equity refers to customer perception and loyalty to a brand, while brand value refers to the monetary worth that can be obtained by selling or licensing the brand. 2) Marketers build brand equity and value by clearly defining their target audience and competitors, creating a memorable logo and messaging, and focusing on consistent quality, communication, and customer benefits to build customer loyalty over the long term. 3) Strong brands are built by prioritizing the customer experience and allowing positive word-of-mouth from satisfied customers to reinforce the brand message.

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    13 views2 pages

    Assignment of Principles of Marketing

    Uploaded by

    Muhammad Faizan
    1) Brand equity refers to customer perception and loyalty to a brand, while brand value refers to the monetary worth that can be obtained by selling or licensing the brand. 2) Marketers build brand equity and value by clearly defining their target audience and competitors, creating a memorable logo and messaging, and focusing on consistent quality, communication, and customer benefits to build customer loyalty over the long term. 3) Strong brands are built by prioritizing the customer experience and allowing positive word-of-mouth from satisfied customers to reinforce the brand message.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Assignment of Principles of Marketing

    Group Name: The Ace


    Members: (1) Menhaaj Ali Khan
    (2) Hamza Siddique
    (3) Muhammad Faizan
    Course: BS (BBA)
    Department: KUBS
    Section: A
    Semester: 1st of 3rd year
    Professor: Sir Akhtar Nisar
    DISCUSSION AND CRITICAL THINKING

    8-2 Discuss brand equity and brand value. How do marketers use these
    concepts to build powerful brands?

    Answer: Before understanding the brand equity and brand value let us know what
    is Brand actually? Brand is the identification of any product or service of an
    organization which identifies it and differentiates it from competitors. Now Brand
    Equity is the customer response to product and its marketing , it is the key element
    in the company’s relationship with customer, simply if you are willing to purchase
    any product say for an example noodles directly Knorr comes in your mind this is
    the brand equity of such product while Brand value is the monetary worth of your
    brand , it can be understand when you want to sell it or merge with other business
    and they want to use your logo, symbol and identity of your brand to sell products
    and services so the brand value will be the amount that they would pay for that
    right.
    Also this is the important task to learn how to build your brand strong, there are
    few methods which can be helpful for making your brand strong:
    First of all there should be complete explicitly about your targeted audience and
    competitor environment, there should be a logo and key messages which could
    make identification of your brand in customers mind then factors of brand building
    should be reviewed to make customer loyal with your brand like quality, well
    mannered communication, long term impact , try to be first in your customer heart,
    etc. After completing these steps put efforts for consistency of your brand in public
    mind.
    Conclusively it can be said that benefits of customers should be kept at top stage
    which would also help in brand building through word of mouth as experience of
    customer also keeps important or say its importance range is too high.

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