Donald's, Toyota have an estimated value above USSIObillion. HE] BRAND AND BRANDIN MEANING AND DEFINITIONS Brand and Branding are often referred as the same, other is a marketing tool (A brand is a name, sym fact is one is an emotion and’ design or any other feature that it The signe and logos or combination employed in creating animage that identifies, 4 product and differentiates it from its competitors is known as brand)/Brands are used in Sines museing and advertisement. Some tapi of neem bands te Me Donald's, Mercedes-Benz, Sony, Coca Cola, Kingfisher, etc. Therefore, brand may be a = is publicly distinguished from other proauis, services ot ‘eniently communicated and marketed. On the other hand, (sing 5 the process of building a brend and brand identity is a part of this process. f marketing communication method that helps the company to ts product fom competitors. It is 2 process by which brand is designed and rarleted I encompasses series of steps involved in creating a unique name and image for act in the consumers Semaviet datatrace and resins loyal customers ) boob aid & (of acicns tht an organization takes build rend is the emotions thet people associate with a business, while abrand ie a marketing ool sions. At that time, most of the ipétitors and gives unique identity to. * je concepts & als Slowly, crafomen sted Pating aden, 3 quality items. Pints used i py oS world, hardly anything is unbranded ang g mee ns OF Brand’ and Bran, ngs Branding: Ba “pranb ist intangite sm fa okt aba, oe Mom and te way itis advertised.” “Ria 1A brand ise name tei sing Association, A 6 oe seein than ientifis onal goo rs as Ging font 2 on fo band is todenark A brand nay ieiyoe ie fo csi ta Tae product fomifoeof ompetios” ons andi een ety f 909 to a ae rence of wt te company san fern tems of ence entn ile conse concer.” cer eating Inthe word of Cool Giedermann, “A brandis the! ego ia ier, “roding mare hang nate and gab A bans ce ee ee aye, perception, aks ese, PR pins nee eb ml ep nel . - “pcg Dargie Cloyan, “Branding she enepenlaion fe compoy's nisin eee, enlepatontas erred thang the corporate wie and ett” oo one'soun tan.* To consumer, brand means and signifies To a producer, brand means and signifies + Sources of product + Symbolic device + Basis of competitive a ge + Way of bestowing produts wit + Delegating responsibility tothe unique associations manufacturer of product + Way of identification to easy handing their needs. Ifthe consumers recognizs knowledge about it, they make quick purchase decision and save lt of tine= HE CHARACTERISTICS OF BRANDING Branding: Baste Concepts ‘After analyzing the above definitions, it can be said that branding en id that branding exhibits the following 1. Brand vs. Product: A brand is something more than a product. It may have fent dimensions and elements that differen products designed to sat tangible, symbolic and intangit or emotional, . Long Term Investment: Branding is a crucial decision for every organization. Brand building is the outcome of years of hard work and guarantee future cash jues, culture and personality ofits organization and ‘Customer Loyalty: Brand commands customer loyalty and also results in the same. Brand is something that didn’t appear in the balance sheets of the justifies the prices oducts or services. Consumers prefer to buy branded products such i, Maruti, Dell etc. rather than the unbranded ones. bundle of physical charac wing unique forms: as Amul, 6. Forms: Brand is not ics. Brands are mostly presented in any of the © Names + Terms, Words + Symbol + Logos ign + Graphic Representations 3 of above may be employed in creating tesa product or company. Infact, Brand na may consist of words letters, or numbers, while Brand ma al and pictorial representation of a brand. colorful signs eg. Audi isthe brand name and des symbol, design, logo, cles are the brand mark. Branding: Basle Concepts i153) ow would the band ito belaenites Thane cow Stet Pacts What des brand do? "ow bands erent? . ‘Branding and sted Concopts "Z, Identity: Branding gives identity'to a product, s + eases, it gives identity to the manufacturer or seller of the product. Branding nguishes an organization from its competitors in the eyes of consixmers. I is 2 theidentifier ofthe se 8. Long Term Process: build a strong brand. Brand building is a Tong term and ongoing proces. It involves many aspects.such a5 ‘packaging, labeling, advertising and legal protections. 9, Patented: Brands are protected from use by others. The third partes are restrained sn using similar brand names by securing a trademark through registration from authorized government agencies. The legal name of the brand is ‘known’ as trademark, The trade or service mark which organization wants to be patented shouldn't be already taken by someone else. Once the mark is registered,brand " * name can be used as a trademark by stating TM. ion’s brand and its public awareness is mostly level of credi companies make use of research organizations who calculate public recognition of /, quality and sal |. Many widely accepted means of product differentiation. 12, Consumer Assistance: Branding helps the confused consumers in complex marketplace by promising certain values and ben: shopping and offers comparable qualities to consumers. 13, Determines Value: Branding enhances the value of a product. The products having strong brand image are mote valued than unbranded ones. consumers’ s. It simpli* oa TUE TeRC Olesya e Manufacturer's Private Brands Brands s =) Individual Family Combination Brands Brands CombinationBranding: Basie Concepts Basis = that i | Brand distinguish ] physical item : 15 One produ weaning [Product © ° Tal sold ia the oterin the mache, fom produced. 3 aa ed by 2] Brands are built — manufactured by 2 [Brands are built through go—| per [A product is gh Designer [empany and can be purchased by | peroeptions expecting consumers by paying price. experiences with ‘all produs ang services under 2 brand umn Maruti Suzuki is an umbrella & which offers various car models *™ or | Without Zama |Produd may be branded @ produc. brand aa aainn [FS A Mae a |loee = even without a brand. Gaay 7 PPodes canbe coped by competitor | Brands are unique bated on enoiag ” any time. perceptions and expectations thy ‘customers develop for the brands ates using them. Emotional” | Products have low emotional value, | Brands carry high emotional coonea connect therefore, customers can replace them | with consumers and can't be easy with competito’s brand offering | replaced. similar usage. Expiry Products can become obsolete with | Brands remain forever, may be in te time. minds of customers. Replacement | Itcan be replaced incase of any issues | Itcan't be replaced. Timeperiod Whenever a new product is| Brands may take years to eullih introduced, it becomes usefull | themselves in the eyes of custome. meaningful for customers in no time, | takes time to experience a bran, buld asit fulfils any need. ints promis. es time and effort to convine + Lifecycle | Product passes through alifecycle, _| Brands are timeless. Outcomes | Product offers functions. Brand offers value. Tangibility | Product may be tangible or intangible | Brands are always intangible. It innature dit and touch 2 brand bec ulated in the minds of au ‘This is ‘what customers want or value [Need ‘This is ‘what customers need’,[2A] FEATURES OR CHOICE OF GOOD BRAND NAME Brand names may be based on locations e.g. Indian Airlines, or suggest attributes of product e.g. Good Night or it may depict personality or status for consumers. Good brand name must possess the following characteristics: “1. Indicative: It should describe quality, superiority and personality of offering. American Tourist is a name that depicts quality for a distinct class of customers. 2. Appropriate: It should match with the product expectations of customers. Good Night is an appropriate brand name for relaxed sleep.Brand Names ea 3. Easy to Remember: It should be easy to pronounce, identify and remember. ‘ brand names are difficult to pronounce and memorize, therefore consumers avoid using such names e.g. Hotel Chevron. Therefore, brand name should be short anid sweet, as far as possible. 4, Distinctive: Brand name should be unique and different from other brand names. Similar names may create confusion in the minds of customers. 5. Suitable with Product: The brand name must give an idea about product qual ana beneiiis e.g. ‘ide, Quickfix, Good Nigitt ete. A brand name may be suitable for one product, while unsuitable for others. Some brand names are so suitable that they become associated with a specific product category e.g; Surf is a brand aame commonly used for every detergent power, Colgate is a’brand name used for every |. tooth paste, Dalda is brand name used for any Vanaspati ghee. Some products also _ depict their product or service category e.g. Newswer “6, Legally Protected: It should be registered under Isdian trademarks and Copyright Jaws. Brand name should fulfill the requirements of laws and must not be copied. For example Sony. 7, Extendable: Every organization works with the plans of expansions with similar or new categories of products. Deciding and designing a successful brand name requires commitment of huge funds and innovation. Brand name must be such that it can be extended to the future launches to be announced by the organization with ‘minor or major modifications.Brand Butlding Ez EE importance oF BRAND BUILDING Brand building initiates will th well thought brand identity. A carefully designed brand crucial due to following points: 1. Increased Sales: Brand building process results in strong brands. Once a brand Successfully accepted and is well recognized by customers, the company can sell its offerings quite easily. 2. Strong Brand Image: Carefully planned brand certainly results in positive brand image. 3. Customer Value: Brand building deals with creating value for customers. Brand building process defines how customers think, feel and know about the brand. The customers’ perceived and actual value can be enhanced through effective brand building. Competitive Advantage: A successful brand building process helps a brand to outshine and stand apart from competition and plays a crucial role in creating loyal “, customers. It also helps to figure out the substantial differences and attributes as “compared to competitors in the market. 5: Accomplishment of Goals: Successful brand building helps an organization to accomplish the objectives of sales and higher profit levels. 6. Continuous Impact: Brand building being an ongoing and consistent process, makes a constant impact in the minds of customers with their latest offerings of products and services. 7. Customer Loyalty: Effectively built brands create emotional connection with the customers that helps to make them loyal. Customers are considered as the co- creators of brand. When the customers’ needs are considered and their ideas are. incorporated in the branding process, they feel connected. It makes the brand long lasting and creates long term relations.# Bhard Bani ana saan et = must be able 10 les that brand = 1, Principle of Satisfaction: The fist principle stat oh a bat the cso the customers'expectation and requirements. It shoul ae : truly desire. Branding should also be aligned wi a est brand awareness internal staff must be considered as the major ambassador ea pewerk of s that empower their employees develop 4 he as cessitate thal brand naar Satisfaction of customers and employees i ee ied organization must’ conduct a research in’ advance to fin expectations of these two crucial groups. se such a8 ifferent strat 2 Principle of Consistency: Brand may be promoted by different strat must ensure that there is oa wns. The idea behind Ison won pd vate ae ma ara ei approach st flowed for branding a product or strc Google has aay remained consistent and true to its brand promise of continually coming up with new tools and-up: sradations for improving information acces for its users : - Frinciple of Value: The price of brand must justify customers’ perception of value. {tshould not be under or over priced in comparison to the benefits offered. i 4, Princi of Clarity: Created brand should be clear and understandable. At every Stage of branding process, it should be easy to discuss and communicate about brand. Everyone connected must beable to understand in Precise terms. S Principle of Relevance: The brand should be relevant enough so that it cari be Positioned in the minds of target audiences after its launch-—— * Principle of Stability: The brands should be Stable over a longer petiod of time, the company wants to see its Top management must support the Ba ésdlcation and commitment onthe pat of bran long, lived, id managers, as bra outsourced. 7. Principle of Keeping Promises Successful is me ful branding is based “ near, ERM Pome, Cop beeen promo eee HN Brand tdi ero rps brand equi eo brand loyalty and SNCOUraReS Word a a * depicted by deeds ang endeay,EMJesseNntiALs oF GOOD BRAND ADVERTISEMENT Advertising strategies are focused on creating new demand prand Adver"” » existin and maintaining the existing ing essentials: customers. A good brand advertisement must have the following essen 1. q elevant with the brand — : : e ticel must be i : ; Relevant: The content shown in the advertisement nerally quite high and organisational objectives. The price of advertisements is ge and irrelevant content may unnecessarily increase the costs. ee Provocative: The advertisements must be presented before the customer g information about the brand from any other sources. ; Credible; The advertisements must be believable and trust worthy. It shouldn't show off something which is next to impossible for the organisation to deliver. Consistent: The message presented in the advertisement must be consistent over all other promotional media opted by the organisation. Memorable: The presentations designed in advertisements should be such that it gets a place in customers’ heart and mind. He should be able to recall the same whenever need arises. Ownable: The sponsor or sellers must own the responsibility of advertisements. Customers should be able to identify the sponsors and manufacturers. Original: The advertising message must be original and shouldn’t be copied.Brand Advertising BG * 5 Basic Decisions in Advertising * The advertising objectives that an organization wants to pursue * Deciding message that organization wants to disseminate to target market through advert [Nese | * Selection of the advertising media to be used « How to measure the success of advertising strategy MeasurementBrand Advertising - ournals/ Other Printed Materials Advertising Media Outdoor Postal or Direct Mail Other Media + Electrical Cards, Piel Arrangements Circulars, airs al Folders, Leaflets, Catalogues, Booklets, Brouchers[BG] AIDA: MEANING AND DEFINITIONS AIDA is a seller oriented marketing theory, where objective is to convert a prospective customer into actual consumer. The name of the theory is after the initials of five words: Awareness, Interest, Desire and Action. AIDA model was introduced by businessman Elias St. Elmo Lewis in the late 19% century. Later on the alphabet ‘S’ with the factor Satisfaction was added to recognize the importance of customer satisfaction-as the ultimate aim of -branding, forming the acronym AIDAS. Following are some of the widely accepted definitions of AIDAS: In the words of Solomon, “The Rey for successful implementation of the AIDAS model is to understand the mental state of the buyer. This is very complex process, which requires personal skills and experience.” | According to Belch, “AIDAS is a model of communication that is designed to capture the process that firms | § through to reach the prospective buyers to sell their products and services.. It Zt denonstrates the successive stages that buyers pass through in a linear hierarchy.”| Attenti Satisfaction | Attention Interest] > [Desire __ | ERD [Action | => + Customer : z + Organization + The customer + Awareness makes a « Making customer provides basic is made converts interest purchase satisfied from awareness interested in cima intension his decision about the brand by + Customer « Itinvolves final Convincing that product to ing benefits epee trial and customer consumer of product positive urchase of doesn't regret disposition pI product laterFag rvPes OF BRAND COMMUNICATION STRATEGIE The main communication strategies used by different n comp i aNnies a fe. « Advertising Personal Selling « Sales Promotion » Direct marketingEE] BRAND EXTENSION: MEANING AND DEFINITIONS the cases, a bran me 3 i . epted brand nal assigned to a single product. In certain cases, an established and well acceP’ ing brand using the existi or trademark can be used for new products. Brand extension is using the | name to launch a product in different category. _ ‘0 as to increase the with certain is also d name is Brand gives distinct identity to every product. In most of # It is the extension of a brand name to related or unrelated products 50 as sales of new products. Any existing brands can be used in its existing form or 1 modifications and new brand can be used with existing brands. Brand extension is known as Brand Stretching. Many companies go for brand extension to leverage the image of existing brand along with its customer base with the objective of increasing profits for | upcoming product. Dettol is an example which has applied the idea of brand extension through its products such as Dettol bath soap, Dettol antiseptic cream, Dettol pain relief spray, Dettol adhesive bandage, Dettol Liquid handwash, Dettol shaving cream and Dettol ‘sanitizer. When a new product is launched, an organization may choose any of the following to brand it: + A new brand can be created and designed for the new product, which requires commitment of huge funds and resources. * Any one of the existing brands can be used to market the new product ice, extension. brand + Acombination of new brand can be used with the existing brand ice. brar vee nd exten: known as sub brand. sion A renowned brand helps the organization to launch new products successfull fully. Following are some of the widely accepted definitions of the term = _ ‘brand extension’; ‘extension states that, “brand e, tention isan instar gh tension isan instanc "an instance of using an establhed Fra | A definition of brat name or trademark.on new products, so as to increase sales.Ey cuaracteristics OF GENERIC BRANDING 1. Generic brands don’t have a well-known brand name an dare distinguished by their characteristics only. 2. These brands less expensive than the branded products. that is why are priced less. 3. These brands are not promoted over various channels; These are known for their trimmed down packaging, and plain labels. These brands are designed as substitutes for more expensive branded products. These brands are more common in food, beverages and pharmaceutical industry. nd, in which an _ A variation of generic brand is known as private label or store bra item is named after the namé of store. Sometimes these-store brands offer value and cost effectiveness. 8. Consumers pay close attention to and compare the list of individual ingredients with that of branded products. There may be taste and nutritional difference between branded and generic products. 9. Some consumers may always prefer generic, even if price is not a consideration for them. 10. These become more popular in the times of recession.IE] CHARACTERISTICS OF BRAND PERSONALITY Brand personality develops the interaction between the brand, product, service, | ganization and their users. Nearly everything associated with the brand affects the ced brand peony ‘The definitions above state the following characteristics o personality is the way a brand speaks and behaves. It feharactetistics toa brand so as to achieve through various characteristics such viduals representing the brand i. packaging ete. When brand image or traits, it is called brand personality. nd identity is expressed in terms of human Raymond brand speaks the personality and 2 Personality Traits: According to Aaker, the assocuted persomulty of a brand relates toa set of human demographic characteristics Hie age. gender, socal dass zed race, human Lifestyle characteristics Ike activites, irsrest, and opinion, sroversion, 2greeableress, dependability, man bengs, a brand may be ng varices personaly tais eg. Deepika and psychographic features. Personality traits are what the brand exists for. ‘3. Unique: The brand becomes a living person and often attached to 2 metaphor. In this way, it visualizes the abstract intangible assets and characteristics in a more concrete tangible appearance. Hence, customers interact with brands as if they ‘were human beings. As it counts for human personality, brand personality is 4. Experience Based: Brand personality is the result of all the consumer's experiences with the brand. It is unique and long lasting, 5 Penalty Design the Image: Urand personaly i framework that helps a it many attributes such as Ce used to make the brand strategy lively ie. to implement brand y indicates the Kind of relationship a customer has with ich a customer communicates his own identity.Excitement: It similar to a carefree, spirited and youthful attitude. Sincerity: It is a feeling of kindness, thoughtfulness and an orientation towards family values. Pears company chooses sincerity as its brand personality, allowing the company to produce child care and feminine products. Ruggedness: Ruggedness is thought of as rough, tough, outdoorsy and athletic Nike the multinational shoe store has a rugged brand personality; they focus on inspiring their audience to be strong and resilient. Woodland got the ruggedness . q ‘ outdoorsy, and ready for adventure personality through its products (hard boots - meant for adventure) and smart marketing strategies. The company also uses the color green, which represents nature, to build a personality of being autdoorsy, Competence: Competence, in the mind of a consumer, is considered to pa’ successful, accomplished and influential, highlighted by leadership, Sophistication: Finally, sophistication makes a brand seem elegant, prestiglotis arid sometimes even pretentious. Luxury brands, such as Tanishq and Kalyaan Jewelers bend towards sophistication. Their brand personality focuses on an upper-class, “glamorous and trendy lifestyle, which attracts a high-spending consumer base.jompetelce- - [ | Excitement | Competence _ | Ruggedness Down-to-Earth: Daring: daring, Reliability: reliable, Class: upper class, Masculinity: down-to-earth, family, trendy, exciting hardworking, secure good-looking, outdoorsy, i jall town i : oriented, smi Spiritedness: Intelligence: glamorous mascul ea Honesty: honest, spirited, cool, young | |intelligent, technical, Charm: charming, Toughness: * sincere, real rea feminine, smooth tough, rugged : Imagination: corporate : eae : Wholesomeness: imaginative, unique | | Success: successful, wholesome, original leader, confident ay Contemporary: up- Cheerfulness: to-date, independent, cheertul, friendly, contemporary sentimental: Brand Positioning ereated in customers’ minds. The com, : PARY needs to ident define brand’s positioning: {0 identify the following to 1s To assist the erganization in context and brand associations fr postoning jon of target marke 11.3] CHARACTERISTICS OF BRAND POSITIONING —— works a8 the foundation for overall marketing strategy of ap ‘oning is the positioning strategy of the brand with the goal to create a unique impression inthe minds of eustomesin the mktpace. ying the desirab — rae describes how a brandis diferent from ts competitors and whee Customers ate ready ig pears tobe unique and promising g the products that are offered in a unique way customers’ minds. associated brand Effective brand he reason why the customers buy a speci i : i 3 3 a a a ba ing, strategy involves. creating, brand ns in customers’ minds, so that the customers perceive the brand in a depends upon the innovative ‘way eg. Colgate has been p that a company chooses for its brand w be influenced by the ants to adopt. company. Such brands always stay in subconscious mind of customeis and make them recall about the company whenever they hear about the any ofits products or i re which makes it stand ou = 2 i : Brand positioning is a medium through which an ‘customers what it wants to achieve for them and what it wants to mean to thera. Tt forms customer’s views and opinions. Therefor positioning is the base for developing and increasing the required knowledge and perceptions of the customers. Yt Comper Tne to Gve 111.4 | ESSENTIAL ELEMENTS FOR BRAND POSITIONING The companies conceined with effective brand postion for its brands need to Understand carefully the relevant dimensions along, which the brands are able t Be as a result of consumer evaluations of brands in the brand positioning has tobe desirable specific lar, and 3. Recognizing Uniqueness: Brand positioning points of similarities and ‘teatea proper brand image. 4. Niche Identi {In order to create a distinctive place/position has to be carefully chosen and a differentie STEPS TO CREATE BRAND POSITIONING Brand positioning involves the following steps: 1. Analyze the Current Positioning: In case the brand already exists in the market and wishes to revive its position, then it is vital to understand the current positioning of the brand. The company must’ analyze how present brand is performing and how far it is helping in the attainment of overall business aims and objectives. If the company feels that brand is not performing upto the expectations, then there is a need to figure out the loopholes in the current positioning of brand and check whether there is a scope for the repositioning of brand. The strengths and weaknesses of present brand must be studied and analyzed. It helps inbrand's capa! dloesn’t apply for the newly launched brands. aeesondings * . Understanding Customers: deals with knowing amd ME ya of customers want, Once the customer requirements are dey in knowing each baltle is won, Process of segmentation and targeting helps segment of consumers. . Identify Comp marketplace that may pose threats to the bra a Les me services offered, ethos, and fundamentals of the competitive also needs to identify ihe competitive advantage that come know and understand competitors’ unique selling, Pr why customers cah prefer competitors’ brand. . Analyze the Competitors’ Positioning: The further step involves undersiant TE and analyzing how each competitor as positioned its brand. It deals with figuring es, goals, core values, brand fundamentals, ané Knowing the competitors’ brand and their fo come up with the own brand positioning that is ing a competitive edge in the market. ad inte ous ober bi 0 anes 0 05222 te pn qature of products a ene com a must next slep is to i 15 possess ins (USPs) and the with finding tanding ‘out their vision, mis mn, obj the “Gntire brand architecture. +. Designing the Unique Brand: This stage focuses on the distinctiveness of organizational brand. It involves in-depth introspection of brand within and identify the core values, fundamentals on which the brand is formulated, along strengths, value propo: ns, long-term vision, features and attributes that make the brand unique and different from the rest of the brands in the market offering the similar lines of products and services, ° 3. Developing Unique Selling Proposit ns (USP): In continuation tothe prévious step, the next ge to the Brand Positioning encompasses developing the unique i Propositions depending on the features, objectives, attributes, core values, and strengths of the brand that will give the brand a unique and di in the market and positioning that: tive identity the customer's minds. The company must choose a 2 Would resonate with the consumers + Canbe delivered by the company (capabi + Is different from the competitors,EERE BRAND REPOSITIONING STRATEGIES Product Same Different Product Target ~ Intangible Different Repositioning Repositioning is aimed at changing brand’s status in the marketplace. As time goes, the organization has to rethink about its Positioning strategies. This may involve changing the target market or changing product feature or opting for both. On the basis of these two variables, following four strategies of brand repositioning can be Practiced: (i) Image Repositioning: When the same product of the or ganization is launched again in the same market, it is termed as image reposi tioning. Therefore, first strategy is to keep the product and the target market as same, but resorting forBrand Positioning strategy as it conveys the values, ethos, vision, overall company. It is the base for developing and increasin; perceptions of the customers. It is the single feature th: from its competitors. Repositioning has the the decline stage of PLC, it will be bene! { brand, The focus of brand managers here isto improve y, in e ol le eee: of brand in the eyes of target customers. and perception _— el Targeting the same market with different product is calleg ategy. In this strategy, changes are introduced i Product market remains the same. The reason of produg “(i) Product Repositioning: iproduct repositioning str. while target sone ng may be technological advancements that would have made exsig reposition duct undesirable, The aim here is to make the existing product more relevany ond attractive to the current market. For example, Maruti Suzuki came up with new variant/model of Swift to attract customers. (ii) Tangible Repositioning: Is this strategy, both product and target market are changed. Here, new product is launched for a different target market, that’s why it is considered to be the most challenging strategy. It is applied when the product no longer appeals to existing market. A company may decide to move up or down a market by introducing-a new range of products to meet the needs of new target customers. (iv) Intangible Repositioning: This strategy deals with targeting a new market but with the same brand. Therefore, same product is launched for a different target market. This strategy is applied when managers feel that their brand can appeal to a wider market. The company may be able to locate a segment that has requirements similar fo the requirements of the segment it is already serving, It relains its value proposition and offers it to new segments. Brand positioning is one of the crucial elements of the entire brand architecture and and the fundamentals of the brand and the ¥g the required knowledge and at sets organization's brand apart potential to revitalize the struggling brand. In ficial for the brand to reposition for any other use.eet pp OvELS OF BRAND EautTy various models of brand equity have been d a discussed here. oS plattorms, leveloped oy, ve Over years, some of which hay 1, Brand Asset Valuator: This model was devel, ; and Rubicam. According to the model the : F re al namely Differentiation, Relevance Esteem an Te four pillars of brand equity id Knowledge. entiation Rolovance [meine | [meine | tang + The two ratte to brand's past partormance . Aakar Mod: ti This model was developed by Professor David Aaker. According to s model, there are five categories of brand assets and I the brand namely = s that add value to + Brand Awareness + Brand Loyalty + Perceived Quality + Brand Associations Other Proprietary assets |. Brandz Model: This model was developed by marketing Research Consultants Millward and WPP. According to the model, creating brand equity involves series of steps with the following five objectives: + RelevanceBrand Equity ea + Presence + Performance + Advantage + Bonding 4. Brand Resonance Mod series of steps namely: \ccording to the model, creating brand equity involves Ensuring brand ider 1g bi ing customers’ response in terms of judgments and feelings regarding jon in customers’ mind with some necd. customers’ mind, bra * Converting brand response to loyalty relationship. WAI Wr es oF BRAND EQUITY Equity is import increase its value, Brand equi reasing its market share but also to for brand, not only fo is the positive effect of brand on the difference:between the prices that consumers accept to pay when the brand is known as compared to the value of benefits derived. Brand equity can be ofthe following types: 1. Positive Brand Equity: When companies can charge more for a product than its competitors its referred to have positive brand equity. Apple is a brand which has been ranked as ‘most popular brand! by ‘an organization and is a classic example of positive brand equity. The company established its positive image with Mac computers by delivering product as per customer expect and later extended the brand name to iphones. “The companies with positive brand equity exhibit the following features: + Advertising, PR and promotional strategies can help in positive brand image. ‘Company can charge premium price for same product + Equity can be transferred to line extensions ie. new related products can be launched with same brand names. The customers would accept new products as well due to well known brand name. + Company's stock prices will be quite high.a product than its competitors, i no car lost its brand value as consumers found ota suffered in 2008, when it had to recall more than 8 features:hes ® wring ogre teton brand positioning, mea oe) se band uty just one side of the coin, mainta ; we erga incidence can vanish the strongy i ve, Meg egevebrandeauty ater the Cambridge ang & Teaal af Fecebook users Was found tobe haryegs = Nae” goo US presidental election. Tis caused Facebony wing e and become associated with a negatiy, sey ube it : sti vbock users even deleted their accounts and the hashtag Delteaceboge ceerg cress soil media. * oR [EE comroners/SOURCES/PROCESS OF BRAND Equity sand equity is developed when a customer comes across the brand peste Te process of brand equity development involves the relat ‘caremer and brand along with how far the company ose Acrding to Profesor David Aakar, Brand equity is developed on the beg ‘iuoeaset categories, which are Brand Awareness, Perceived Quality, Brand Lyn sed ascadatons Following stages are generally involved in brand develope ‘velopment 1. Brand Awareness: First stage in brand equity bui ling process is build awareness of brand. Brand awareness denotes making the customers awae trend, so that they can associat ith specific product. Awareness ree y egth of brand's presence in the minds of customers. Customers suey wi a brand they have previously seen to the one that is new to them. Thee 2tthis stage, brand i introduced to the target audience to make hirer aware are such brand exists in market. Various promotional strategies are used by mattlés to spread brand awareness. Of isin ete ° s-Often advertising is the most popular way o ght Product/brand noticed by the target audiences. Awareness triggers-the subsequat process of brand Fromises made to . Perceived quality can be defined 36 quality or superiority of a produclisen fing on the promises made. They compe ‘ed Quality: One of the insjor ideas behind building brand equity 2 SHSRErS perception of & se peeeplins designed bythe estomer at as pricing dedsions, positioning strategies te TU ateting Brand Recos shelves. association is anything which the customers thnk formed on the basis of mm: Once the customers ‘awareness, they become familiar Brand Association: Consumers tend to Brand Patty te. decisions such Know the ba an Sard tuovgh Brand reopen estore oaen Scot things wih brands. Brand for eal to, Assocation ate perceptions, interactions wis organization, brand advertisements, price, pr actions with employees and engunge ele 8, conpumers kinadate 5, Brand Experience: Customers get in about where the product stands f t, publicity, word of mouth and cele oduct displays, product categories Y aSsocations ete. Basicly, every \ be employes, sau, aveiemen, wane ‘happiness with wah McDone. Cot Wand anions to sales and positive word of mouth marketing, “ sileads they make thei ind toy it. Brand experience is the aggregate of experiences of customer with the product offered and overall brand. It includes pre-sale experiences, sales experiences and postsales | experiences certainly cot preference list. 6. Brand Preferenct call ita satisfactory experienc, The bran bscomes 2 peered ie fr sh the brand, Customers having great brand experience will + the brand superior than others and wil hep them atop of their cor brand experience comes out tobe postive, customers sof song brand equity consumers. Brand preferences one ofthe major india of tong BMA STEY ging task Te options toma bbut creating brand preferences a calle sure that customers have excel 7. Brand Loyalty: experiences and asosntins eben er becomes ‘of satstactory experiences stom ler having a se Brasrond Et ithescup bas = equ is one of the mast crcl intangible asets ofthe + eater ae ton beso Ticensed or ased to others any ober brand name. = but maintaining by ng equity and loyal customer ts gy cswspeennte tims of compete down fal. Eten ater the ments fags is fagshipnodlesin India, when Maggi relaunched its noodl noted a hge demand. tis mes ev Seal owl Seong brand equity can help a company to cope up with anddovnsinitsifecycte best examples to depict the loyalty of cu ands wth strong footings in market need not spend much on new launches ‘ating ss the mitketaleady Knows the companies. They 4: tase educating the public about their brands, Tractors inewvencine eRano Eauiry ‘ng similar offerings. If the brand loyal of es stronger. Loyal customer base sa soured to buy the produets with which = hich widespread awareness NO advertisment are conse 8 c brand is aways preferred over unknown Se Brand Equity largely depends upon the Some brands are associated to socal When the customer can assocate 's increase tremendously It result in i Value ofa brand I him stronger brand equity 5, Brand Statgis: Branding strategies define thebusnss whats band conduc well as how brand will enter the matt, ain mattet share and maining 've position among is target market. Brand equity is in uenced bythe complexity of strategies adopted bythe organization, Margins: The profits that a brand cates affect is band equity. The with strong brand equity fetch higher than the ones with lower 1. Other Considerations: Patents influence the levels of brand e equity from competitors, EE] Evnancing eRanp Equrry. ‘The power of brand lies in what customets have heard ert thought read. and seen "2 product over time. When customers reac favorably to the product brand is sald to hve postive brand equity and when they cect es favorably tothe product brand sai ‘ohave negative brand ‘equity. Brand equity depends upon the strength of bond between ‘tgmization and customer. rademacks and channel relationships also lly. Patents and trademarks protect the brand are the ways to enhance brand equity: = © Quality Offerings: Quality products and series are the backbone o xe When the organizations offer quality products to customers it suey on. customers’ bond with the orga ‘sth rand eu and stented NES \ at every touch point the hey ~ Ustening to Customer Feedback: Commnizton specs and gatas toe ng 0 stmt IF en duty, Customer tome ra “Another thing, is that cos ch customer experience. Listen *Pother ay to build and enhance Seviously and