Brand Relationship Between Brands And Consumers

Define what is meant by "brand equity" and discuss what a company can do to maintain brand equity.

A brand is a portfolio of qualities associated with a name, which in turn invokes certain images to individuals and hold values beyond the benefits of a product (Iacobucci, 2018). Brand association occurs when customers make a cognitive or emotional association with a particular brand. For instance, when a customer sees a certain color, symbol, logo, or name they automatically can make a connection to a particular brand. Brands start with a name that conveys information, suggest their benefits, or can even be named after their founders (Iacobucci, 2018). In the marketing perspective marketers can control the brand which they are marketing by using catching logos, colors, slogans, or even the products shape and appearance. In marketing a marketer can control the message they are trying to convey but cannot really have control over an individual’s association with that particular brand. Once a customer has an association with a particular brand they may favor the brand based on a past experience or even that individual’s sense of style or they may dislike a brand because of an association they

So in order to maintain the consumer loyalty with the brand it is necessary to make a good relationship with the consumer as it is the first key of building good image of brand in the mind of the

A brand is an organisation, product or service which has created an emotional connection with their consumers in order for them to favour their brand over their competitors. It is incredibly important for brands to keep up their image and one little thing could change the global perception of a business. It takes a lot to maintain a brand image that has been built up over a long period of time and even more to regain it if that reputation is lost. Brands are created through various different aspects such as their visuals, tone of voice, advertising, actions and reputation. The combination of these will leave their consumers with long lasting emotions and perceptions of a particular brand and will effect whether they support a business or not and whether they would favour or avoid it. When a brand looses their image it can cost a lot of money and time to rebrand to prevent complete failure of the product or service.

As concluded in the case, there is a significant potential in focusing on customer’s needs, the third C in the triangle of Company, Competitor and Customer. In doing so, SCTP can build customer-based brand equity (Keller, 2001). Keller (2001) provides a four steps-model to build a strong brand that customers like to relate to.

Brand equity increases as brand loyalty, brand awareness, perceived quality brand associations, and number of brand-related proprietary assets increase and become stronger and more positive.

Why is building Customer Brand equity so important to establish for a company that is just starting up. Kevin Keller offers many answers why it is so important to do so. First we must understand what customer based brand equity is. It is establishing a name for your product or service. It is quite easy to understand customer based brand equity. The hard part is actually building customer based equity. Before you can start to build a name for your product or service you must start asking yourself some questions. It 's a good idea to look at other to answer these questions to build strong brand equity your company will reap huge benefits. You will have repeat customers, less likely to have competitors

Brand loyalty, long a central construct in marketing, is a measure of the attachment that a customer has to a brand. It reflects how likely a customer will be to switch to another brand, especially when that brand makes a change, either in price or in product features. As brand loyalty increases, the vulnerability of the customer base to competitive action is reduced. It is one indicator of brand equity which is demonstrably linked to future profits, since brand loyalty directly translates into future sales.

Brand loyalty is a competitive advantage for the brands. Brand loyalty is found to have a positive influence on the performance of the product. it is known to increase the financial benefits associated with the product. brand loyalty has a positive and direct relation with the financial performance of the company. The revenue generated from a product increases. When a customer buys a product and product satisfies the consumer need, the customer become satisfied. The satisfactory post purchase behavior of a consumer propels the consumer for buying a product again and again. This repurchasing behavior of a consumer increases the sales of a product and ultimately increases the revenue of a product. The financial performance of a product enhances as the revenue increases, the profitability of the product also increases. Brand loyalty sticks consumer to a brand and does not switch to other

Different authors have given many ideas, perceptions about those factors according to their experiences. Henceforth, an explanation about each factor and the relationship of each factor with the brand loyalty based on prior studies can be shown as

Perceived value is a subjective evaluation. In addition, an affective attachment to a brand can influence cognitive evaluation. The essence of brand identification includes affective attachment with the brand, thus customers are more likely to evaluate the value of the brand in a favourable way if the customer has a strong brand identification. Furthermore, He et al. (2012) found that, although not dealing with brand identification, research shows that relationship quality and intangible assets such as reputation relates to perceived value. At the same time, brand identification involves a deep and meaningful relationship between consumer and brand as well as the fact that brand identification is to a great extent related to corporate reputation. Thus brand identification influences perceived value. However, it is important to note that perceived value affects both customer satisfaction and brand trust in a way that leads to brand loyalty. In other words, perceived value can have a direct effect on brand loyalty but also an indirect effect on brand loyalty through customer satisfaction and brand trust (He et al.

According to A Theory of Multidimensional Brand Loyalty (Sheth & Park, 1974), brand loyalty was a positive bias toward the brand and they classified brand loyalty behavior into three dimensions. Firstly, emotive tendency, it relate to positive emotion toward favorable brand than other brands such as likeliness, premium-value, etc. Secondly, evaluation tendency, it relate to positive evaluation toward the particular brand. For instance, consumer may evaluate particular brand that it has higher performance, which affect the utility of product, so they intend to buy the particular brand over the other brands due to the positive evaluation. Thirdly, behavioral tendency, it relate to the trust on physical activities of brand. The consumer may trust on the brand and consume it even they have to pay in advance. Hence, this behavior needs to learn from buying experience and consuming product of the brand as usual. Moreover, Sheth and Park stated that at least one of these three dimensions could create brand loyalty. Hence, as showing in Figure1, there would

Susan Fournier's argued that consumers relate to their brands in different ways and understanding this relationship helps to inform marketing practice with a significant relationship perspective. She argued that there has been a relationship paradigm shift whereby marketing is now focused on relationships which are mutually reciprocating and long-term between customers and firms. Relationship-rich concepts such as loyalty, interdependency, satisfaction, trust and commitment have taken the center stage. The projects, tasks, themes, cohorts and current concerns in people's lives are currently shaped by the brands that they associate with. Susan states that many people are not simply buying brands rather they form connections with the brands that they use and these brand relationships create some meaning which adds value to their lives. These meanings may be functional and utilitarian while others are psychosocial and emotional. Fournier also pointed out that brand relationships are subject to change as a result of personal, managerial and environmental factors and thus there is a cycle of initiation, growth, maintenance and deterioration which the relationship goes through. Fournier's statement also meant that marketers need to learn how to initiate the brand relationship cycle and keep it looping in the growth and maintenance stages ADDIN EN.CITE Fournier1998249(Fournier, 1998)24924917Susan

Choose a organization and critically analyze the following based on the brand of the organization

In this paper, we conceptualize brand equity in accordance with Aaker (1991) and Keller (1993), using a consumer (or marketing) perspective (as opposed to a financial one). Brand equity is therefore referred to as consumer-based brand equity and defined as “the value consumers associate with a brand, as reflected in the dimensions of brand awareness, brand associations, perceived quality and brand loyalty”. This definition was adapted from Aaker (1991, p. 15). Aaker defined brand equity as a set of assets (or liabilities), and found brand awareness, brand associations, perceived quality and brand loyalty to be its four most important dimensions from a consumer perspective. Some empirical evidence supports the notion that these four are distinct dimensions of consumer-based brand equity. As per Aaker, we define brand awareness as “the ability of a potential