Question

Marketing Essay ASAP PLEASE.

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

Answer 1

Branding is very important for business as it is the sole value over which their identity depends upon. People recognize a particular company with their brand and this is the value over which the entire implementation, strategic placement, and marketing depend. The brand name is sometimes synonymous with quality that a company provides and are based on the needs of the customer.

Yes, it is necessary to protect your brand to safeguard the interest of the company. If a brand identity is stolen, used without authorization. It might negatively affect the brand image because some companies might not share your ideas and goals and therefore, might use your brand name for their benefit as well as destroy its value.

The five characteristics of a good brand can be defined with the following values:-

1. Recognition: this factor means that a brand should be recognized easily by people because of its uniqueness and distinguishing feature.

2. Brand Preference: this factor means that the brand is preferred by the consumer over the other brand due to gaining their trust and favor.

3. Loyalty: this means that customers are loyal to the brand and only consume/ promote the brand without the need to try other brands out. Brand loyalty is important for any brand.

4. Equity: it describes the value of the brand in the eyes of the people and their experiences with using the brand. It is what is used to compare the brands amongst each other.

5. Effectiveness; this shows how a brand is effective in getting its visual aspect, it trust and quality noticed by people that they give in to try it.

Examples of the brand that meet these characters are sports brand Nike, apparel brand Calvin Klein and beverage brand Bira.

People usually prefer products that are branded efficiently by the fact that their mind considers a better brand to provide a better product. Therefore, brand insistence refers to the fact that a particular product is thought to be of a better quality than other just because it is branded efficiently and is a name people have a preconceived notion about which they relate to the factor of quality.
Branding creates effective use of leveraging the placement of a product with regards to its use, quality, and likeability by the people, to a point that branding has essentially replaced all other forms of promotion for any given product. People recognize a brand much easier than they recommend a certain commercial that the brand launched. Therefore, correct branding, effective promotion combined with the use of a good placement helps a product reach new depths in terms of sales and exposure.