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Brand Equity
Brands vary in the amount of power and value they have in the market place. At one extreme are brands that unknown to most buyers, and at the other extreme are brands that have become an invaluable part of the customers’ life, such that he is devoted to the brand.
David Aaker, world renowned brand expert, distinguishes five different levels of consumer attitudes towards brands from the lowest to the highest.
(i) Customer will switch brands; no brand loyalty.
(ii) Customer satisfied, but may consider switching brands with inducements.
(iii) Customer is satisfied, cannot be induced to switch brands.
(iv) Customer values the brand and considers it as a ‘friend’.
(v) Customer is devoted to the brand and cannot do without the brand.
Brand equity is the value of the customer’s mind share and heart share; the greater the number of customer in categories 3 to 5, the greater the brand equity. Brand equity is not just a measure of the consumer’s loyalty; it is a measure of the brand’s perceived quality, strength of emotional associations, degree of brand recognition and other assets such as patents, trademarks and channel relationships.
Product line management is about creating brands and managing and enhancing the brand’s equity through the entire gamut of marketing activities. The goal is maintaining brand awareness, improving perceived quality and product functionality and maintaining positive brand associations.
All the product line decisions we listed earlier are taken with respect to brands; but the additional brand decisions companies need to take are:
For multi product companies, with numerous and diverse product lines, this is a crucial decision. At one extreme, a company creates a brand for every product; but this requires huge investments in creating, protecting and managing so many brands. At the other extreme companies use a single brand name for every product offering. This can create confusion for the customers as the brand may not represent any clear value proposition.
There are broadly four branding strategies available today:
1. Individual brand names
Policy fairly common in FMCG markets, followed in part by Hindustan Lever, Proctor & Gamble and Marico Industries; Tide, Pampers, Rin and Parachute are individuals and independent brand names.
2. Range brand names
Individual brand names, which extend to include a range of closely related products, become range brand names. Sunfeast (biscuits and pastas), Ponds, Surf, Horlicks and Maggi have all become range brands today.
3. Umbrella brand names
The brand which earlier may have been a range brand now includes a larger family of products such as Amul and Britannia.
4. Corporate name combined with a individual product name
The company name is used as the brand name for all the products like Toyota, Honda, Nissan and Sony. In such cases, especially for much diversified companies with large portfolios, individual products need names for identification, hence the corporate name and an individual sub brand name is used like Sony Viao, Sony Walkman and Sont Trinitron.
In practice, companies follow their own unique models depending on the number of brands they can support, the product categories they intend to get into the suitability of those categories with brands promise. Stretching a brand into too many brands can be severe strain on the company’s resources, as each brand needs adequate support.
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David Aaker, world renowned brand expert, distinguishes five different levels of consumer attitudes towards brands from the lowest to the highest.
(i) Customer will switch brands; no brand loyalty.
(ii) Customer satisfied, but may consider switching brands with inducements.
(iii) Customer is satisfied, cannot be induced to switch brands.
(iv) Customer values the brand and considers it as a ‘friend’.
(v) Customer is devoted to the brand and cannot do without the brand.
Brand equity is the value of the customer’s mind share and heart share; the greater the number of customer in categories 3 to 5, the greater the brand equity. Brand equity is not just a measure of the consumer’s loyalty; it is a measure of the brand’s perceived quality, strength of emotional associations, degree of brand recognition and other assets such as patents, trademarks and channel relationships.
Product line management is about creating brands and managing and enhancing the brand’s equity through the entire gamut of marketing activities. The goal is maintaining brand awareness, improving perceived quality and product functionality and maintaining positive brand associations.
All the product line decisions we listed earlier are taken with respect to brands; but the additional brand decisions companies need to take are:
For multi product companies, with numerous and diverse product lines, this is a crucial decision. At one extreme, a company creates a brand for every product; but this requires huge investments in creating, protecting and managing so many brands. At the other extreme companies use a single brand name for every product offering. This can create confusion for the customers as the brand may not represent any clear value proposition.
There are broadly four branding strategies available today:
1. Individual brand names
Policy fairly common in FMCG markets, followed in part by Hindustan Lever, Proctor & Gamble and Marico Industries; Tide, Pampers, Rin and Parachute are individuals and independent brand names.
2. Range brand names
Individual brand names, which extend to include a range of closely related products, become range brand names. Sunfeast (biscuits and pastas), Ponds, Surf, Horlicks and Maggi have all become range brands today.
3. Umbrella brand names
The brand which earlier may have been a range brand now includes a larger family of products such as Amul and Britannia.
4. Corporate name combined with a individual product name
The company name is used as the brand name for all the products like Toyota, Honda, Nissan and Sony. In such cases, especially for much diversified companies with large portfolios, individual products need names for identification, hence the corporate name and an individual sub brand name is used like Sony Viao, Sony Walkman and Sont Trinitron.
In practice, companies follow their own unique models depending on the number of brands they can support, the product categories they intend to get into the suitability of those categories with brands promise. Stretching a brand into too many brands can be severe strain on the company’s resources, as each brand needs adequate support.
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