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What is a brand? Why is it important to know your customer when creating a brand? What are the benefits of a strong brand? Consider one of your favorite brands of food; what makes that brand different? What does the brand mean to you?
Pick a brand. Attempt to identify its sources of brand equity. Assess its level of brand awareness and the strength, favorability, and uniqueness of its associations. Which brands do you have the most resonance with? Why? Can you find a large global brand that also seems to have a fiercely loyal following? Define its target segment, in terms of demographics, lifestyle, and customer benefits. Is it a mainstream brand in all markets?Discuss how brand equity can suffer when the brand expands its reach. Any examples? Any counterexamples, where extending reach increases equity?
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Case Study-Customer Based Brand Equity
Building, Measuring, and Managing Brand Equity (2nd edition-p#101)
By Kevin Lane Keller
Q: Pick a brand. Assess the extent to which the brand is achieving the various benefits of brand equity.
Brand Equity:
Customers’ subjective and intangible assessment of the brand, above and beyond its objectively perceived value. The intangible value associated with a product that cannot be accounted for by price or features. Nike has created many intangible benefits for their athletic products by associating them with star athletes. Children and adults want to wear Nike's products to feel some association with these star athletes (like David Backham). It is not the physical features that drive demand for their products, but the marketing image that has been created. Buyers are willing to pay extremely high price premiums over lesser-known brands which may offer the same, or better, product quality and features.
The benefits of brand equity for :
Brand Equity improvement increases business value and provides many strategic advantages to NIKE –
• Positive brand equity allows NIKE to charge a price premium relative to competitors such Addidas, Reboke with less brand equity.
• NIKE simplifies the decision process for low-cost and non-essential products.
• NIKE can give comfort to buyers unsure of their decision by reducing their perceived risk.
• NIKE is used to maintain higher awareness of its products, and it provides for continuity when companies are acquired or reorganized.
• NIKE uses brand equity to gain leverage when introducing new products.
• The name NIKE is often interpreted as an indicator of quality.
• Strong brand equity insures that NIKE’s products are considered by most buyers.
• Higher brand name equity leads to greater loyalty from NIKE’s customers.
• Strong brand equity for NIKE is the best defense against new products and new competitors.
• Improvements in brand equity lead to higher rates of product trial and repeat purchasing due to buyers' awa...
What is a brand? Why is it important to know your customer when creating a brand? What are the benefits of a strong brand? Consider one of your favorite brands of food; what makes that brand different? Wh...
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