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Brand equity purpose

parašė , 2011-12-08 17:55

The purpose of brand equity metrics is to measure the value of a brand which is overall important part of brand management. A brand encompasses the name, logo, visual communication, and perceptions that identify a product, service, or provider in the minds of customers. It takes shape in advertising, packaging, and other marketing communications, and becomes a focus of the relationship with consumers. In time, a brand comes to embody a promise about the goods it identifies—a promise about quality, performance, or other dimensions of value, which can influence consumers’ choices among competing products. When consumers have brand trust and find it relevant, they may select the offerings associated with that brand over those of competitors, even at a premium price. When a brand’s promise extends beyond a particular product, its owner may leverage it to enter new markets. For all these reasons, a brand can hold tremendous value, known as brand equity.

There are many ways to measure a brand. Some measurements approaches are at the firm level (firm level approaches measure the brand as a financial asset), some at the product level (to compare the price of a no-name or private label product to an “equivalent” branded product), and still others are at the consumer level (to map the mind of the consumer to find out what associations with the brand the consumer has). All of these calculations are, at best, approximations. A more complete understanding of the brand can occur if multiple measures are used.

Adapted from wikipedia.