Following are the commonly used definitions of a brand:
1. “A brand is a name, term, design, symbol or other feature that distinguishes one seller's product from those of others.” (en.wikepedia.org)
2. “a name, term, assign, symbol, or design or a combination of them, intended to identify the goods and services of one seller or a group of sellers and to differentiate them from those of competitors.” (American Marketing Association)
Meaning of a brand to me
In my opinion …show more content…
How brand elements contribute to brand equity:
The first three brand elements i.e. memorability, meaningfulness, and likeability are a marketer’s offensive strategy that help in building brand equity. The other three brand elements i.e. transferability, adaptability and protectability are a marketers’ defensive strategy for maintain brand equity.
Memorability contributes to brand equity by getting attention of the customers. Colgate uses this element by an aggressive advertisement campaign that alwayd reminds the customers about the product.
Meaningfulness contributes to brand equity by describing the meaning of the product through its content. Colgate uses this element by using names such as ‘Colgate whitening’ to show that Colgate whitens teeth.
Likeability contributes to brand equity by making the product aesthetically appealing to the customer. Colgate uses this brand element by using the color red to appeal to the customers and white to reinstate the image of whitening teeth.
Transferability contributes to brand equity by introducing category or line extensions. Colgate does this by introducing line extensions such as “Colgate sparkly” or “Colgate with cinnamon” …show more content…
I use other operators too but Mobilink’s staff is the most knowledgeable and courteous. They seem to be the most helpful.
Not every brand can reach this level of resonance with its customers. The reason why every brand cannot achieve resonance with its customers is because in order to do so, a brand would have to do the following:
1. Right product at the right place, at the right time and at the right price. Company should be well aware of their product; its strength and weaknesses, current stage of product’s life cycle and try to make the product perfect. It should be easily available and accessible (demand should met supply); distribution channel should be very strong, customers shouldn’t wait at all as non-availability of product at the right shifts the customer to use competitor’s brand. It should be priced according to company’s target market expectations. Expectation and reality should match.
2. Create constant brand awareness so much that customers become very keen to at least try it once.
3. Unmatched performance and maximum customer satisfaction it should make a consumer feel as if he is getting a lot more satisfaction/worth than the amount (price) he/she has paid for it. In short, it should have the perception of being great value for