Essay on Marketing : Branding And Brand Awareness

704 Words Aug 23rd, 2015 3 Pages
It is clear from the literature that branding and brand awareness are terms that are used interchangeably. As mentioned above, brands bring financial value to business. The brand name provides the memory nodes in consumers’ minds (Aaker, 1991). Consumers may link the related brand knowledge to the brand name, which finally constitutes brand equity (Aaker, 1991; Keller, 1993). Brands that consumers know are more likely to be included in the consumers’ consideration set (Hoyer and Brown, 1990; MacDonald and Sharp, 2000). Hence, brand awareness provides a kind of learning advantage for the brand (Keller, 2008). A known brand has a much better chance of being chosen by consumers over an unknown brand (Hoyer and Brown, 1990). Consumers may then use brand awareness as a purchase decision heuristic (Hoyer and Brown, 1990; MacDonald and Sharp, 2000), which would consequently affects the decision making. As a result, the well-known brand likely performs better in the marketplace compared to a lesser known brand. Therefore, raising brand awareness through branding strategies helps to improve the market performance.
Table 1 provides a literature overview on the relationship between brand awareness and market outcome. In general, the literature indicates a positive relationship between the two. For instance, Kim et al. (2003) found that brand awareness positively associates with sales in the hotel industry. However, the literature linking brand awareness to market outcome was limited.…

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