Dynamic Aspects Of Brand Management Essay

Dynamic Aspects Of Brand Management Essay

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Pyrmon (2016) in “Dynamic Aspects of Brand Management” states brand equity, “is the added value that a given brand name gives to a product beyond the functional benefits it provides” (p. 138). This added value comes from how the product is viewed in the minds of consumers. Keller (2016) in The Handbook of Marketing Research: Uses, Misuses, and Future Advances, list the following components that make up brand equity: brand knowledge, brand personality and relationships, brand awareness, brand imagery, brand judgments and brand feelings.
Brand knowledge refers to the associations made by a customer in response to a product. Creating brand knowledge is important as you want customers to think of and make an association with, your product when shopping for goods and services Brand awareness is the strength that the brand has in the mind of the consumer. How likely is a customer to recall a certain brand in a particular situation, identify a brand logo, or slogan? For example, when people think of laundry detergent they think of Tide. People know chips packaged in a cylinder are Pringles and people associate the slogan “Just Do It” with Nike. Brand imagery another component of brand knowledge consists of how likely is a customer to choose a certain brand due to, “the perceptions of and preferences for a brand that are held in [the] consumers’ memory” (Keller, 2016). Consumer associations with a brand or brand personality and relationships is another component of brand equity. Researchers found that consumers often equate human characteristics both positive and negative with products and services. These associations also help to shape brand identify and brand image in the mind of the consumer. Keller (2016) states brand ima...

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...ten emotionally driven, where the influence of friends and family plays a major role in the decision-making process. B2B behavior and the establishment of brand loyalty, however, is product driven, focusing on how this product or service performs. To better manage their supply chain companies are developing close relationships with their suppliers. Apple Inc. has a select few suppliers with which they have formed a close working relationship. Apple provides its suppliers with technology and technical assistance, working with and supporting them in the creation of the components that go into Apple products. Other companies have done the same, forming partnerships with their suppliers to ensure a win-win for both parties. The B2B relationship has been transformed into a dependency that creates out of necessity a higher brand loyalty relationship than that of B2C.

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