Analysis Of The Dynamic Aspects Of Brand Management

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

According to Llopis (2014) in, “Consumers Are No Longer Brand Loyal”, consumers find it difficult to trust in today’s company’s making it harder for them to be loyal to any particular brand. Rozdeba’s (2016) article, “Lies and The Declining Trust in Brands” states a Young & Rubicam BrandAsset Valuator report revealed, “that consumer trust in renowned brands had dropped from a 52% level of confidence in 1997 to 22% in 2008”. Factors that contributed to declines in consumer loyalty include, low customer satisfaction, reduced product quality, brand proliferation, loss of message control by brands and easier access to information by consumers. Brand proliferation increases competition by providing consumers with more choices. More choices result in decreased brand loyalty because there are a variety of substitutes available and the cost of switching is lower. Technology allows consumers to both search out information on a company and control the information disseminated about a product through social media platforms, this decreases the amount of control a company has over the information shared about their product and services. Positive or negative views about a company posted on social media has a significant influence on whether a customer stays with a product or switches to