In a global world where countless functionally similar products are offered, there must be a suitable reference point by which the success of a company can be defined - the brand equity. The following work therefore aims to provide a comprehensive overview of brand equity and its creation, measurement and maintenance.
1989 California - This year saw the start of an eight-year experiment in the USA, in which an identical compact car was sold under two different brands: the Toyota Corolla and the Chevrolet Prizm. The Toyota Corolla was launched several years earlier and had already gained the trust of many consumers in terms of quality, thus benefiting from a positive brand equity. The Chevrolet Prizm, on the other hand, was a completely new name for consumers in the compact car class. Despite the same technical characteristics of both vehicles, the Prizm was consistently rated worse and the price of the car was also lower than the one of the Toyota Corolla. What does the experiment demonstrate?
Table of Contents
1 Introduction
2 Creating Brand Equity
2.1 The beginnings of Brands and Branding
2.2 Defining Brand Equity and its Perspectives
2.3 Building strong Brand Equity
2.3.1 The CBBE Model
2.3.1.1 The four steps of the CBBE Model
2.3.1.2 Example: Starbucks - The protagonist of the coffee culture
2.4 Brand equity building and its key factors of influence
2.4.1 Brand Elements
2.4.2 Secondary Brand Associations
2.4.2.1 Co-branding
2.4.3 Marketing communication
2.5 Measuring Brand Equity
2.6 Maintaining Brand Equity
3 Conclusion
4 Bibliography
Objectives and Core Themes
This paper explores the multifaceted concept of brand equity, examining its origins, definitions, and the strategic processes involved in its creation, measurement, and maintenance within global markets.
- The evolution of branding from historical craft identifiers to modern economic assets.
- Customer-Based Brand Equity (CBBE) and the sequential steps of brand building.
- Influencing factors of brand equity, including brand elements and secondary associations.
- Methods for measuring brand equity and strategies for its long-term maintenance.
Excerpt from the Book
2.3.1.1 The four steps of the CBBE Model
The first step includes the establishment of the brand identity and the necessary creation of brand salience (Marketing Science Institute, 2001). The latter refers to the aspects of brand awareness: Does the brand stand out from other brands? Is it easily recognizable? Are customers aware of its existence? How widespread is the brand perception? After the brand has succeeded in attracting attention, the next step is to provide more information about the meaning of the brand. The creation of the brand meaning goes hand in hand with the establishment of the brand image (Keller, 2003, p.12). A brand image is defined as the associations with the brand that are to be conveyed, which give the consumer information about what the brand stands for and what it represents. They are summarized either under the performance-related or image-related sub-category of brand meaning. The performance-related dimension is referred to as brand performance and is geared to the achievement of consumer satisfaction. It focuses on the intrinsic qualities of the brand in relation to product or service categories: How well does the brand perform in terms of quality? Does it meet the consumer's needs in terms of style, economy and aesthetics in the service or product category? The category of brand images, in contrast, refers to the visual language of a brand. It deals with the extrinsic qualities of a product or service, including the way in which the brand tries to meet the psychological and social needs of the customer.
Summary of Chapters
1 Introduction: This chapter introduces the importance of brand equity using the example of the Toyota Corolla versus the Chevrolet Prizm.
2 Creating Brand Equity: This comprehensive chapter covers the definition, historical origins, and the strategic building blocks of brand equity, including the CBBE model and Starbucks case study.
3 Conclusion: The conclusion synthesizes the findings, reinforcing that brand equity is a vital component of corporate success that requires long-term commitment.
4 Bibliography: This section lists all academic sources and internet resources referenced in the paper.
Keywords
Brand Equity, Branding, CBBE Model, Marketing Communication, Brand Elements, Co-branding, Customer Loyalty, Brand Awareness, Brand Image, Strategic Marketing, Consumer Perception, Brand Relationship, Market Offering.
Frequently Asked Questions
What is the fundamental focus of this paper?
The paper examines the concept of brand equity, detailing how companies can build, measure, and maintain strong brands to gain competitive advantages in a global market.
What are the primary thematic areas?
The core themes include the definition of brand equity, the Customer-Based Brand Equity (CBBE) model, factors like brand elements and secondary associations, and strategies for maintaining brand value.
What is the central research objective?
The objective is to provide a comprehensive overview of brand equity, explaining how brands function as value-adding assets and how organizations can strategically foster them.
Which scientific framework is primarily used?
The paper heavily relies on the Customer-Based Brand Equity (CBBE) model developed by Kevin Lane Keller to analyze brand-consumer relationships.
What topics are discussed in the main body?
The main body covers the history of branding, the definition of brand equity, the stages of the CBBE model, the role of brand elements, co-branding strategies, and the necessity of measuring and maintaining brand equity.
Which keywords characterize the work?
Key terms include brand equity, brand identity, CBBE, brand performance, marketing communication, and customer loyalty.
How does the author define brand equity?
The paper defines brand equity as the added value provided to products or services, reflected in how consumers think, feel, and act in relation to the brand.
How is the success of Starbucks used as an example?
Starbucks serves as a case study for the CBBE model, illustrating how a company can build high brand awareness, strong customer loyalty, and emotional resonance through its sensory and service-oriented strategy.
- Arbeit zitieren
- Anonym (Autor:in), 2020, Creating Brand Equity, München, GRIN Verlag, https://www.grin.com/document/1040326
