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Marketing And Brand Essay

3807 words - 16 pages

MARKETING AND BRANDS1.0 IntroductionCoca-Cola is an example of high value brand. Brands are among the most important assets of a firm. It takes a huge amount of resources over along period of time to build strong brands in the marketplace. A strong brand has a loyal customer base that stick to the brand in good and bad times. A strong brand also commands a high acceptance rate in the market place at a premium price compared to weaker brands. Former chairman of Quaker Oats Ltd., stated, "If the business were split up, I would take the brands, trademark and goodwill, and you could have all the bricks and mortar - and I would fare better than you".Brand equity has been defined as a set ...view middle of the document...

A brand's foundations are, therefore, composed of peoples' intangible mental associations about it.Brand awareness is the essential initial step of building the brand knowledge. It indicates the strength of the brand connection or trace in memory, as reflected by consumers' ability to identify the brand under different conditions. Brand awareness relates to the likelihood that a brand name will come to mind and the ease with which it does so when a consumer makes certain purchase considerations. Brand awareness consists of brand recognition and brand recall performance. Brand recognition relates to consumers' ability to identify a brand when given the brand as a cue. In other words, brand recognition requires that consumers correctly discriminate the brand as having been seen or heard previously. Brand recall relates to consumer's ability to retrieve the brand when given the product category. In other words, brand recall requires that consumers correctly come up with the brand themselves from their memory. Existing research suggests that brand recognition and recall are important for consumer's choice of brands.Brand attitudes are consumers' overall evaluations of a brand. Brand attitudes are important, because they are related to beliefs about brands. The overall belief of a brand is the basis for the overall brand image that is stored in consumer's memory. The presence of strongly held, favorably brand image will make the brand more readily accessible and retrievable from the consumer's mind. The strong brand image will help consumers to differentiate the brand from its competitors and will be more likely to be chosen as the final purchase item.According to the theory of brand choice, consumers have an awareness set of brands.That is all the brands that they are aware of and this awareness set comprises the most number of brands. Among the awareness set, there are brands that are regarded the best in quality in the mind of consumers, such as Sony in the consumer electronics. However, in the market place, the best quality brand often charges the highest premium price. Most average individuals can not afford to buy this brand even they are aware of it. Thus, in the actual deliberation of which brand to buy, consumers often have a set of brands called consideration set. In the actual purchase, consumers would balance between their financial resources and the price that a brand charges. Often they end up buying the brand that is not the most ideal in their mind.Firms, both foreign and local, invest resources to build brands through the product quality enhancement and brand image. Consumers, on the other hand, actively engage in a learning process to acquire knowledge about brands. Within a short period of time, the gap between brands widened, and consumers know which brands are ideal in most product categories. At the same time, the majority of consumers see their disposable income rising in a much slower fashion than their knowledge about brands....

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