Wednesday, February 12, 2020

Factors that organisation can utilise to help build brand equity Essay

Factors that organisation can utilise to help build brand equity - Essay Example The clients, through what they speak of the product, ultimately determine the brand equity of a commodity. In this case, the most promising products in meeting the needs of the clients have a strong value for their brand. Through the use of information available at the market and the clients’ perception of the products capacity to meet the needs, an appropriate product is selected. This is greatly influenced by the beliefs and perception of the client towards a commodity in relation to the specific needs that need to be addressed. In the course of improving brand equity of a specific product or institution, the two main factors that are taken into account include brand knowledge and brand awareness. The product should be placed in the client mind to an extent that when s/he is confronted with a problem, the products appears to be the first choice among the products that could address the challenge. Understanding the rivals in a business Understanding the brand equity of compet itors is important in the making of brand equity; this is mainly because the organization will maximize on their weaknesses. Moreover, this will provide sufficient information in preparation of a brand that is unique from the existing ones and thus easily identifiable by the clients. This places the product as well the organization at a competitive edge in the market that is ever competitive, thus enjoying customer loyalty, increased sales and consequently growth. Approaches for ensuring brand equity There are various approaches to ensure brand equity in an organisation within the market in which its supplies products to its customers. Customer-based equity brand approach is one in which an organisations considers various factors to be implemented so as to come up with a brand that is strongly established in the market. Customer-based brand equity model ensures that an organisation can be able to attract its customers by clearly considering their choices as could be determined by th eir preferences. Kevin Keller developed the model and hence it also bears the name Keller’s Brand Equity and it involves four steps of developing a stable and strong brand in the market. The first step of customer-based brand equity implies that a product needs to be logical, and should integrate different aspects of life as well as establishing itself in the market. This happens by creating customer awareness or salience, which aims at ensuring that a brand stands out, and customers recognise it. According to this step, an organisation, which is implementing a branding venture, should focus on being all-inclusive and focusing on its ability to its establishment in the market. This means that for a brand to thrive in a market, it will have to undergo the process of growth to establish itself in the business by involving as many people with their own differences. This means that an

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