Topic > Brand Equity - 2548

INTRODUCTION“A brand is a distinctive name and/or symbol intended to identify the goods or services of a seller or group of sellers and to differentiate such goods or services from those of competitors” ( Aaker 1991). A brand is the most valuable asset for an organization in today's competitive world. Every organization is formulating strategies to make their brand popular and significant not only in the markets but also in the minds of customers. Brand is the customer's relationship with the brand. It is the promise that a company makes to the customer regarding the goods and services offered (Gregg 2002). Branding involves decisions that establish an identity for a product with the aim of distinguishing it from competing offerings, meaning that branding becomes an important tool for marketing as consumers use it as a guideline to identify certain products and their usefulness for the customer. Brand equity can be determined by the concept of brand equity which has emerged as one of the key factors in understanding brand equity (Krishnan 1996). Brand EquityOver the years, brand equity has been a topic of interest to marketing companies. Brand equity can help evaluate the brand and provide certainty regarding market share expectations (Peter). The most widely accepted definition of brand equity is the value realized by a particular brand (Krishnan and Hartline 2001). To gain a competitive advantage from a marketing perspective, the central theme is based on building and sustaining brand value. Brand equity as defined by (Wood 2000) is the brand's relationship with its customers. Brand equity according to (Srivastav and Shocker 1991) constitutes the strength and value of the brand. According to (Motameni, Shah...... middle of paper ......dom), (2) behavioral response (i.e. purchase), (3) expressed over time, (4) by some decision-making units, ( 5) compared to one or more alternative brands from a set of such brands, and (6) is a function of psychological (decision-making, evaluative) processes. This evidence is supported empirically by an experiment designed by (Jacob 1973). According to (Delgado and Aleman 2005) brand loyalty, which is trust in the brand, ultimately translates into brand equity. The study was conducted in the south-eastern part of Spain and results from 271 surveys and the results indicated that brand trust evolves from the trustworthiness of the brand (feeling that the brand would meet my expectations) and the brand intentions (the feeling that the brand is worth enough to solve all my problems) these two things lead to trust in the brand which leads to repurchase of the brand resulting in brand loyalty.