Branding has been around for centuries as a means to distinguish the goods of one producer from those of another. According to the American Marketing association , a brand is a “name, term, sign, symbol, or design, or a combination of them , intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of the competition.” However branding is much more; what distinguishes a brand from its unbranded commodity counterpart and gives it equity is the sum total of consumers’ perceptions and feelings about the product’s attributes and how they perform, about the brand name and what it stands for, and about the about the company associated with the brand. Therefore the aim of this assignment is to illustrate how a chosen company has built Brand Equity instilling awareness, reputation, loyalty and prominence in the marketplace. My choice of brand for evaluation is Apple as it’s a really powerful brand and as an Apple advocate I feel the overwhelming presence of the brand in all my technology based purchases. Brand Management Defined
In simple terms Brand Management is the art of creating and maintaining a brand. If we explore further we see that it is the process of maintaining, improving, and upholding a brand so that the name is associated with positive results from the market place. Brand management involves a number of important aspects such as cost, customer satisfaction, in-store presentation, and competition. Brand management is built on a marketing foundation, but focuses directly on the brand and how that brand can remain favorable to customers. Proper brand management can result in higher sales of not only one product, but on other products associated with that brand. For example, if a customer loves and is satisfied with their ipod and more importantly trust the brand, he or she is more likely to try other products offered by the company such as the ipad or iphone. People engaged in branding seek to develop or align the expectations behind the brand experience, creating the impression that a brand associated with a product or service has certain qualities or characteristics that make it special or unique. Strategic brand management seeks to make the product or services relevant to the target audience through effective design and implementation of marketing programmes and activities to build, measure and manage brand equity, all the time attempting to develop customer-brand relationships pushing customers upwards through the Customer-Based Brand Equity Model to the final stage of Consumer Brand Resonance which equates intense, active and loyal customers. Brand Managers must be conscious that any brand no matter how strong at one point in time is vulnerable, and susceptible to poor brand management. Brands clearly provide important benefits to both consumers and firm. The key to branding is that consumers perceive differences among brands in a product category, be it attributes to the product itself or simply more intangible image consideration. This means wherever consumers are in a choice situation brands that are dominant are more likely to be chosen as the associated risk is reduced. Generally brands attach a personality which signals different perceptions including quality and enforce consumer familiarity and loyalty. Branding for firms means a competitive advantage with an opportunity for premium pricing, greater company equity if the company was to be sold, lower marketing expenses and easier acceptance of new products from consumers. Introduction to the company
Apple Inc.,formerly Apple Computer, Inc., is An American multinational corporation that creates consumer electronics, computer software, and commercial servers. Apple's core product lines are the iPhone, iPod music player, Macintosh computers, iPhone and most recent the iPad. Founders Steve Jobs and Steve Wozniak effectively created Apple Computer on April 1, 1976, with the release of...
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