Brand equity is defined as the name, sign, term, symbol or design of what makes the goods or services different from those competitors and for seller groups. Although, the meaning indicates that it is the added value that has been brought with product or service; reflecting the consumers’ response: satisfaction, expectations, etc.
1) Evaluate American Express in terms of ‘brand equity’ What are the benefits, strengths and weaknesses associated with the company? American Express is an American financial-service, which has been known as the paramount of brands among high-end customers. They have continued to build its brand in a steady and consistent manner which is a strength that the service has. It is known to be one of the few truly differentiated brands within the financial category. American express creates a balance where the brand becomes accessible, although at the same time remains special through its variety and differentiation.
The main focus of the financial service is positioned behind earned success, accomplishment, making a difference, and the kind of people that do that. They began as a simple American Express card for business—one green card—which boomed into a variation of cards, not only of card colors but also of functions and features for a variety of business needs.
However, because the brand holds such a high rank, American express faces many changes. Challenges from competitors, who are fighting even harder to defend the grounds that they claim as their own. Competition is seemingly not the only issue, but the loss of retail outlets due to the high fees charged by the company.
2) How has American Express attempted to ‘reposition’ its brand image? Repositioning involves an attempt to change consumer perceptions of a brand, usually because the existing position that the brand holds has become less than it was before. There has been a change in trend standpoint and in terms of adding vitality and relevance....
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