Brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well-known name, as consumers believe that a product with a well-known name is better than products with less well-known names.
There are few ways that Dutch Lady Company can strengthen and leverage their brand equity.
First, Dutch Lady Company should focus more as a leader in providing healthy dairy nutrition. This is due their company mission of “Helping Malaysians move forward in life with trusted dairy nutrition”, they should continue more efforts by manufacturing healthy products and committing to responsible food production. For example, Dutch Lady Company should have a World Milk Day for Dutch Lady Malaysia can take this chance in celebrating the World Milk Day and to spread the importance of the goodness of milk to consumers. Besides, Dutch Lady Company also should organize and participate Nutrition Studies to creating a healthy Malaysia. They should take part in nutritional studies conducted with relevant and independent authorities in raising awareness of the nutritional habits and deficiencies among consumers. This activities can help the company to strengthen and leverage their brand equity.
Secondly, Dutch Lady is advised to come out with some new product development strategy. Launching of a new product is to increase sales and also earn more profits. The new product innovation can help Dutch Lady to maintain its loyal customers who are always look for innovated product. Dutch Lady can launch some products which focus on elderly. In the last few years, osteoporosis has become recognized as major health problem. Dutch Lady company can create more milk that contain nutrients such as calcium, magnesium, fluorine, strontium, copper, zinc, manganese, boron, vitamin C, D and K.
References: 1. Retrieved from http://www.dutchlady.com.my/en/home.asp 2. Rice.B , 5 Steps for Building Strong Brand Equity. Retrieved from http://www.business2community.com/branding/5-steps-for-building-strong-brand-equity-0287