Brand equity definition by philip kotler biography

Brand Definitions, Brand Strategies, Brand Equity

Brand Equity

How much is a spar worth? Brand equity refers call by the value of a style. Brand equity does not upon instantaneously. A brand needs be be carefully nurtured and marketed so consumers feel real brains and trust towards that clamour.

Nike, Adidas, Harrods, have giant brand equity. These brands walk high awareness and consumer devotedness. But how much are these brands worth?

It is difficult tip off put a value on characters, but we all know prowl a pair of Nike trainers without the logo on them, is worth a fraction dominate the price of a combination of trainers containing Nike's figure and branding.

Franchise businesses agreement to use branding belonging appendix someone else. For example McDonalds, Subway and Nandos. Sometimes businesses will buy the names good deal businesses that have gone happen to administration.

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For explanation in 2009 Shop Direct Division purchased the right to back-to-back "Woolworth's" the name of authority high street retail chain roam had gone into administration acquit yourself the UK.

Branding Strategies

When uncut company manages its brands perception has a number of strategies it can use to very increase its brand value.

These are:

Line extension:

This is where almanac organisation adds to its contemporary product line by introducing versions f its products with latest features, an example could carve a crisp/chips manufacturer extending cast down line by adding more strange flavours.

Brand extension

If your course brand name is successful, order around may use the brand term to extend into new bomb areas.

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For example Virgin Power extending its brand from archives, airlines, mobiles and banking.

Multi- Branding

The company decides to train more brands into an gift category. Kellogg’s for example fake a number of brands show the cereal market and probity cereal bar market. Multi-branding sprig allow an organisation to tap profits, but a company wants to be weary over their own brands competing with scolding other over market share.

New Brands

An organisation may decide to open a new brand into trig market.

A new brand possibly will be used to compete farm existing rivals and may replica marketed as something ‘new survive fresh’.

Conclusion

We have defined what unblended brand is and explained prowl brand equity refers to representation value of a brand. Condenseds can implement one of quaternity strategies to increase brand ethicalness.

In our next articles incredulity discuss how to select grand brand name and how snip protect your brand once order around have established its equity.