Thesis On The Relationship Of Brand Equity And Brand Extension

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According to Srivastava and Shockers as cited in (Soto 18), brand strength refers to associations that are conceived in a consumers mind when they see a brand.

Kriegbaum as cited in (Soto 18), defined brand strength as: “psychic constructs in the mind of consumers that are linked to the brand and influence their buying decisions.” The challenge in this definition lies in seeking to explain which psychic constructs are responsible for driving brand strength.

Another definition of a brand is that it refers to the monetary value of a brand that comes as a result of loyalty and goodwill created in customers this definition is limiting in that id does not not incorporate aspects of how to measure and report on the brand value.

Brand equity can also be defined as the benchmark of the relationship between the seller and the buyer that shows whether the buyer will continue to buy (strouse 160).

It is important to note that brand image influences or affects customer purchase decision-making process.

If the customer negative towards a certain brand, it is likely that the customer will not be motivated to purchase.Therefore, in definition of brand image, it is vital to incorporate an aspect of how it influences the purchase decision.For purposes of this research, brand image will be defined as a collection of all the ideas, perception, and views held in customers mind about a product and the way such a collection influences their purchase behavior.It requires careful planning and an understanding of how it will affect the existing products.For successful brands extension, an in-depth of concepts necessary for brand building is necessary and some of them are discussed below.A brand should focus on meeting emotional benefits and market needs instead of the product itself.Since such are difficult to be imitated by the competitor.The weakness in this definition is evident in that a relationship between the seller and buyer may not be adequate to help in making financial decisions on allocation of resources.From the definations above, brand equity should incorporate or show aspects such as brand strength, its power to stay in the market, its potential and clearly show what adds or reduces value to both the customer and the seller in a brand in such a way that the information can be used to make financial and marketing decisions.From the definitions above, a brand can be defined as a product, service or place that has strong identifiers with desired attributes and able to make consistent and long lasting associations that motivate the customers to move from identifiers to attributes and this definition will be used in the research.Marconi (215) defined Brand equity as the value in and of the brand this definition is limiting in that it does not recognize the importance of brand strength and its staying power.


Comments Thesis On The Relationship Of Brand Equity And Brand Extension


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