Thesis On The Relationship Of Brand Equity And Brand Extension

Thesis On The Relationship Of Brand Equity And Brand Extension-45
For purposes of this research, a definition by Aaker and Biel (51) will be used: “A set of brand Assets and Liabilities linked to a brand, its name or symbol that that increase or reduce value derived from a product or service either by the firm or the firm’s customers”.Brand image can be defined as the association network that determines how the consumer perceives a particular brand (Mooij 275).A brand has three major components, which include attributes, associations, and identifiers.

For purposes of this research, a definition by Aaker and Biel (51) will be used: “A set of brand Assets and Liabilities linked to a brand, its name or symbol that that increase or reduce value derived from a product or service either by the firm or the firm’s customers”.Brand image can be defined as the association network that determines how the consumer perceives a particular brand (Mooij 275).A brand has three major components, which include attributes, associations, and identifiers.

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Many organizations that have been successful in brand extension have managed to become market leaders, thus beating the competition; a good example is Coca Cola Company.

However, brand extension is not a decision to be made in a rush.

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On the Contrary, Murphy cited in (Schultz & Schultz 301) defines brand as a trademark that has both tangible and intangible attributes that get to be embraced in the minds of consumers after aggressive and skillful promotion, proper management and wide use by the customers.

Definition by Murphy is inadequate since it does not actually capture the idea of identifiers in a comprehensive way.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.Definition by Mooij does not explain the behavior after perception.Keller as cited in (Woodside 42) defines brand image as:” perceptions about a brand as reflected by the brand associations held in a consumer memory.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.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.To learn more or modify/prevent the use of cookies, see our Cookie Policy and Privacy Policy.Organizations engage in brand extension as a way to differentiate their brands and gain a competitive edge over their competitors.

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