Branding: Branding is the process of creating a distinct identity for a product, service, or company through the use of names, symbols, logos, colors, and design elements. It encompasses the overall perception and reputation of a brand in the market. Branding aims to differentiate a brand from competitors and build a lasting impression in the minds of consumers.
Brand Equity: Brand equity refers to the value a brand adds to a product or service beyond its functional benefits. It represents the impact that brand awareness, perception, and loyalty have on consumer behavior and business performance.
Components of Brand Equity:
Brand Awareness: The extent to which consumers recognize and recall a brand. Higher brand awareness typically leads to increased consumer trust and preference.
Brand Associations: The attributes, qualities, or images that consumers associate with a brand. Positive brand associations can enhance perceived value and influence buying decisions.
Brand Loyalty: The degree to which consumers consistently choose a particular brand over competitors. High brand loyalty often results in repeat purchases and strong customer retention.
Perceived Quality: The consumer's perception of the overall quality or performance of a brand's products or services compared to competitors. Perceived quality can drive higher pricing and customer satisfaction.
Brand Assets: Tangible elements like trademarks, patents, and logos that contribute to a brand's overall value. These assets can provide legal protection and competitive advantages.
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