Unisa Study Notes



Aaker’s model of brand equity identifies five major asset categories:Brand name awareness: This refers to the strength of the brand’s presence on the consumer’s mind, which is measured by recognition and recall. Consumers have to be aware of a product or brand before they can engage in purchase decision-making. It is therefore important to understand the role of brand awareness when developing marketing strategies. Brand awareness is the crucial first phase in consumers’ readiness to develop a brand preference and advance to the point of purchase. Brand awareness refers to the strength of a brand’s presence in the consumer’s mind√√Examples: The African Sun name is easy to identify and remember. The products are also unique and creative and this created awareness for African sun. √Brand loyalty: This refers to the willingness of customers to repurchase the same brand. The fact that a customer repeatedly buys a specific brand may indicate that he/she is loyal to the brand. Consumers may be loyal to a brand for other reasons, such as not being exposed to alternative brands. This may, for example, be the case with consumers in rural areas. brand loyalty is a measure of the attachment that a consumer has to a brand. √√Examples: Consumers who will always purchase watches from African sun as they are able to customize their watches to their liking and it is of high quality therefore they are willing to purchase from African Sun again in the future. √Perceived quality: This is the ‘reason to buy’ of many customers for which they are prepared to pay a price premium. Perceived quality is a competitive necessity. Many companies have realised this and are, therefore, focused on customer-driven quality. Companies create customer satisfaction and value by consistently and profitably meeting customers’ needs and preferences for quality. quality is a core concept in building customer value and satisfaction and thus a competitive market advantage. √√Examples: Consumers purchase watches from African sun as the brand produces quality products. Their products are also made out of recyclable material (which helps the environment) and consumers are willing to pay a premium price for it. √Brand associations: These are the attributes that consumers associate with the brand. Consumers will intentionally or unintentionally develop associations about brands. Brand associations include all the other perceptions a consumer has about a specific brand, such as the fact that the brand is of a high or low quality, that it is reliable or unreliable, that it is expensive or affordable. √√Examples: Consumers associate African sun with attributes such as, environmentally friendly, quality, local, creative, unique and proudly South African. √Other proprietary brand assets: Channel relationships and patents, among others, can build a competitive advantage. These can be patents, trademarks, channel relationships etc. This provides a competitive advantage to the brand. √√Examples: The African sun brand is a legally registered. Thabo has also patented his idea. √ ................
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