151 BRAND VALUATION Fig no 111 152 BRAND VALUATION Brands can convey 1

151 brand valuation fig no 111 152 brand valuation

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151
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BRAND VALUATION Fig. no.: 11.1 152
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BRAND VALUATION Brands can convey: 1. Attributes/special features/distinguishing elements, Example Raymond’s suiting are stylish 2. Benefits – the attributes should transform to benefits, Example style, fashion, and modernity may transform to 'emotional benefits', just as high quality will transform to 'functional benefit', viz., 'long lasting’ 3. Values – most brands associate some values, Example, 'Raymonds the complete man’ has the value proposition ‘complete/perfect'. 4. Culture – Raymonds again projects a culture of family bonding. It may also convey personality traits, Example, Raymonds man cares for his family and the user belongs to a higher upper class. Brand image: it’s a schematic memory of a brand – it contains the target market’s interpretation of the product’s attributes, benefits, usage situations, users, as well as the manufacturer’s/marketer’s characteristics, Example, HP is a reliable printer Brand equity : a set of assets associated with a brand which adds to the value provided by the product/service to its customers – it is in effect the aggregate of the potential customers’ beliefs that it will deliver on its promise. In a way a brand’s equity can be a manifestation of the value consumers assign to a brand over and beyond the functional characteristics of the product/ service. The assets can be: 1. Brand awareness 2. Brand loyalty 3. Perceived quality of the brand and 4. Brand association these the brand managers create and enhance to build brand equity. Besides the above, intellectual property viz., patents can also be an asset 153
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BRAND VALUATION All of these comprise the identity equity of a brand Let’s look at each of these a bit in detail: Brand awareness: in essence it is the registration of the brand’s presence in the mind of the consumers. It may range from mere recognition – to recall – to, top of the mind – to, most dominant. Awareness levels are an indicator of the company’s spends on the brand. However, mere brand awareness may not be synonymous to brand strength example, a weak brand may also be known 'Promise' tooth paste for example. Examples of dominant brands would be IBM for computers, Nokia for hand sets etc. Brand loyalty: while loyalty is an outcome of good quality, we can better define it in terms of customer’s behavior and attitudes, Example, a customer who has found a satisfactory brand resists the promotional efforts of rival brands. Brand loyalty is enhanced by creating brand awareness, improving perceived quality and establishing clear identity for the brand. Brand associations: consumers associate a brand with certain tangible and intangible attributes, the endorser’s standing or a visual symbol. These associations are derived from the brand’s identity and image, example, Reid and Taylor endorsed by Pierce Brosnan (James Bond) or Tag heur watches by Shah Rukh Khan may symbolize ‘class'. Perceived quality of the brand: it is based on judgments of quality and is not necessarily same as actual quality. At times it has much to do with
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