Managing Brand Equity

by smartamarketing

Managing Brand Equity

According to the definition of customer-based brand equity, no single number or measure captures brand equity. Rather, brand equity should be thought of as a multidimensional concept that depends on (1) what knowledge structures are present in the minds of consumers and (2) what actions a firm can take to capitalise on the potential offered by these knowledge structures. Different firms may be more or less able to maximise the potential value of brand according to the type and nature of marketing activities that they are able to undertake.

Six general guidelines may help marketers better manage brand equity.

First, marketers should adopt a broad view of marketing decisions.

Second, marketers should define the knowledge structures that they would like to create in the minds of consumers.

Third, marketers should evaluate the increasingly large number of tactical options available to create these knowledge structures, especially in terms of various marketing communication alternatives.

Fourth, marketers should take a long-term view of marketing decisions.

Fifth, marketers should employ tracking studies to measure consumer knowledge structures over time to

(1) detect any changes in the different dimensions of brand knowledge and

(2) suggest how these changes might be related to the effectiveness of different marketing mix actions.

Finally, marketers should evaluate potential extension candidates for their viability and possible feedback effects on core brand image.

Read the whole article – Finally, marketers should evaluate potential extension candidates for their viability and possible feedback effects on core brand image.

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