Brands and a Number of Problems that They Experience

Published: 2021-09-10 05:35:05
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Category: Marketing

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Brand Management
Whet talking about brand is distinguishable tangible items people or products, intangible items services or place presented that have value experienced by its consumer and are capable of meeting their wants most meticulously (Aaker,2002).. Brands experience a number of problems such as brand equity and identity. According to Aaker (2002, p. 56), brand equity is a collection of assets or liabilities related to the name of a brand. These assets or liabilities increase or reduce the value derived from a service or product. Brand equity involves elements such as the perceived quality of a brand’s products, brand loyalty, brand awareness and brand association. The other problem is digital branding. A brand should evoke emotions through which customers recognize or recall promises of the brand’s unique experiences. Aaker & Joachimsthaler (2000. P.114) notes that the customers should easily locate the brand within the digital platform. Line extension is the other problem, and it involves adding a new version of products within the same class of goods. Finally, there is brand extension where a firm uses an existing brand name to introduce a new product. For example, a cloth line may use the brand name to launch a cosmetic. Brand cannot be existent in the absence of competition, and a successful brand should be able to sustain the added values in the ever competitive environment product. Lack of strong identity in a brand diminishes its value to mere products.
Overview of the problems
Brand equity and brand identity. These are assets and liabilities linked to a brands name. Assets generate positive brand equity and add value of product or service provided a firm. Liabilities create negative equity, and this subtracts from the value provided by a product or business. Brands with positive equity are memorable, easily recognizable and perceived to be of higher quality than their generic counterparts. Brands with negative equity are less memorable, less recognizable and are perceived to be of lower quality than the generic counterparts. It is for this reason customers are not willing to pay the quoted price (Hatch and Schultz (2008). Brand association involves the relationship a consumer makes with the brand for example Aquascutum products are associated with celebrities, power and so on. Brand loyalty is how repeat customers consistently use a product due to the satisfaction derived. To establish brand equity, there is a need to strengthen the size and intensity of each loyalty segment. Brand awareness refers to how memorable the brand is in the consumer’s mind. Elliott and Percy (2011, p. 34) notes that the target here is new customers and existing users. Market campaigns are responsible for creating brand awareness. Perceived quality will directly influence the price of a product. Products that are sold at elevated prices are perceived to be of higher quality, and this affects brand association.Digital branding refers to redesigning market strategies in accordance with the current changes in brand relationships. Currently, there are various online platforms which manufacturers and retailers cannot control but joining them exposes them to larger numbers of potential customers. Line extension of a brand is the expansion of the existing product line. It aims at complementing what already exists. Brand extension is using an existing brand name to unveil new products in a different line.

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