brand design |
Branded names In the new era of a globalized market place, branded nameed branded names are key drivers of economic values of a corporation. In the new emerging business scenario, branded nameed branded names offer the capacity to add value which is perhaps unmatched by any of the assets which once enjoyed honour. branded nameed branded names are the basis of consumer relationship and branded nameed branded names are becoming the most valuable assets that a business can possess. Markets, which were earlier protected, are now being liberalized. Product commonality is a major headache for marketers. Thus, marketers are left with a challenge: how to achieve differentiation which is valued by the customers. branded nameed branded names in this context are new business warriors. They connect corporations with customers. branded nameed branded names are wealth generators of the twenty-first century. As a result, branded name management has long since grown into a vital ingredient for success in corporate strategy. From the marketer’s point of view the branded name is a value, the branded nameed name of the product marketed by them should be leads to attain branded name equity. From the consumers point of view a branded name which comprises of benefits. It means benefits in the sense of utility and service. A branded nameed name is said to have equity when the consumers are prefer to buy a branded nameed one instead of unbranded nameed commodity. When a consumer who is able to recall the branded name name and its attributes for the long period where the branded name is having a equity. From that point of view of branded name equity, it is the extension of branded name loyalty and branded name knowledge. So in this critical situation the marketers are supposed to create a value for their branded name. But here some questions are raised, What is that value? How can create a value and what are the parameters for creating value to a particular branded name? In recent years customer-based branded nameed name(CBBE) has garnered considerable attention in both academic and non-academic researches. Developing further insights into the measurement of consumer based branded name equity is important in the face of prominence of branded nameing. Hence the aim of this paper is to identify various elements and parameters for identifying the value, that is customer based branded name equity. branded name Equity The concept branded name equity has emerged as the central concept in marketing over the past 20 years. Much attention has been devoted recently to the concept of branded name equity. The concept of “branded name equity” is generally considered to refer to that part of the value of a product that is attributable to the branded name name. From a managerial point of view, Farquhar (1989) defines branded name equity as the “added value” with which a branded name name endows a product. Aaker (1991) defines branded name equity is a set of branded name assets and liabilities linked to a branded name, its name and symbol, that add to or subtract from the value provided by a product or service to a firm and/or to that firm’s customers. For assets or liabilities to underlie branded name equity they must be linked to the name and/or symbol of the branded name. More generally, it has suggested that branded name equity be considered from the perspective of three separate entities: firm, trade and consumer. From the firm perspective, branded name equity is incremental cash flow arising from use of the branded name name. From the trade perspective, branded name equity is leverage (in terms of acceptance and distribution) arising from using the branded name name. From the consumer perspective, branded name equity is generally considered to be something to do with “value”.
Customer Based branded name Equity Customer-Based branded name Equity is formally defined as the differential effect that branded name knowledge has on consumer response to the marketing of that branded name. A branded name is said to have positive customer-based branded name equity when consumers react more favourably to a product and the way it is marketed when the branded name is identified than when it is not (e.g., when the product is attributed to a fictitious name or is unnamed). (Kevin Lane Keller 2004).Thus, a branded name with positive CBBE equity might result in the consumers’ acceptance of a new branded name extension, less sensitiveness to price increases and withdrawal of advertising support, or willingness to seek the branded name in a new distribution channel. On the other hand, a branded name is said to have negative customer-based branded name equity if consumers react less favourably to marketing activity for the branded name compared with an unnamed or fictitiously named version of the product. The main ingredients of consumer based branded name equity are differential effect, branded name knowledge, consumer response in marketing. The followings are the some of the important building blocks identified as the crucial elements of customer based branded name equity.
branded name Loyalty This is major component of branded name equity. branded name loyalty, a long a central construct in marketing, is a measure of the attachment that a customer has to branded name. If the customer continue to purchase one particular branded name even in the face of competitors with superior features, price and convenience where we can find the branded name loyalty. It reflects how likely a customer will be to switch to another branded name, especially when that branded name makes a change, either in price or in product features. It is one indicator of branded name equity which is demonstrably linked to future profits. branded name loyalty is qualitatively different from the other major dimensions of branded name equity in that it is tied more closely to the use of experience. branded name loyalty cannot exist without prior purchase and use experience. It is a basis of branded name equity that is created by many factors, chief among them being the use experience. (Aaker 1991) defines loyalty as “the attachment that a customer has to a branded name” and consider it to be a primary dimension of branded name equity. In contrast, Keller (1993) views loyalty as a consequence of branded name equity, i.e. when favourable attributes results in repeated purchase. (Yoo and Donthfu 2001) defines branded name loyalty from the attitudinal perspective that “the tendency to be loyal to a focal branded name, which is demonstrated by the intention to buy the branded name as a primary choice” From the perspective of the CBBE model, branded name knowledge is the key to creating branded name equity, because it creates the differential effect that drives branded name equity. What marketers need, then, is an insightful way to represent how branded name knowledge exists in consumer memory. In particular branded name knowledge can be characterized in terms of two components: branded name awareness and branded name image. branded name awareness is related to the strength of the branded name node or trace in memory, as reflected by consumers’ ability to identify the branded name under different conditions (Rossiter, J.R, and Piercy.L (1987). branded name image can be defined as perceptions about a branded name as reflected by the branded name association held in consumer memory. A positive branded name image is created by marketing programmes that link strong, favourable, and unique associations to the branded name in memory. The branded name knowledge effects through branded name awareness and branded name association, the benefits of branded name are underlined as outcomes. Therefore branded name knowledge entails significant activities leading to branded name loyalty and equity. In brief branded name knowledge encompasses the consumer’s ability relating to the awareness of the product, product features, where the product is available, company that makes the product, how the product is used and for what purpose and the specific and distinctive features of the product.
branded name Awareness branded name awareness refers to the strength of the branded name presence in the consumer’s mind. It is the ability of a potential buyer to recognize or recall that a branded name is a member of a certain product category. This refers to the strength of a branded name’s presence in consumers’ mind. branded name awareness is an important component of branded name equity (Aaker, 1991; Keller, 1993). It is believed that branded name awareness is improved to the extent to which branded name names are chosen that are simple and easy to pronounce or spell; familiar and meaningful; and different, distinctive and unusual. branded name awareness consists of branded name recall and branded name recognition. A branded name can increase the demand for a product in several ways. branded name awareness makes it easier for consumers to identify products with the well-known branded name names (Mary W.Sullivan 1998). Therefore, branded nameed branded names provide information by increasing awareness and serving as a proxy for quality. branded nameed branded names can also appeal to a consumer’s sense of individuality or make consumers feel as if they belong to a particular social group. branded name awareness can be characterized according the depth and breath. The depth of branded name awareness concerns the likelihood that a branded name element will come to mind and the ease with which it does so. The breath of branded name awareness concerns the range of purchase and usage situations in which the branded name element comes to mind. The breath of branded name awareness depends to a large extent on the organization of branded name and product knowledge in memory.
Perceived Quality Perceived quality can be defined as the customer’s perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives (Valarie A.Zeithaml 1988). Perceived quality is, first a perception by customers. Perceived quality is defined relative to an intended purpose and a set of alternatives. Perceived quality is an intangible, overall feeling about a branded name. However, it usually will be based on underlying dimensions which included characteristics of the products to which the branded name is attached such as reliability and performance. To understand perceived quality, the identification and measurement of the underlying dimension will be useful. Perceived quality is a major determinant of branded name strength. Quality helps to increase market share, which results in lower unit costs through scale economies. So it provides a competitive edge over the rivals in securing potential market area by inspiring the customers.
branded name Association To create branded name equity, it is important that the branded name have some strong, favourable and unique branded name association. Creating strong, favourable and unique associations is a real challenge to marketers, but essential in terms of building customer-based branded name equity.The favourable branded name associations are created by convincing consumers that the branded name possesses relevant attributes and benefits that satisfy their needs and wants such that they from positive overall branded name judgments. Basically branded name associations can be classified into three major categories viz, attributes, benefits and attitudes. Attributes are those descriptive features that characterize a product or service. Attributes are further sub divided into product related and non-product related. Benefits are the personal value consumers attach to the product or service attributes can be further distinguished into three categories i.e. functional benefits, experimental benefits and symbolic benefits. branded name attitudes are consumers overall evaluations of a branded name, which is most important one because it is directly associated with the consumers buying behaviour.
Purchase Decision The core of marketing is exchange. It is the actualization of a transaction between the seller and the seeker of value. In this process the customer must make a choice or decisions with regard to selection of a value provider. A decision involves a choice between two or more alternative actions or behaviours (Henson, Flemming 1976). The customers essentially make two types of decision in the context of marketing. The first type of decisions is directed at the choice of product or service. These decisions are called assortment decisions. The second type decisions concern the choice of specific branded nameed branded names and how to obtain them. These are called market related decisions (Walters,GC 1974). After searching and evaluating the alternatives, the consumer must decide whether to buy or not. Thus, the first outcome is the decision to purchase or not to purchase. If the decision is to buy, various decisions are to be taken regarding where and when to make the actual transaction, how to take delivery or possession, the method of payment, and other issues. The buying decision also highly influenced with cultural, social, personal and psychological factors. For consumers, branded name equity is the value addition in the product of the branded name. branded name equity result in increase in sales through consumer’s acceptance.
Post Purchase Behaviour After purchasing the product, the consumer will experience some level of satisfaction or dissatisfaction. The consumer will also engage in post purchase action and product uses of interest to the marketer. The consumer’s satisfaction or dissatisfaction with the product will influence subsequent behaviour, if the consumer is satisfied, then he/she will exhibit a higher probability of purchasing the product on the next occasion. The satisfied consumer will also tend to say good thighs about the product and the company to others. The post purchase behaviour is depending upon the extent of consumers’ set of experience stored in memory, how well they select products and stores and the type of feedback they received. The post purchase evaluation involves comparison between the expectations and actual performance of the product or branded name. There are three possibilities at this stage. First, there is no discrepancy between expectations and actual performance. It leaves the consumer with neutral feelings. Second, performance exceeds expectations, in this situation consumer feels satisfied. Third, performance falls below expectations, this leaves the consumer dissatisfied (Cadotte, Ernet R, Robert B Woodruff and Roger L Jenkins 1987). Post purchase behaviour indicates to what extent these purpose have been met and motives achieved. Post purchase activity gives an indication as to whether the customers are going to again patronize a firm in future, and also whether they will be in a mood to recommend a product to potential customers.
Conclusion So it is concluded that the customer based branded name equity discussed by considering the perceptions of branded name loyalty, branded name awareness, branded name knowledge, perceived quality, branded name association, purchase decision and post purchase behaviour are the most essential elements for forming customer based branded name equity. As a result the manufacturers and marketers should build branded name loyalty among the customers. The loyalty will be created by the through branded name knowledge which consists of branded name image, branded name recall etc. So the customers will be aware about the branded name what ever they are buying. The quality aspects should be covered with all other kinds of association characteristics which will leads the customers towards purchase decision. Finally the post purchase behaviour of the customers after utilizing a product will reflect the real branded name equity of a branded name.
|
