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In recent years marketeers have attached increasing importance to the value of brands, both in terms of developing image and positioning strategies, but also in their quest for creating customer loyalty. Market research can be employed in a number of ways to assist in the development of brands and for tracking their value. Market researchers and marketeers alike often refer to “Brand equity”. There are many aspects of brands which can be usefully measured by researchers, but in very broad terms, brand equity research provides a series of powerful measurements for assessing the health of brands.Why Measure Brand Equity?Understanding why consumers choose a particular brand and the extent to which consumers are loyal to a brand is crucial to successful branding strategies. Strong brands command higher levels of customer loyalty and because brand strength can be used to drive premium pricing, strong brands frequently enjoy higher levels of profit.What are the benefits of Measuring Brand Equity?§It demonstrates to managers and directors how customers perceive the brand and howthe attitudes of customers affect the value of the brand§It provides companies with a common internal language and focus for marketingactivities and demonstrates the effectiveness of marketing efforts§It offers the possibility of setting hard measures of brand performance and supports theplanning of marketing and brand strategies which ultimately increase shareholder valueWhy Brand Equity Matters to All BusinessesCompared with consumer (fmcg) markets, many marketeers in the field of business to business (b2b) have traditionally doubted the value of branding strategies.
Approximate Word count = 899
Approximate Pages = 3.6
(250 words per page double spaced)
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