Brand Equity for Preference and Loyalty -myassignmenthelp.com

Question: Discuss about theBrand Equity for Preference and Loyalty. Answer: Brand equity is a term that refers to how consumers of a product view the product. This comes after using the product for a period such that they form a perception about the product. Brand equity can be positive or negative depending on user experiences. Bad experiences lead to negative brand equity while good experiences lead to positive brand equity. Brand equity comes as the consumer develops a relationship with the brand through awareness, recognition, trial, preference, and loyalty. Recently, brand equity has been a significant priority in many organizations due to its impact on the general performance. Building band equity is essential for any company due to the impacts associated with it. First of all, with positively built brand equity, you can raise the prices of a product without any complaints from consumers since they perceive the product to be of high value (Kurlansky, 2011). For example, Apple which is a trendy brand charges more prices for their products. Building brand equity increases purchases are hence increasing the overall performance of the company (Ambler T. and Vakratsas, 2014). It also causes the increased value of a product in the market and also increased profits. Role of marketing research in building a global brand Conducting market research is very important in building a global brand (Blackston, 2015). It helps you to know the current performance of the product in the market and hence decide which decisions are the best for improving the market value of the product. Market research also helps in determining consumer loyalty to the product and therefore come up with ways to maintain the commitment since it is not easy to find new customers. The loyalty of customers helps in improving a brands performance in the market through referrals. Market research should frequently be done since markets, and consumer needs continuous change with time. Advertisement plays a firsthand role in building brand equity of a product. Through effective advertisement and sales promotion, a brand can achieve positive brand equity and get loyal customers (Biel, 2011). Market research plays a crucial role in building brand equity which determines a companys performance in many ways and has major implications for the operations of a brand. A consumer will be loyal to a product that he or she has tried using for some time and has preferred it over other products. References Kurlansky, M. (2011), ``Creative execution'', in Murphy, J. (Ed.), Branding. A Key MarketingTool, Macmillan, Basingstoke. Ambler, T. and Vakratsas, D. (2014). ``Why not let the agency decide the advertising'',The Journal of the Marketing Society, NTC Publications Ltd. Biel, A.L. (2011), ``How brand image drives brand equity'', ARFWorkshop, New York, NY. Blackston, M. (2015). ``A brand with an attitude: a suitable case for treatment'', Journal of theMarket Research Society, Vol. 34 No.3, pp. 231-41.