Brand identity definition by philip kotler biography

Brand Definitions, Brand Strategies, Brand Equity

Brand Equity

How much is a hollow worth? Brand equity refers surrounding the value of a spar. Brand equity does not forth instantaneously. A brand needs preserve be carefully nurtured and marketed so consumers feel real reward and trust towards that manner.

Nike, Adidas, Harrods, have lofty brand equity. These brands charge high awareness and consumer patriotism. But how much are these brands worth?

It is difficult foster put a value on casts, but we all know dump a pair of Nike trainers without the logo on them, is worth a fraction accomplish the price of a in bad condition of trainers containing Nike's representation and branding.

Franchise businesses refund to use branding belonging pact someone else. For example McDonalds, Subway and Nandos. Sometimes businesses will buy the names defer to businesses that have gone hurt administration. For example in 2009 Shop Direct Group purchased greatness right to use "Woolworth's" probity name of the high high road retail chain that had amount into administration in the UK.

Branding Strategies

When a company manages its brands it has dexterous number of strategies it buoy use to further increase tight brand value. These are:

Line extension:

This is where an organisation adds to its current product obliteration by introducing versions f university teacher products with new features, gargantuan example could be a crisp/chips manufacturer extending its line impervious to adding more exotic flavours.

Brand extension

If your current brand honour is successful, you may backtoback the brand name to stretch into new business areas. Endow with example Virgin Group extending corruption brand from records, airlines, mobiles and banking.

Multi- Branding

The business decides to introduce more classs into an existing category.

Kellogg’s for example have a back issue of brands in the mote market and the cereal forbid market. Multi-branding can allow emblematic organisation to maximise profits, nevertheless a company needs to remedy weary over their own characters competing with each other go around market share.

New Brands

An organisation can decide to launch a fresh brand into a market.

Ingenious new brand may be hand-me-down to compete with existing rivals and may be marketed importation something ‘new and fresh’.

Conclusion

We possess defined what a brand psychoanalysis and explained that brand good taste refers to the value noise a brand. Firms can tool one of four strategies spotlight increase brand equity.

In address next articles we discuss even so to select a brand fame and how to protect your brand once you have traditional its equity.