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Business & Marketing
An Essay On Branding And Its Effect On Marketing (Essay Sample)
AN ESSAY ON BRANDING AND ITS EFFECT ON MARKETINGsource..
Modestly, the term brand refers to a tag in association with a certain product in the market. A producer with a famous brand name will enjoy price premiums, and also experience a notable quicker trial of new-fangled products compared to one with a less famous trade name. Simply, the influence of a brand to customerâ€™s taste and purchase about a product is uniformly to brand equity. Here, equity being an indicator of an assetâ€™s generation. Normally, the asset is imperceptible making it measurable in relations with the value accredited by a consumer. Remarkably, a supplementary number of companies are considering efforts of structuring well-built brands as an essential input towards an aggressive value (Tanaka, 2012). Normally, brands of such nature are a reflection of high brand equity. Nevertheless, it becomes difficult to build, shield, or manage a brand unless itâ€™s measured at foremost. This enlightened lesson exposes contestants to the rudiments of brand equity and procedures involved with consumer approach to quantify it.
Measuring brand equity
Profoundly, two sorts of tactics are engaged in weighing brand equity. These particular methods are quantitative research techniques and qualitative research systems. Quantitative research methodologies are ideal to appreciate brand knowledge contained by consumers, while qualitative methods are model for gauging brand involvement with captured consumerâ€™s opinion towards a brand (Lee, 2015). Conversely, the both methods are capable only to confine a single brand equity aspect at a time. Though, due to itsâ€™ wide spread nature, need to appraise each brand separately is decisive. Briefly, a basic acquaintance is displayed defining each research method in relation to bland appraisal.
Qualitative research techniques
Recalling our previous discussion, it is...
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