Brand equity for Virgin Australia Literature & Language Essay (Essay Sample)

Service Industry Marketing
Name
Institution
Author’s Note
Executive summary
Branding has a lot to play in an organization more so in the service industry where the organization becomes the brand. Quality of the service offered by the service industry is perceived to be portrayed by the brand of the kind of information brought about by the organizational brand. In this paper, brand equity is discussed with factors affecting it. The research is also conducted on the Virgin Australia company as far as brand equity is concerned and the factors affecting the brand equity linked to the company. Some of the strategies that can be applied by the service industry like Virgin Australia are also discussed in this paper.
Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc42017809 \h 4Factors affecting service brand equity PAGEREF _Toc42017810 \h 5External brand communication PAGEREF _Toc42017811 \h 6Customer’s experience with the company PAGEREF _Toc42017812 \h 6Brand awareness and brand meaning PAGEREF _Toc42017813 \h 7Company’s brand PAGEREF _Toc42017814 \h 7Achieving brand equity in Virgin Australia PAGEREF _Toc42017815 \h 7Virgin Australia brand PAGEREF _Toc42017816 \h 8Brand awareness and meaning PAGEREF _Toc42017817 \h 9Consumers' experience with Virgin Australia PAGEREF _Toc42017818 \h 9External brand communication PAGEREF _Toc42017819 \h 10Strategies for enhancing brand Equity PAGEREF _Toc42017820 \h 10 HYPERLINK \l "_Toc42017821" Brand strategy PAGEREF _Toc42017821 \h 12Communication PAGEREF _Toc42017822 \h 12Awareness PAGEREF _Toc42017823 \h 13Reputation PAGEREF _Toc42017824 \h 13Legal and ethical decision making PAGEREF _Toc42017825 \h 14Focusing on value PAGEREF _Toc42017826 \h 14Emotional capital PAGEREF _Toc42017827 \h 15Conclusion PAGEREF _Toc42017828 \h 15References PAGEREF _Toc42017829 \h 16
Brand equity for Virgin Australia
Introduction
In the business world, there are a lot of considerations given weight in production processes, product quality, as well as customer services. All these are put in place to build on a good relationship between the business and its clients within the target market (Iglesias et al., 2019). It is a good relationship that makes the business to be outstanding in the market since it will have a bigger market share leading to more profit as many consumers of the products will be seeking for the company's products. In the move towards winning market competition, branding is also playing a very vital role (Baalbaki & Guzmán, 2016). As it is defined, branding is the marketing activity in which a company designs a distinguishing name or a unique symbol, can be easily identified and is aimed at winning the heart of the market through bringing out the differences between the organization’s services and products from those provided by other competitors in the market. It is a very important line in marketing since it influences the reputation of the organization.
Brands nowadays stand to be one of the most important assets and organizations are coming up with strategies to make their brands significantly popular within the market and in the minds of consumers. Branding is a promise that an organization is making to the market as far as its goods and services are concerned with a major focus put on the attributes of the products and services that make them be of their kind in the market. It is the attributes that will make the products and services be of value in the market (Ahn, Park & Hyun, 2018). Determination of brand value can be done by bringing on board the concept of brand equity which is used in showing and enhance an easy understanding of brand value.
Brand equity has been defined as the value that is added to a certain product by the brand. Brand equity helps in evaluating the brand and point out factors that will lead to the success of the brand within the market (Mohammad, 2017). This is to mean, therefore, that for an organization’s brand to have a competitive advantage in the market, there must be put in place sustainable brand equity to bring on a good and maintained relationship between the organization’s brand and the consumers in the market. Furthermore, sustainable brand equity will ensure that clients are constantly reminded of the brand values and strengths over other products in the market.