QualificationGraduate Diploma in Management Module NameMarketing ManagementModule NumberGDM 404Assignment TitleBuilding a Brand Strategy through Brand EquityName of CandidateO

QualificationGraduate Diploma in Management Module NameMarketing ManagementModule NumberGDM 404Assignment TitleBuilding a Brand Strategy through Brand EquityName of CandidateO. K. N. Imali Janani OpathaCandidate No.445031839Submission Date19th August 2018Word Count2750 words Content Introduction03 Analysis..03 Definitions for branding and Brand equity03 Marketing advantages of strong brands.04 Brand equity models..04 Brand Equity Methods…06 Measuring brand equity..06 Manage brand equity…07 Developing Brand strategy for ZARA to Establish the Brand in Sri Lanka08 Conclusion.09 References..10 Introduction The HYPERLINK http//www.marketingpower.com/_layouts/Dictionary.aspxdLetterB t _blank American Marketing Association (1960) defines brand as A name, term, outline, image, or whatever other component that distinguishes one venders great or administration as particular from those of different merchants. The lawful term for brand is trademark. A brand may distinguish one thing, a group of things, or all things of that vender. In the event that utilized for the firm in general, the favoured term is exchange name. Kotler and Keller (2017) define that brands recognize the creator of an item and enable customers to assign duty regarding its execution to the producer or distributor. Brands play out various capacities for the two purchasers and firms The purpose of this essay is to understand building a brand strategy through brand equity. First branding and brand equity will be defined by author. Secondly the brand equity models, methods and strategies will discussed along with business examples. Finally authors conclusion on this essay will be illustrated. Anlaysis Definitions for Branding and Brand Equity Kotler and Keller (2017) defines branding is the procedure of the investing items and administrations with the intensity of a brand. It is tied in with crating regards between products. Branding makes mental structures that assistance customers compose their insight about items and administrations in a method for that clears up their basic leadership and all the while, offers some benefit to the firm. Branding also can define as follows. Branding is today regularly considered as a key need for some organizations keeping in mind the end goal to remain aggressive available (Aaker and Joachimsthaler 2000 Kapferer, 2008). Branding can be characterized as the manner by which the association dealing with their brand and requires a long haul cooperation of the two aptitudes and assets (Kapferer, 2008). An association can utilize branding with a specific end goal to distinguish and separate it selves from contenders it is an approach to guarantee quality and genuineness, recognize the possession and to consider the maker in charge of their activities (Daye, 2006 Kapferer, 2008). Branding is likewise a basic segment during the time spent building a solid brand image and to make brand awareness, in addition it might expand marketing correspondence adequacy, enhance view of item execution and make customer loyalty (Hoeffler and Keller, 2003 Keller, 2009). Marketing Advantages of Strong Brands Brand equity is reflected in perceptions, preferences and conduct identified with all parts of marketing of a brand. Stronger brands gain more noteworthy income. In the event that building a strong brand is an administration need, at that point how is this best refined Building up the quality of a brand isnt considered to be simple according to Aaker (1996). Kotler and Keller (2017) summarize some marketing advantages of strong brands. They are improved perceptions of product performance, greater loyalty, less vulnerability to competitive marketing actions, less vulnerability to marketing crises, larger margins, more inelastic consumer response to price increases, more elastic consumer response to price decreases, greater trade cooperation and support, increased marketing communication effectiveness, possible licensing opportunities, additional brand extension opportunities, improved employee recruiting and retention and greater financial market returns. Brand Equity Models Brand Asset Valuator (Young and Rubicam) Young and Rubicam, a marketing communications agency, has developed the Brand Asset Valuator (BAV), a tool to diagnose the power and value of a brand. In using it, the agency surveys consumers perspectives along four dimensions. They are differentiation, relevance, esteem and knowledge. (Kotler, Keller 2017). Y and R combines differentiation and relevance to give a list it calls brand strength. The rationale is that a brand must have the two attributes to be solid, in spite of the fact that by and by Y and R rates not much many as solid in both. Y and R also consolidate esteem and knowledge to give a list it calls brand stature. (Shaw, Mazur 1997). There are some other definitions by other researchers as well. Munthree, Bick, and Abratt, (2006) describe as it is utilized to comprehend brands that wind up worn out and unessential. This model features the significance of separation with regards to numerous other contending brands. Brand Resonance Model Keller (1993) defined consumer-based brand equity at singular level taking brand information as a beginning stage, which is conceptualized as an affiliated system, where the affiliations are hubs. Keller demonstrates recognizes six components including brand salience, brand performances, brand imagery, brand feelings, brand judgments and brand relationships. Table 01 Brand Resonance Pyramid Source Kotler, Keller (2017) Brand Resonance Pyramid (pp. 333, Fig 11.4) In view of Kellers model, Kuhan, Alpert and Pope (2008) clarified that the initial phase in building a solid brand is to guarantee the right brand identity the reason for existing is to make a distinguishing proof of the brand with clients and a relationship in their psyches with a particular item class or need. To do this, brand salience must exist, which speaks to parts of brand mindfulness and the scope of procurement and utilization circumstances in which the brand rings a bell. The striking nature building square is, consequently, comprised of two sub-measurements require fulfillment and classification recognizable identification. Keller (2003) recognizes six types warmth, fun, excitement, security, social endorsement and sense of pride. Brand relationships constitute the last advance in the pyramid where brand reaction is changed over to make an extraordinary, dynamic reliability connection amongst clients and the brand. The apex of the pyramid is reverberation, which alludes to the idea of the connection between the client and the brand. It is depicted as having four components behavioral loyalty, attitudinal attachment, sense of community and active engagement (Keller, 2001). Brand Equity Building Methods Keller (1993) describes building brand equity requires the making of a natural brand that has favourable, solid, and special brand associations. This should be possible both through the underlying decision of the brand personalities, for example, the brand name, logo, or image, and through the incorporation of the brand identities into the supporting marketing program. Choosing brand elements or identities. To perceive how the underlying decision of the brand personalities can influence brand value, consider the decision of a brand name. Assortments of cri-teria have been proposed for the determination of a brand name (e.g., Aaker 1991 Kotler 1991 Robertson 1989). They for the most part can be grouped by whether they enable upgrade to brand awareness or encourage the linkage of brand associations. Brand elements are gadgets which can be trademarked that recognize and separate the brand. Most solid brands utilize different brand elements. Marketers ought to pick brand components to work however much as brand value as could reasonably be expected. There are six criteria for picking brand elements. The initial three memorable, meaningful and likable are brand building. The later three transferable, adaptable and protectable are cautious and help use and save brand equity against challenge. (Kotler, Keller 2017). Measuring Brand Equity Kotler and Keller (2017) explain that for brand equity to perform out a helpful strategic function and guide marketing decisions, marketers need to completely comprehend (1) the wellsprings of brand equity and how they influence results of intrigue and (2) how these sources and results change, if at all, over time. Brand audits are imperative for former brand following for last mentioned. A brand audit is all the more remotely, consumer centered exercise to survey the soundness of brand reveal the its wellsprings of brand equity and recommend approaches to enhance and use its value. A brand audit requires understanding the wellsprings of brand equity from the point of view of both the firm and consumer (Keller, Parameswaran, Jacob, (2008) Kotler and Keller (2017)). Kotler and Keller (2017) explain that brand tracking studies utilize the brand audit as contribution to gather quantitative information from consumers additional time, giving reliable, standard data about how brands and marketing programs are performing. Tracking studies enable us to comprehend where, how much, and in what ways brand value is being made to encourage everyday decision making. Also clarify that marketers ought to recognize brand equity from brand valuation, which is the activity assessing the aggregate financial estimation of the brand. Table 02 The 15 most Valuable brands 20172016LogoNameCountryBrand Value (USD Millions)2017201612 GoogleUSA109,47088,17321AppleUSA107,141145,91833AmazonUSA106,39669,64246AT TUSA87,01659,90454MicrosoftUSA76,26567,25867Samsung GroupKorea66,21858,61975VerizonUSA65,87563,11688WalmartUSA62,21153,657917FacebookUSA61,99834,0021013ICBCChina47,83236,334119China MobileChina46,73449,8101211ToyotaJapan46,25543,0641310Wells FargoUSA41,61844,1701414China Construction BankChina41,37735,3941522NTT GroupJapan40,542-Source Brand Finance Global (2017)) Manage Brand Equity The brand reinforcement significantly centers around keeping up the Brand Equity by keeping the brand alive among both the current and new clients. Some brands such as Coca-Cola, Heinz, Campbell soup is still remain as leaders today (Kotler, Keller 2017). Also Kotler and Keller (2017) explains that the brand revitalization is the marketing strategy embraced when the item achieves the development phase of item life cycle, and benefits have fallen radically. It is an endeavor to bring the item back in the market and secure the wellsprings of value i.e. clients. Developing a brand Strategy for ZARA to establish the brand in Sri Lanka Amid the previous two decades, takeovers and research have demonstrated that brands are among an organizations most vital resources (Keller, 1993 Rangaswamy, Burke and Oliva., 1993). Brands encourage separate and position an organizations products (Park, Jaworski and MacInnis 1986). They likewise enable an organization to build up and additionally keep up a steady association with its consumers (Kotler, 1997 Aaker, 1991). Furthermore, brands provide a launching pad for new products (Tauber, 1981). As new product failure remains high (Urban and Hauser, 1993) and whats more, expanded rivalry in appropriation channels and rising publicizing costs have made new brand dispatches more troublesome (Aaker, 1991), utilizing a commonplace brand name to create new item acknowledgment is an undeniably famous development methodology (Buday, 1989 Tauber, 1988).New brand is strategy of introducing / launching a new brand in order to close a prevailing market gap. Each product of the organization will be given a new brand name. (Kotler, Keller 2017). Set up in 1975, Zara is the flagship of Inditex (Industria del Diseo Textil SA), a holding organization situated in Galicia (north-west Spain). Zaras point, as indicated by Amancio Ortega, author of Inditex, is to democratize form by offering the most recent mold in mid-range quality at reasonable costs. What separates Zaras plan of action from that of its rivals is the turnaround time and the store as a wellspring of data. Zaras vertical integration of design, just-in-time manufacturing system, delivery and sales flexible structure, low inventory rule quick response policy and advanced information technology all combined to enable quick response to customers changing demands (Castellano, 1993 2002). The two key factors in the Zaras plan of action, the time factor and the store as a wellspring of data, exhibit the organizations client introduction. Zara consistently adjusts to market demands, planning to convey an interesting support of the client. The nature of client benefit and different factors like the music, temperature and format are assessed by utilizing the riddle customer(Monllor, 2001). In line with the multi-brand strategy Zara was created in 1975, Pull Bear in 1991, Kiddys Class in 1993, Bershka in 1998 and Oysho in the year 2001. The extension strategy was applied to Zara Home. Inditex used the name of the existing brand Zara to take advantage of the transfer of associations between the flagship product and the extended one, Zara Home. All these brands were built within the domestic market and then launched to international markets. While Zara owns a majority of its stores in Spain, the investment in stores in the international markets has been undertaken through three entry modes which are Own subsidiaries, Joint ventures and Franchising. Zaras promotion strategy is the same in the domestic and foreign markets. Notice crusades are completed just toward the beginning of offers or another store opening. Zara depends on the store as its main promotional tool. The costs of Zaras articles of clothing contrast between nations with the Spanish market being offered the most minimal costs (DAndrea and Arnold, 2003). Costs are set halfway after a market oriented procedure. Costs in worldwide markets are for the most part higher because of longer dissemination channels (Ghemawat and Nueno, 2003). Zara, Inditexs bastion brand, has changed itself from a local brand, to a worldwide brand in under 20 years time. Its picture and situating procedure are worldwide however adjusted to the states of every nation (Fabrega, 2004). All Zaras products are marked after a 16 dualithic brand-name strategy (Riezebos, 2003). The organization utilizes the name of the firm and an extraordinary brand name for a same product group. Cases of these subbrands are Zara Woman, Zara Basic and Zara Trafaluc. It is recommended that ZARA should enter into the Sri Lankan market through Franchising as they have done in a few other markets (Fessler, 2014) as the cost of setting up an operation for sales alone would not be profitable. Zaras franchisees take after a similar plan of action as the own subsidiaries with respect to 13 the product, store area, interior design, logistic, HR, and so on. Be that as it may, they are in charge of putting resources into settled resources and enrolling the staff. It is further recommended that ZARA links up with current dealers in Sri Lanka. Recommendation for a dealer could be ODEL (Softlogic Pvt Ltd) who also deals in brands such as Mango, Charles and Keith, Addidas, Kathmandu and etc. Conclusion This paper has attempted to review and integrate studies on branding, brand equity and branding strategies. With significant changes occurred with regard to above concepts over the last two decade, it seems that it is necessary to have a better understanding of it in different sectors and different regions. Also developing a brand Strategy for ZARA to establish the brand in Sri Lanka. 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(1997) Marketing Accountability. London FT Retail and Consumer Publishing Spethmann, B. and Benezra, K. (1994), Co-brand or be damned, Brand Week, pp. 20-24. Tauber, E.M. (1981), Brand franchise extension new product benefits from existing brand names, Business Horizons, 24, pp. 36-41. Tauber, E.M. (1988), Brand leverage strategy for growth in a cost-control world, Journal of Advertising Research, 28, pp. 26-30. Page PAGE MERGEFORMAT 2 -k jzOwo3WW/y/[email protected] G7zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIzIS(zIIH7( [email protected]_egDcZOtO [email protected]/[email protected]
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