BRAND EQUITY

Meaning- brand equity is defined in terms of marketing effects uniquely attributable to the brands.

That is total value of the brand as a separate asset.

Creating positive response about a particular product in customer's mind; When you think to buy a
phone, the brand coming to your mind; For example, iPhone, Samsung, etc. to purchase a product you
think only about a specific brand, that is known as brand equity.

For example- Suppose I want to purchase a toothpaste the brand coming to my mind maybe Colgate.

When considering service- online store- Amazon, Flipkart

Components of brand equity

Brand awareness- number of people aware R knows about your brand this is very important for brand
equity

Brand association - how people think and relate with your brand

Perceived quality- image of brand in the minds relative to its competitors, it can be positive or negative.

Brand experience - aggregate experience from presale to pull sale. But experience is very important for
brand equity.

Brand loyalty-when consumers don't shift to other products, they only prefer your product only, that is
brand loyalty

Branding strategies
Strategy- finding out what your client's goal is and how to reach that goal. The goal could be to increase
market presence, to increase conversion, to create an awareness, etc.

Branding strategy- a long term plan to achieve a series of long-term goals that ultimately result in the
identification and preference of your brand by consumers.

Types of branding
Family branding

focuses on promotion of the entire set of products offered by a firm under a brand name and not the
promotion of a particular product early. It is also known as umbrella branding. The concept of this
strategy is ‘one brand many products.’

For example: Johnson and Johnson- Different products such as baby oil, soap, powder, lotion, is
marketed under the same family name Johnson and Johnson.
Corporate branding

This strategy builds brand identity by using the company name for the products offered corporate
branding. It is the practice of using a company's name as a product brand name .For example, IBM,
Phillips. It is an attempt to use corporate brand equity to create a brand recognition.

Individual branding

It gives a unique brand name for each product in a product line. Just opposite a family branding/
umbrella branding. It is also known as multi branding. The advantages of this strategy is, each product in
a product line gets a unique image and identity. If we look around us, we could find this type of branding
strategy used.

For example- Hindustan Unilever limited- different varieties of products are available under this brand
with individual brand having unique image and identity. Dove, lux, surf excel- all our individual products
under understand Unilever limited

Combination branding

This strategy use both corporate name as well as the product's brand name. A mix of corporate branding
and individual granting.

For example-call in Microsoft, Google, etc.

Google a family branding or we could say family branding with corporate branding- Google meet Google
Classroom Gmail, Google drive etc.- combination of family branding with individual branding.