Essay: Creating and Maintaining Brand Equity
As discussed in the first aspect, producers should also make sure that they have offered an adequate information of educate and other necessary skills to their own ingredient production. This important because evaluating on how to do this will be creating more value towards how manufacturers will benefit in the market. 22, 24 Creating and maintaining brand equity will further ease the need to market the brand benefits which exist beyond their functional contribution to branded product features. With the market teeming with competitors, the customer is always in a dilemma as to which product to choose.
At this point, brand equity plays a major contributor role in evaluation of multiple organizations. As earlier discussed brand equity being an intangible asset, 13, 21, 27 is in most cases measured in terms of the price premium (as discussed in the second aspect), brand extensions to other associated shareholders and finally it can also be measured on the basis of consumer preference. The advantages if setting unique brand equity among various associated organizations are many and varied, to mention but a few; it is an asset that can be sold or leased out; and it can also command premium prices in the market and increase cash flow. Managing brand equity involves three steps; introduction, elaboration and fortification. 26, 28, 33 Introduction will deal to solve issues such as the quality of the product with the aim of using it as a launch pad for bringing out new products to the market in the future. While elaboration is involved with reinforcing the name of the brand on the minds of the people through repeated usage; 23 However, it is not complacent to the producers to state that it is enough to leave it at elaboration since the third stage of fortification will further provide a positive attitude among the consumers about the particular brand. The created image should then be fortified in the customers mind by issuing brand extensions or other strategies.26, 27, 33, 36
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