Quickly work Essay Example | Topics and Well Written Essays - 1500 words

Quickly work - Essay Example Consumers tend to believe that goods and services with well known brand names are much better than the products whose names or brands are not well known. The process of evaluating or establishing if a given company’s brand name is well known by customers is known as Brand Equity (Aaker, 2009). If one examines the car industry, some brands have been in the market since the invention of automobiles. A good example of such a company is the Ford motor company which despite emergence of many companies, Ford has continued to experience success especially in the American market just as a result of its brand name. Other companies such as Toyota have been producing cheaper and better cars, but despite this, Ford is among the favorite car brands in the United State of America. There are various approaches to ensure brand equity in a company. One of the approaches is known as customer based equity brand approach. This approach was developed by Kevin Keller hence it is referred to as Kell er’s Brand Equity Model. The approach is best understood by using the diagram below; The above diagram simplifies the application of the customer based brand equity. In the first step, the goal of the company should be to create customer awareness or salience. This means the business establishment should ensure that its brand stands out, and it can be easily recognized by its customers. The second step involves identifying and communicating what the company’s brand means. This step is further subdivided into two, which are performance and imagery. Performance entails defining how well the company’s brand will fulfill consumer needs. Imagery involves showing how the business establishment’s products meet the needs of the consumer on a psychological and social level. The third step involves consumers responding to the brand in two ways. These are feelings and judgments. Consumers will always make judgments about a company’s product based on superiori ty, quality, and credibility. Consumers will also respond to a company’s brand based on how it makes them feel. The final step in the customer based model is resonance, which is the most difficult level to reach in brand equity. This is where consumers will have a psychological bond with the company’s brand. This usually takes many years for a company’s brand to attain this level. If a business establishment attains this stage, then brand equity will be realized in the company’s product. In conclusion, brand equity has been important over the years because it is believed that a brand is among the high value assets a business establishment can have. This is indeed a fact that is practiced in markets. Brand equity is applied in showing the extent to which consumers know about a product, and this goes a long way in attracting loyal customers and boosting sales. Question 2 Adaptive marketing communication strategies are approaches in marketing that adapt to c hanges in various factors as a result of time. One of the major factors that results in the use of adaptive strategies of communication is technological changes. Technology changes have revolutionized a lot not only in communication, but in almost all sectors of the economy. Adaptive marketing communication strategies make sure that a company is ready for any change in the communication sector of the