Social Responsibilities of Organization Towards Employees
What is an organization without its employees? Nothing. Employees are said to be the true assets of an organization. Even the best of technology or best of infrastructure would not be of much use if employees do not perform up to the mark and are not satisfied with their current profiles. As they say, “charity […]
Start-Ups and Public Relations
Almost every start-up firm tries to increase its sales. However, convincing more customers can be a very difficult task. It is common for start-up companies to have significant marketing budgets. However, most of the budget is utilized for direct marketing. There are very few start-up companies that believe that public relations can help them achieve […]
Risks Involved in Derivative Contracts
Derivatives are considered to be extremely risky. The market is divided in two fronts when it comes to the opinion about risks involved in a derivative contract. Some people are of the opinion that since derivatives are not new securities by themselves, how can they introduce new risk in the market? The opposing camp agrees […]
Warehouse Management System – Ensuring efficiency of the Supply Chain
In any Supply Chain, Inventory Management and Warehousing form a part of operations intensive function and is one of the key building blocks in the entire chain. Most of the inventory is held at the warehouses as compared to the pipeline, and the efficiency of the warehouse operations will determine the further supply chain efficiency. […]
Cultural Levels and Business
Considering the business point of view, it is valuable to deliberate of culture as presented at four diverse levels namely the national, business, industry and organization. National Culture comprises of the distinguishing common values, thoughts, suppositions, faith and customs of the occupants of a country which direct their behavior. For instance, the Scandinavian countries rest […]
Brand equity is the result of a process which leads to a creation of a unique and distinct brand identity. These brand identifiers are referred to as brand identifiers. Brand identification can be done through various ways; for example, Unique Selling Proposition (USP), Logo, Style, Brand Ambassador, Etc.
Brand elements facilitate the process of consumer brain mapping and play a key role in building brand equity. Consumers over period of time are able to identify the brand through brand elements.
The idea is to develop brand elements, which can properly communicate about brand and its point of difference from competing brands.
There are various factors, which add to a good brand element.Brand element should be such that they can have a great recall power; for example, half eaten apple, it steadily identifies with brand Apple. These sort of logo stays in memory for long time. So the brand element should be such that it can be easily recalled.
Another factor is significance and application, is brand element conveying either of this two for consumer? Significance here means that brand element should be suitable for that given product category. Consumer should not be left guessing about brand by looking at the element.
Another factor for a good brand element is design and appearance, of course it depends on product category company is operating (industrial product v/s consumer products). For example, Apple products I-pod and Mac, design and appearance are such; anyone would be attracted towards them.
Another factor is the application of brand element. For example, Virgin, this brand is applicable to airlines as much as to financial services, on other hand, Toys r us, this brand can only be valid to sell toys, games, etc.
In this globalize world it is very important to respect diversity and culture. A word or symbol can have various meanings, for example, Swastika symbol is associated with Nazi’s movement but in India symbol means luck. So the choice of word or symbol should not be without research.
Another factor is flexibility; an openness to change. This flexibility could be in the form of demographic, society, etc., for example, TV ads during the super bowl show Asian, African American, Hispanic drinking beer together, even though football is all American game.
The reason been American society has a good mix of people from different race and culture but has a strong passion for the game. The last important factor is intellectual property rights, brand element should have a legal cover from piracy and copiers in which countries they operate.
The most elementary part of brand element to achieve brand equity is the brand name. For example, in meeting a stranger, a formal introduction starts with name, so that next time you see person again you greet her by name.
Similarly brand name can convey much about brand itself, example, Pepsi-cola or common name Pepsi. Brand name is easy to remember and recall making pronunciation easy for non-English speaker.
Brand name could also be suggestive into what brand is offering, for example, Kentucky Fried Chicken. The brand name itself is sufficient in conveying that for fried chicken KFC is the brand.
Another elementary part is the brand slogan because it can again convey the whole existence of brand. For example, Wal-Mart’s slogan is “Save Money Live Better”; it conveys lot about offering at brand stores. But again as time change slogan also have to evolve.
Earlier Wal-Mart’s slogan was “Always Low Price”, but in tough economic times the new slogan is more relevant.
Packaging also plays important part as brand element in building brand equity. For example Kellogg’s cereals; it’s packaging as evolved responding to modern needs (healthy diet) to new technologies.
It can be easily concluded from above the importance of brand element in creation of brand equity. Various elements like brand name, packaging, slogan symbol individually and collectively play important in creating long lasting impression and relation with consumer.
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