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.

One thing to understand and accept is that consumer is the king, so focus should always remain towards consumer.

If the brand has positive consumer brand equity than it is going to create loyal customer base that is going to respond to marketing initiatives. However, if the brand has negative brand equity than the future of brand and company itself is in danger.

The power of brand equity comes from strength of brand knowledge within consumer mind.

Brand knowledge consists of brand awareness and brand image. Brand awareness is the consumer’s ability to be recognized or recall the brand under various circumstances.

Brand awareness is about creating deep attachment so that brand can instantly recognize and where-in consumer only thinks of the brand as a consumption option.

Brand image is physical elements like logos, symbol, packaging, etc. and besides product itself in terms of quality, service, low maintenance, etc. These types of physical and product related association contributes towards a strong brand image.

Brand knowledge alone cannot be enough to build consumer based brand equity rather other attributes associate play a critical role. Marketing programs developed has to clearly highlight qualities of product in a consistent manner throughout marketing programs.

Furthermore, marketing programs should highlight product related and non-product related features as to create impact in consumer mind. Marketing programs developed should not just focus on the differential effect by highlighting a point of difference from competitors but also show points of similarity that has to maintain focus on the product category.

Brand equity equates into in-numerable advantages for the company. Brands which enjoy strong brand equity charge a price premium which is not available to other players in that category. Products with strong brand equity can command great respect and attention in the distribution channel.

Furthermore, marketing programs developed by the company always receives a favorable response from consumers. Brand with strong brand equity can take the brand extension decisions with considerable confidence.

Brand can be built only after persistent and well thought out strategy framework. Brand building starts with the choice of brand elements like symbol logos, etc. which transfer into a significant, unforgettable, defendable brand.

Formulation of marketing programs which highlight benefits associated with the product at the right price includes a distribution channel and perfect mix of communication in the form of advertisement, hoarding, etc. In addition product’s secondary connection like corporate brand, country of origin can be used to create more value for the brand. This was the first step in brand building exercise.

The second step is to develop marketing programs, which focus on brand awareness and brand image. Brand awareness provides brand with power of identification, power of recall, choice of purchase and consumption.

Brand image provides brand with power to be associate with consistent quality, benefits, point of similarity and point of difference.

If the company is successful in implementing above to two steps then it has created strong brand equity. This brand equity will create loyal consumer whose first preference is the said brand, whose consumer is willing to pay a premium and support the brand through all marketing programs.

However, again the company has to monitor this brand equity and make sure it does not lose its prowess. This requires measuring of brand equity and management of brand equity.

Measuring of brand equity involves calculating financial cash flow which marketing programs have been able to generate. It also involves a brand audit where every marketing plan is evaluated and benefits recorded. Management of brand equity involves expansion and extension plans, creating strategies to cater to different segment and markets.

If companies are not able to comprehend fully nature of the brand and its potential, if they are not able to invest time and resources, if they are not able to adapt with the dynamic environment then it more than likely that brand will fail. So companies have to be on their toes all the time.

Then there are marketing strategies aimed at product, price and distribution network. Here focus is on product and its attributes, correct and convincing price structure, and finally choice of product reaches consumer.

Marketing communication is also strategic with respect to build brand equity with choice of medium (TV, radio, etc) and sales/consumer promotion. But what would be course of brand building for brand extension? Here brand has to draw some brand elements and brand knowledge from already developed brand, which has already created impression in consumer’s mind, thereby leveraging secondary brand association to create brand equity.

Marketers have various options available to them to facilitate leveraging process. These options are association with companies, countries and distribution channel. Next set of options relate to brand image and they are in form of brand ambassador, event sponsorship and other related activities.

Secondary brand association has its importance when consumers are not aware of the new or upcoming brand. This leads to indifferent approach from customer towards brand. However, if consumers do not have knowledge of associating company than there could be no knowledge transfer and cannot translate into benefit for the brand. Even if the consumers have brand knowledge how much relevance it holds for the current brand also has to be ascertained.

If a company is to introduce a new brand the first step of association is with corporate brand if it exists.

For example, Nokia, when it introduce mini laptop it was referred as Nokia 3G Booklet there are creating association, as consumer are already aware Nokia mobile phones.

Along with company, country of origin can also be relevant source for brand association, for example BMW and its association with Germany. Top class and renowned German engineering process gets linked to brand BMW or other car coming out of Germany.

Another valuable association is through channel distribution; if company already has a strong retail level penetration then introduction of new brand will have its benefit. But here question is raised concerning brand positioning, if retail network is catering to high end brand, that distribution network will not relevant for low end brand.

Above listed of association within current company’s infrastructure, however association can also be developed with brand from different company. This concept is called co-branding, for example branding of airlines referred to as Star Alliance consisting of 16 airlines. Benefit with this kind of association is that there definite decrease in cost of introducing of brand plus positioning becomes easier. However, companies lose charge or control to the overall brand development process as it is peg with other brands. Lost in the crowd is another problem leading from brand associations.

Another way of association is through usage of logos, characters from brands, franchise of other product category.

For example, Sony’s PSP coming out with console featuring characters from Star Wars. But strategy has a drawback, sometimes popularity character may last just for a movie or a season, in that case, brand has to undergo another round of association. So choice of right character as shown by Sony is important.

Celebrity endorsement is another way of association, for example, Tiger Woods endorsing product Gatorade. However this also has challenges if that celebrity is involved endorsement many other brands. This could lead to dilution or recall value of brand.

Also if fortunes of celebrity goes turtle brand are also in for some pounding. Event sponsorship is another way for brand association but again right choice of event is very essential to make the brand relevant among consumer.

Another form of endorsement is from third party for example dental association certifying toothpaste brand.

Some marketers come up with right mix of above strategies to convey right brand knowledge to consumers. It has its challenges but overall success of secondary association in building strong brand equity cannot be ignored.

Brand-product matrix is used to better understand current offering of the company. This matrix helps companies understand product line (product category) and brand portfolio (brands for different products).

Similarly, brand hierarchy concept helps companies understand association among offered brands.

Brand product matrix and brand hierarchy are essential tools for companies when they are looking for brand extension or launching new products. But they are factors which affect brand extension and naming of product.

Typically, any given company would fall in any of the following four categories in terms future expansion strategies:

1. with current products and current market companies deal with market penetration strategy

2. with new products and current market companies deal with product development strategies

3. with current products and new market companies deal with market development strategy

4. with new products and new market companies deal with diversification strategy

Clearly companies have to tackle tactical and strategically brand extension and naming of new products almost at any stage of growth.

For a given brand extension, it can be in form, where companies decide to expand product category under current parent brand family. This sort of extension may be through adding new flavor, different size packing.

Another form of brand extension is category extension, here companies introduce new product category this may or may not be under the parent brand. Companies while introducing new brand has option either to create a new brand altogether or extend the current parent brand or combination of parent brand as well as new brand.

Although there is high rate of failure for introduction of new brands, companies do try to expand product category or introduce new product category at some point. Success of this has many advantages for the company.

1. It enhances how consumer look at brand, if brand has strong consumer brand equity then new product would have high rate acceptance to further strengthen brand image.

2. If a corporate brand or product brand, known for quality and robustness introduces a new product then this product has more recognition in consumer as they are aware of credibility thereby reducing risk associated with new product.

3. If brand extension is due to great demand for the brand among consumers, then even distribution channel is more welcoming for the new product.

4. Cost associated with marketing communication and sales promotion for new product as brand extension is reduced as consumers are already aware of the parent brand.

5. Brand extension again helps eliminating cost associated with research and development of altogether new product and packaging of the new product.

Brand extensions also facilitates in different ways process of firming position of parent brand in mind of consumer.

It helps parent brand state its true positioning in the market. It helps cater to new customers there by creating exposure for parent brand in consumer mind. It helps rejuvenate the parent brand, meaning it increases brand awareness and brand image and lead way to further brand extension programs.

Brand extension also has share of disadvantages.

1. First with increase in available product it can create uncertainty in consumer mind as to which product is right for her.

2. Second, distribution channel may be overwhelmed with product offering from different brands that they may not encourage introduction of another brand extension.

3. Third, if brand extension is too much success then it may jump on current sales of parent brand, if brand extension fails position of parent brand would also suffer in the market.

From the above it is clear that brand extension have advantages as well as disadvantages. But for any brand extension strategy to succeed companies need to comprehend current brand knowledge and also undertake market research to clearly understand consumer expectation before coming to brand extension decision.

Marketing communication is essential in establishing point of similarity, as well point of difference with competition, making an impression in consumer’s mind leading to development of strong consumer based brand equity and also to develop long- lasting relationship.

Marketing communication needs to be flexible in current technology driven environment where consumer are internet savvy and have access to information. Traditional communication avenues like TV ads have to undergo subtle changes.

Advent of digital video recorders has seen consumer watching their favorite program post actual telecast. But a trend observed here is that consumes tend to skip ads in recorded program. If that is the case than fortune spent of getting spots won’t translate into effective communication.

Today’s youth tend to spend more time playing video games and not on watching television. So communication developed should follow certain criteria to prove its effectiveness.

For marketing communication to be effective in conveying its message a simple cycle has to be understood. Marketers need to understand the present state of brand awareness and brand image within consumer’s mind and then ask question, do they want to be in current state. Now design communication in whatever form required that will take to desired level, while clearly stating similarity and difference from competitors. Finally, research consumers to understand whether desire effect or brand knowledge has been created.

But what factors need to be considered in designing this marketing communication? The intended consumers should be able to get a chance to experience the communication. So if consumers watch cartoon network and ad is not ESPN then end consequences are already written.

Next communication needs to be catchy so consumer would stop and look through it. Once consumer is all attention then communication should be properly designed to pass the message across.

Consumer should not be left wandering about meaning. The important part is measure, effectiveness of communication that is whether there is change in direction for consumer as intended. Looking at above steps, it is easy to conclude that it is challenging and difficult to design and execute marketing communication process.

There are various marketing options available to marketers. Each option has its own strength and weakness. Advertisement is one the most common form of marketing communication; this can be done through television, radio, magazines, newspaper, direct approach, etc.

Television is good medium to target large audience and greater geographical area, thereby reducing dollar cost per customer. However this medium can be expensive and may not create a strong impact.

Radio on other hand has lesser geographical coverage and audience, thereby creating focus on selective audience and reducing cost. However radio again can only have audio and cannot grab attention the way visuals can.

Magazines and newspaper can provide good coverage with greater information content. However it is just visual and may not generate desirable consumer response.

Other form of marketing communication are direct marketing which includes door to door, phone calls and mail, then, marketing at point of purchase through cut outs and display, another way through billboards which can have both visual as well as audio.

Marketers also extensively use promotional activity for marketing communications. These are of two types’, consumer promotion and trade promotion. Consumer promotion can be in form of sampling, evident at malls and super market, another way by providing coupons and various other schemes. Trade promotion is targeted for channel partner like retailers, distributors and these could be in form cash incentives etc.

To design a complete marketing communication program, marketers have to ensure that they are able to establish connection with consumer and able to effectively communicate about brand, there by creating a strong brand awareness and image. This will ensure in creating a strong consumer based brand equity.

Marketing activities can be weaved around product, pricing and distribution channel. But the way these marketing activities are carried out has gone under revolutionary change owing to the modern technological driven world.

Reason why modern world is different can be understood from consumer as well as company’s perspective. Today’s consumer is well informed about the product or service she is purchasing, reason been digital connectivity through internet, mobile etc.

Product reviews are readily available forums or social networking sites, where in consumer can read understand experience of other consumers. Consumer have more access to customized products, there are websites which lets you design your own t-shirts or hoodies.

Many of consumer purchase decision are made online; internet along with technology has given convenience to consumer. From companies perspective new technology frontiers has improved the way they understand consumer.

Companies maintain large database storing consumption behavior; analyze this database to create consumer expectation matching products and services.

Marketing tactics can be implemented by emails, forums on social networking sites etc.

Internet retailing has created new supply chain model for companies, which is a challenge as well convince, because traditional distributes and agents have made way to courier services. For example products ordered from Dell are design, assembled in company’s warehouse and then sent to customers.

Traditional marketing activities revolve around product, pricing and channel distribution. However, efforts are always on to make sure marketing activities truly reflect brand image and develop strong brand equity. One the marketing concept developed is called experiential marketing. This unique concept is associated with brands and experience consumer has with it.

For example American Express, has been sponsor of US open for years, they have created marketing plan especially for their card holders. The card holders are part of daily draws, where winner are eligible to court side seats among many other freebies.

Another marketing technique popular among markets is a form of direct marketing. Brands like Amway and Avon have followed this technique for some time now. In this form of marketing focus is on individual consumer and not a large group, their habits are recorded and on that basis other products are suggested.

Flora 2000 is online florist who deliver flowers all around the globe, time to time they send reminders of important events like mother’s day or valentine day with special deals to consumer, knowing consumer had previously made purchase around that period.

Online retailer Amazon uses another marketing technique where they suggest a product to consumer after getting nod from them. Amazon takes permission from consumer before sending recommendation. This permission marketing enables companies to build unique brand image leading to strong brand equity.

Product remains first frontier for consumer to create opinion for brand. Marketing strategy around product is to highlight not only core benefits but also process or easy by which purchase is done there by creating a long term relationship with consumer where periodical information exchange can occur.

Pricing is crucial for brand image. To establish price, product cost should not be the only consideration. But consumer perception for potential product value and sensitivity to price is also of equal importance.

Competitor’s price also cannot be ignored because price war will not benefit anyone in the market. An effort has to be made to educate the consumer about cost of serving them, for them to understand price of product.

Products are sold either through direct marketing channels or indirect marketing channels. These channels also play an important role in building brand equity.

Again channel choice is dependent on product. Industrial product preferred way would be direct channel. But there are various factors like product category, customization, price, complexity which play a role in deciding marketing channel.

Marketers have to develop marketing programs keeping in mind above discuss points to build a strong consumer based brand equity.

Both above mention methods are only able to capture and measure one dimension of brand equity at a time. But brand equity is multi-dimensional and therefore it is important to measure each as it will help in taking tactical as well as strategically important decision.

Comparative methods and holistic methods are designed to directly analyze brand equity. Comparative methods tend to analyze effects of consumer perception towards brand in respect to marketing programs, in terms of change in brand awareness. Holistic methods are designed to analyze the total effect of brand equity. These methods will provide necessary tools to measure outcome of brand equity. Consumer bases brand equity will lead to loyal customer base, point of differentiation against competitors get better margins, more acceptances of marketing communication, strong standing in distribution channel and also support any form of brand extension.

Comparative methods are research methods which measure brand equity associated with brand association and high level of brand awareness. Comparative methods are again of different types depending on usage of marketing. Brand based comparative methods looks to measure consumer response against same marketing program for different brands. Marketing based comparative method looks to measure consumer response for same brand under different marketing program. Conjoint comparative method looks to combine both brand based comparative method and marketing based comparative method. Each method has its application and drawbacks.

Brand based comparative method, as mentioned, tries to examine consumer’s response to identical marketing response to different brand in the same product category. This could be competitor’s brand, any non-existing brand or preferred brand in that category. A classic example of such comparative method is experiment conducted by Larry Percy; in which consumer were ask to map beer taste and preference. In one first instance brand name were disclosed whereas on second instance brand name was not disclosed. Consumer showed more loyalty when brand name was disclosed. Brand based method really isolated true value of brand name and this concept especially holds true when there is a change in marketing program from past efforts.

Marketing based method tries to understand consumer response under different marketing promotions. Here focus is to understand how much influence marketing program has on brand performance. One such experiment would be to understand consumer response at different price levels; this will reveal level of tolerance before consumer switch to another brand. Marketing based method would also be effective in understanding consumer response to similar marketing program across various geographical locations. The main advantage of marketing based method is that it can be applicable to any marketing program. However drawback of this method is that it is difficult to separate whether consumer preference is towards the brand or product category in general, meaning the price premium discovered may applicable to other brand in similar product category also.

Conjoint method allows simultaneously study of brand as well as marketing program. This method also employs statistical calculation making it possible to study many attributes or association at one time. Disadvantage of this method is that too much experimentation will may increase consumer expectation with respect to the brand.

Holistic method is used to determine financial value or definite utility value of the brand. Holistic method looks to measure consumer brand preference over consumer brand response. Residual holistic approach measures brand equity after subtracting physical attributes of the brand. Valuation holistic approach looks to measure brand equity in financial term which is important during valuation of whole firm in activities of merger/acquisition, fund raising etc.

Comparative method and Holistic method are employed to measure benefit of consumer based brand equity. Comparative method measures consumer response where as holistic method measure consumer brand consumer preference. These methods are relevant to calculate return of investment for marketing activities.

Marketers should be able to measure how much marketing programs have succeeded in changing customer buying habits. The solution is to develop techniques, which can convert emotional data into qualitative and quantitative data for analysis. A particular attention is required to design measurement system for source of brand equity.

One of the primary measurement system is capturing the response of customer in a basic questionnaire format, where in, they are asked to express feeling with regards to particular feature of brand and overall experience in using a service.

Another qualitative research technique looks to capture consumer behavior in understanding her purchase decision. Here question are asked, to understand how the consumer came to purchase decision, what factors they consider, is there a particular time of the year do they make this purchase, etc.

Marketers’, profile brand association by asking open end questions, like what first comes to your mind when the brand name is mentioned. Here response from consumer can be a good indicator of individual emotional connection with the brand.

Important points to be considered in deploying this free association technique is question design, that is they should start from overall brand image and then moving on to questions with precise reference. Another consequential point to remember here is related with coding of information, as questions are moving from general to very exact.

A drawback using open ended information gathering process is that there could be instance where a consumer may not speak their mind and not disclose a true feeling associated with the purchase decision, for example, they bought brand to get them social status, but they may want to portray as a casual purchase.

Furthermore, unfamiliarity with the person could as well prevent consumer from speaking her mind. To counter this problem projective technique is employed where in a situation are shown to consumer, and they are required to fill in details as per their liking. However, this technique is also not foolproof.

Another projective technique tries to compare brands with characters or any un-related object or a person and once done, marketers would try and analyze the response.

Quantitative techniques are much prevalent as a research alternative. In quantitative techniques consumer are usually given option to rank a direct question. Quantitative techniques are used to check brand awareness part of brand knowledge and try to dig deep in understanding consumer perception of the brand.

Recognition is essential part of brand awareness, meaning consumer should be able to identify the brand under different circumstances, for example, for a given brand some part of packaging may be shown to consumer and task is to identify that brand and also provide their confidence rating in guess the brand.

Another part of brand awareness is brand recall, which means to evoke thoughts of consumer under a possible clue like list brand for portable music players or been specific like what beer brand you would associate as a foreign brand.

Other quantitative techniques are developed to understand the brand image, brand response in terms of purchase decision, brand relationship with regards to customer loyalty and long term commitment.

Qualitative and quantitative research techniques are design to understand the source of brand equity from consumer’s perspective.

Qualitative techniques are used to research and analyze brand association consumer has towards the brand, using techniques like free association, story-telling, etc.; it can bring out true feelings.

On another hand quantitative research techniques are used to understand brand awareness in respect to recognition and recall and also through scaling precise measurement for source of brand equity is done.

An interesting phenomenon has raised its head in recent time where companies are focusing on regional markets in an effort to counter globalization. In this regionalization, companies focus on geographic locations treating them as market segments.

For example, Pepsi has created four regions within USA to focus on individual market segment and designing a marketing program. The reason why companies are employing a regional approach is that mass markets have to cease to exist, as diversity in form of culture; demographics, etc. are in the forefront.

A typical large US city has Asian, Hispanic and African American population, there are by creating a need for marketing programs, which can make products and services reachable to this audience.

The world is becoming flat just not in terms of communication power but also in terms of migration and movement of labor across the globe. Globalization is here to stay and every company is in the fray to take advantage of this phenomenon. There could many reasons for which companies may decide to be a global player.

Bigger markets like China and India provide unending opportunities not only as a market but also as production hubs there by reducing overall cost for to be global players. Furthermore, by catering to different markets, companies can reduce the risk as a result of diversification.

It is clear there are many reasons for becoming global player, but there are outright advantages also for global marketing programs. Looking at the production side, as production increases per unit cost of the product will decrease, thereby reducing cost of the marketing program. As standardization increases in packaging, distribution and other marketing activities cost associated with them would decrease.

For example, Sony’s marketing campaign has universal appeal thereby assigning equal cost to products and geographies.

Another advantage is that with global presence and acceptance confidence with consumer reaches altogether a different level. It creates a sense of pride and ownership looking at the universal demand for the product.

With the uniform marketing program across geographical boundaries, companies can have consistent brand knowledge, this is especially important for mobile consumers. Furthermore, another advantage for companies is the ability to sell a good product universally at one go, thereby gaining a complete first mover advantage.

But with advantages in operating on a global there are also challenges and disadvantages. With standardization companies are unable to satisfy needs of consumer, which comes with different culture, demographics, etc.

For example, consumption of carbonated drinks and beer is much more in USA, Australia in comparison to that of India and China.

As perception and needs vary from culture to culture, consumer response to a standard marketing program may not equally have felt as per company acceptation.

Every product undergoes a life cycle which begins from the day it is launch in the market, so every geographical location may be having different product life cycle stage, so marketing programs also accordingly have to vary. Other challenge companies face is that of environmental like social, political and regulatory.

Therefore, a brand to succeed across geographical boundaries companies need to device marketing programs, which can create global consumer based brand equity. And for that marketing programs have to highlight point of differences and point of similarities across boundaries.

Furthermore, companies should understand brand building is tedious and time consuming. Brand name, logos, symbol has to be designed in a way that it properly communicates brand knowledge and not creates confusion in consumer’s mind. And at the same time construct and execute a global brand equity measurement system so that focus always remains of develop a strong consumer based brand equity.

Companies have to balance the brand management process so that they are able to understand the future preference of the consumer.

One way of brand management over time is to strengthen brand equity by developing marketing programs, which express brand knowledge consistently as not to confuse the consumer.

For example, Apple – their programs are developed to reinforce their commitment to offer world class full entertainment and communication devices, so introduction Iphone had ready acceptance from consumers.

Market leader like coca-cola has constantly run marketing program even after being market leaders. However, this does not imply that same campaign is running repeatedly, rather coming up innovative strategies to reinforce brand knowledge.

Brand knowledge comes from brand attributes and brand association; if companies try to fiddle with these sources of brand equity consequences can be disastrous. In early 90s Intel microprocessor had a technical flaw but the company was not swift enough to rectify the problem, thereby damaging brand equity source of power and safety.

Intel realized the importance source of brand equity and was quick in solving the problem by offering replacement. Another dilemma for companies is of choosing the right way to use the developed brand equity, normal course is to generate maximum price premium, but that should not be at cost of brand equity.

Innovation is one of the keys in managing brand and ensuring that brand remains ahead of the competition curve. If companies operating in entertainment category or matter of fact insurance do not innovate then value of their brand is lost as these categories are product driven.

For example, Apple, without its innovation in the form of ipod mp3 player, apple would have found it difficult facing completion from Sony. If the company’s category is not a product driven marketing campaigns associated with brand image play an important role in sustaining the brand.

For example, Pepsi, it is operating in highly competitive carbonated drinks’ category, over the years their marketing campaign is focused on their highlighting their brand position as a drink for young generation.

Every brand faces challenges as it moves in the product life cycle and at some point faces saturation. At this point, it is important to focus on expanding brand awareness that is looking for ways to generate more consumption by highlighting instance of consumption.

For example, toothpaste revitalized consumption by highlighting advantages of twice daily usage. Another way to increase consumption is by highlighting diverse ways and occasion where brand can be consumed. This is more prevalent in food and beverages industry.

Along with brand awareness brand image also plays a pivotal role in revitalizing brand performance. This can be done by highlighting pointing of difference, which may have been lost in all other marketing campaigns. Another way to enhance the brand image is by adopting new brand elements like brand symbol, logos, etc., For example, Federal Express modify to FedEx as a move generating more interest in face of competition from UPS.

For companies to sustain a brand over long period of time, it is absolute essential that marketing program look at strategies around effective brand management. Effective brand management strategies constantly assess the consumer perceptions towards the brand and strive to attract her attention. Strategies have to be flexible as to maintain the pace with the dynamic environment. Only then it is possible have a successful brand.