Literature Review代写 This literature review has discussed brand equity by analyzing multiple academic resources.It has become a top priority marketing theory
Word count: 945
1.0 Introduction& Justification
Brand equity has become a top priority topic in marketing strategy and business management, it has been widely believed that brand equity is one of the most important assets owned by many companies (Ambler, 2013& Wang etc., 2015). Literature Review代写 Brand equity is a marketing term to describe a brand value.
Brand equity is a branding strategy and it is a customer perception and experiences with a brand. Brand equity is the value premium that a company generates from a product with an identifiable brand compared to a generic equivalent. Literature Review代写 This literature review is going to analysis the marketing term of brand equity. Brand equity has three elements, which are customer perception, negative or positive effects, and their resulting value.
Moreover, according to Sreejesh, Gahlot, &Abhigyan, etc. (2018), there are two dimensions of brand equity: brand awareness and brand image. Literature Review代写 The last but not the least, the goals of brand equity are setting premium pricing strategies, increasing market share and brand loyalty.
2.0 Literature Review
Brand equity is defined as the marketing effect of a product with a brand name, compared to the marketing effect of an identical product without the brand name, a good brand equity would positively affect firm performance. (Smith& French, 2013; Tribo, & Torres, 2011).Literature Review代写 To extend the brand equity, it is a good idea to makeup a product by the name of the product in order to lead more favorable and stronger associations to customer.
Moreover, elements of brand equity will be indicted by following article.Literature Review代写 Brand equity has three elements, which are customer perception, negative or positive effects, and their resulting value. According to Sreejesh, Gahlot, &Abhigyan, etc. (2018), the attitude of a customer toward a brand could be effect by customer perception and satisfaction.
Customer perception is the most important element for brand equity, which including brand knowledge and experience, it could give a strong explanation to brand performance (Zhang &He, 2014). Literature Review代写 The customer perception of a brand would directly result their positive or negative effects, a good customer perception would make a company have positive brand equity and vice versa (Macdonald& Sharp, 2000, & Coneo, lopez, Maria, 2012).
These articles explain the relation of three elements of brand equity.Literature Review代写 Furthermore, according to Choi & Seo (2019), the brand equity will turn into either intangible or tangible value of a company. When a company has good brand equity, it will benefit a company financially with increasing revenue and profit, and it will also benefit the company intangibly by increasing brand awareness of target customer and company goodwill.
According to customer based-brand equity framework (indicate in appendix1), There are two dimensions of brand equity in customer- brand awareness and brand image, which means that company needs to make their target customers are familiar with the brand as well as have strong and unique brand association.Literature Review代写 According to Huang & Sarigollu (2014) & Oh (2000), brand awareness is a level of brand reorganization and consciousness, and customers are able to recall a brand.
From the bottom to the top, the level of brand awareness is unaware of brand, brand recognition, brand recall and TOMA (appendix2). According to an experiment has been done by Macdonald& Sharp (2000), experiment to examine the role of brand awareness in the consumer choice process, and this study is extremely relevant to the brand equity.Literature Review代写 There is a positive association between brand awareness and brand equity.
Moreover, brand image is a perception of the brand of customer; it is an aggregate of beliefs, ideas and impressions of a customer holding of a brand. Literature Review代写 According to a study of brand image and empirically tests a conceptual model (Faircloth, Capella& Alford, 2015), The result shows that brand equity can be manipulated at independent construction levels by providing specific brand associations and signals to target customers, and these associations would affect the brand equity of a company.
So these research results show the importance of two dimensions of brand equity, Literature Review代写 and building brand image and increasing brand awareness is necessary when trying to improve the brand equity.
The last but not the least, brand equity is a marketing term to manage a company to achieve business goals. There are three goals of brand equity, which are setting premium pricing strategies, increasing market share and building brand loyalty.Literature Review代写 According to Tawari (2010), there is a new framework of brand equity has been created, and brand equity has been identified as an interpersonal relationship structure that can reduce the impact of marketing activities.
Moreover, brand equity is an important marketing strategy to increase market share and profit of the company (Keller, 2003; Chen &Green, 2010). Literature Review代写 Therefore, these findings indicate that the final goal of increasing brand equity of a company is to know how to use business assets to create value.
3.0 Conclusion and Possible Ongoing Research
To be concluded, brand equity is an important marketing strategy for a company, it has become a top priority marketing theory in past 15 years. This literature review has discussed brand equity by analyzing multiple academic resources. Literature Review代写 The definition of brand equity, the importance of brand equity, three elements of brand equity, two dimensions that could influence brand equity and the goal of the brand equity.
For further research, the further relationship of brand equity, brand image, and brand awareness should be discussed. Moreover, it is good idea to research how to increase the brand equity by researching more academic resource. Literature Review代写 Although this literature review has analyzed some fields of brand equity, more aspects of branding should be discussed in the future to create value.
4.0 Reference List
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Appendix 1: Customer- based brand equity framework
Appendix2: Ultimately move to top-of-mind awareness (TOMA)