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Week 2 - Brand equity - Coggle Diagram
Week 2 - Brand equity
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Sources of brand equity
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Sources
Awareness: Awareness of the brand name among target customers is the first step in the equity building process. ...
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Brand resonance
The intensity and depth of psychological connection that a consumer or set of consumers have with a given brand
Brand resonance pyramid
Pyramid levels
Bottom of the pyramid - Brand salience is the degree to which a given brand meets the needs and wants of a target market
Next level up - Brand imagery (involves understanding consumer profile, how often its used, when it’s purchased, why it’s purchased etc. Heritage and history. Purchase situation, where is it purchased, etc) and brand performance (These are the primary characteristics of the brand that determines its performance. Is the brand doing what is was intended to do when being launched? Also includes style and design of the brand. Price performance)
Next level up - Feeling and judgements. Feelings refers to how the brand sees itself in the market. Is it fun, exciting, luxurious, serious, seeking social approval?. Judgements involve the consumers judgements. What is the perceived quality, how would you like the consumer to perceive the brand. What makes your brand superior to the others in the market.
Final level - Brand resonance. This is where loyalty starts. If you have brand loyalty, you have brand resonance. Where you find engagement, that’s true brand resonance. Goes beyond loyalty as consumers have a strong psychological connection with the brand.