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Customer-Based Brand Equity and Brand Positioning - Coggle Diagram
Customer-Based Brand Equity and Brand Positioning
Customer-Based Brand Equity Model
helps identify the ways to ensure
strong brand equity
by focusing on Customers knowledge
Brand Identity
creating brand awareness and promoting the brand
understanding the brand knowledge that differentiates the brand from competitors in the market
Brand Meaning
Brand Performance
The performance of delivering the product and brand as a whole that can break or build the brand further.
Can be associated with the consumer memory in relations to the strength of brand node or link trace in memory
Brand performance correlates with brand awareness which is a step forward in building the brand equity
Brand Imagery
The consumers perspective and opinions about the brand.
Consumers thoughts are reflected by the
Brand Associations
that are held in consumer memory which marketers can make use of creating a
positive brand image
Brand associates may be perceived as
User-Friendly
Expensive
Luxury
Creative
Innovative
Stylish
Brand associates can be perceived as brand benefits or attributes
Brand Response
When the expectations of consumers have been distributed the responses of customer satisfaction increase.
Customer expectations
Brand Resonance
When customers are satisfied and have built a strong relationship where they are engaging with the brands.
This stage helps increase the marketing strategy of the brand as they promotes them to the people surrounding them.
Repetition increases recognizability which helps increase the consumer purchase ability, motivation and opportunity
Brand Positioning
The act of designing the company's image and offers to occupy the target consumer's mind
This allows the consumers to perceive the product or services in the right perspective
Identifying the
target market
for the brand equals brand positioning
Market Segmentation
Divides the market into specific groups of homogeneous consumers with similar needs and consumer behaviors
Segmentation of division based;
Identifiability
size
accessibility
responsiveness
Nature of Competition
competitive analysis that considers the resources, capabilities and the various firms in the market
The competitive analysis helps marketers to place their products right next to each other brands to highlight the unique proposition of their product or services
it helps them to choose markets for their own goods which they must consider the indirect competition and the multiple references of each other
marketers can use this as an advantage and advertise as "compare with A brand"
Similarities are unavoidable but the difference can vary from prices and different selection of varieties
Customer-Based Brand Equity
Showcases how the brand's success or failure resonates with the customer's approach towards the brand
Helps understand the consumer's experience towards the product and gain their preferences and thoughts of the brand.
Customer-Based Brand Equity
functions as a bridge for marketers
to build strategies and build relationships with the customer relationship.