Customer based brand equity is created when brand knowledge comprising of brand awareness and brand image are at highest level in customer mind. Brand awareness level is raised in customer by first understanding consumer taste, preference and present level of awareness. This analysis leads to designing of marketing programs and outcomes of those programs are also recorded. Designing of marketing programs is a complex process as it may have to encompass wide range of product and brands. Purpose of all marketing program is to maximize brand equity and also to capture or create long lasting impression in consumer mind.
Branding strategies deal with creating brand names, logos, style etc. for it to be distinguished from competitors and also whether product brand should be separate from corporate brand or a separate brand away from other individual brands. Implication of branding strategies is that it creates brand awareness for consumer to ascertain point of difference and point of similarity with competitors. Second implication is brand image for association of brand equity from brand to product.
Brand-product matrix looks to explain brand portfolio and brand extension strategies. In the matrix all products offered under different brands are represented by a row. This helps marketers understand the current brand line and explore further opportunity in expanding the product line. In the matrix all current existing brand are represented in form of column referred to as brand portfolio. The brand portfolio analysis is essential to design and develop new marketing strategies to target a given product category.
Product line facilitates marketers to devise strategy with regards to future treatment for a given brand. This strategy focuses on decision, as to whether product line can be extended or new variants of existing product should be introduced. When taking brand extension decision companies needs to carry SWOT (Strength, Weakness,...