POM: Session 16B Brand Equity Models

Creating a combination of logo, colour, design, name and tagline is not a big task. The actual tasks starts after that. The job of making the brand come alive in the minds of consumers is the branding strategy. Making consumers believe in the brand is more of a psychological process. The belief that the brand commands in the minds of consumers is the brand's Brand Equity. The marketers must take consumers through the stages of brand recognition (awareness), selection (perception), liking and purchasing (attitudes and beliefs) and finally the very rare phenomenon these days  - loyalty. 

There are number of models that explains the same with different perspective. The perspective differs as the objectives behind developing these models were different.

POM; Session 16A Branding Strategy - Brand Equity

Brands or branding is the most fashionable term around. It equally fashionable, as well as challenging for a marketer to design something which is expected to give life to a non-living commodity. As you have learnt in positioning, the task of giving heart and soul to a product is the most creative aspect of product decisions. As defined by American Marketing association, a brand is a term, sign, symbol or design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them for those of competitors.

A brand is something that identifies the product performance in terms of functions, rational or tangible needs. For example Clean and Clear face wash suggests that the product is for cleaning and not for any other cosmetic benefit.