Q: What is Brand? Define brand equity.
A brand is d name term sign symbol or design or a combination of them intended to identify the goods or service of one seller or group of sellers and to differentiate them from those of competitors.
Brand equity is an intangible asset that depends on associations made by the consumer.
The brand can add significant value when it is well recognized & has positive associations in the mind of the consumer. This concept is referred to as brand equity.
Q: What are the levels of meaning that a brand can convey?
Ans: There are six levels of meaning for a brand. These are-
Q: What are the different brand strategies for multiple products?
Different companies have adopted for different brand strategies for multiple products. These are-
i) Single brand identity
iii) Multi-brand categories
iv) Family of names e.g. Nestle uses Nescafe, Nesquik and Nestea for beverages.
Q: How would you protect Brand Equity?
The marketing mix should focus on building & protecting brand equity. For example-
The brand is positioned as a premium product
The product quality should be consistent
Sale prices should not be used compete
Distributions channels & promotional campaign should be consistent