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It requires careful planning and an understanding of how it will affect the existing products.
The weakness in this definition is evident in that a relationship between the seller and buyer may not be adequate to help in making financial decisions on allocation of resources.
From the definations above, brand equity should incorporate or show aspects such as brand strength, its power to stay in the market, its potential and clearly show what adds or reduces value to both the customer and the seller in a brand in such a way that the information can be used to make financial and marketing decisions.
Associations are the links that enable a customer to shift from brand identifier to attributes.
Building associations requires time and hence need for consistency in brand building (Sexton 2010).
According to Dechematoy and Mc Donald as cited in (Jones, Kenkins and Karen 239), a brand refers to commodity, person or place designed in such a way that the buyers or target customers can find unique value adding features that meet their needs in a satisfying way and being able to sustain the added values.
This definition does not actually state the exact designs to be used.
For purposes of this research, a definition by Aaker and Biel (51) will be used: “A set of brand Assets and Liabilities linked to a brand, its name or symbol that that increase or reduce value derived from a product or service either by the firm or the firm’s customers”.
Brand image can be defined as the association network that determines how the consumer perceives a particular brand (Mooij 275).
Many organizations that have been successful in brand extension have managed to become market leaders, thus beating the competition; a good example is Coca Cola Company.
However, brand extension is not a decision to be made in a rush.