Explain the concept of brand equity and compare two products (they can be goods or services and can be consumer or B2B/Industrial products) one of which has high brand equity and one of which has little or no brand equity. Examine whether there is something wrong with the marketing strategy behind the low equity product. Is it always advisable to create brand equity? If not, why not?
Think about and identify specific product/market categories in responding to this question and provide some original examples not taken from the course materials or case studies to support your response.
Brand, as well all know, is a symbol or name to distinguish a product in the marketplace. Often, effective marketing can create strong brand which adds significant value to a product/service and has positive association in the minds of the consumer. Well recognized and powerful brands help companies to command a premium over their competitor's offerings. This phenomenon is known as brand equity.
It is basically an intangible asset which depends on association made by the customer.
From a consumer perspective, brand equity is based on consumer attitudes ...
Concept of brand equity and compare two products