The emerging model can be captured in part by juxtaposing brand image and brand equity. Brand image is tactical-an element that drives short-term results and can be comfortably left to advertising and promotion specialists. Brand equity, in contrast, is strategic asset that can be the basis of competitive advantage and long-term profitability and thus needs to be monitored closely by the top management of an organization. The goal of brand leadership is to build brand equities rather than simply manage brand images.<\/p>\n\n\n\n
Brand Equity Measures<\/strong><\/p>\n\n\n\n The brand leadership model encourages the development of brand equity measures to supplement short-term sales and profit figures. These measures, commonly tracked over time, should reflect major brand equity dimensions such as awareness, loyalty, perceived quality, and associations. Identifying brand identity elements that differentiate and drive customer-brand relationship is a first step toward creating a set of brand equity measures.<\/p>\n\n\n\n From A Limited to A Broad Focus<\/strong><\/p>\n\n\n\n In the classic P& G model, the scope of the brand manager was limited to not only a single brand but also one product and one market. In addition, the communication effort tended to be more focused (with fewer options available), and internal brand communication was usually ignored. In the brand leadership model, the challenges and contexts are very different, and the task has been expanded.<\/p>\n\n\n\n Multiple Products and Markets<\/strong> – In the brand leadership model, because a brand can cover multiple products and markets, determining the brand\u2019s product and market scope becomes a key management issue.<\/p>\n\n\n\n Product scope<\/strong> – involves the management of brand extensions and licensing programs. To which products should the brand be attached? Which products exceed the brand\u2019s current and target domains? Some brands, such as Sony, gain visibility and energy from being extended widely; customers know there will always be something new and exciting under the Sony brand. Other brands are very protective of a strong set of associations. Kingsford Charcoal, for instance, has stuck to charcoal and products directly related to charcoal cooking.<\/p>\n\n\n\n Market scope<\/strong> – refers to the stretch of the brand across markets. This stretch can be horizontal (as with 3M in the consumer and industrial markets) or vertical (3M participating in both value and premium markets). Some brands, such as IBM, Coke and Pringles, use the same identity across a broad set of markets. Other situations, though, require multiple brand identities or multiple brands. For example, the GE brand needs different associations in the context of jet engines than it does in the context of appliances.<\/p>\n\n\n\n The challenge in managing a brand\u2019s product and market scope is to allow enough flexibility to succeed in diverse product markets while still capturing cross-market and cross-product synergies. A rigid, lockstep brand strategy across product markets risks handicapping a brand facing vigorous, less- fettered competitors On the other hand, brand anarchy will create inefficient and ineffective marketing efforts.<\/p>\n","protected":false},"excerpt":{"rendered":" The emerging model can be captured in part by juxtaposing brand image and brand equity. Brand image is tactical-an element that drives short-term results and can be comfortably left to advertising and promotion specialists. Brand equity, in contrast, is strategic asset that can be the basis of competitive advantage and long-term profitability and thus needs…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-107730","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n