In essence, the relative attributes of brand will affect its strength and this in turn will be reflected in the financial value of the brand. Measuring brand equity should therefore involve an investigation of these three components. Drawing on the published literature about the different types of measures, managers are able to choose from the following ways of evaluating each of the linkages.<\/p>\n\n\n\n
Brand attributes<\/strong> – The response by a consumer to a brand will, as Keller (1993) so cogently argued (1993), depend on their favorable or unfavorable knowledge about it. Their brand knowledge results from their level of awareness and the images they have about the\u2019 brand. Thus, these two core components are at the heart of any brand attributes.<\/p>\n\n\n\n Brand awareness reflects the salience of a brand and facilitates consumers\u2019 abilities to identify the brand with a specific product category. Aspects of brand awareness can be measured through the following ways –<\/p>\n\n\n\n Ratings of evaluations and beliefs are suitable to capture consumers\u2019 views on key attributes and the strength of their associations with particular brands. Comparison of brand associations with those of competitors identifies the relative strengths and weaknesses of the brand. For example, \u2018Of the fruit juice brands that you identified earlier, which one do you believe to be the best? Why is it better than the other brands? What don\u2019t you like about it compared with the other brands?\u2019.<\/p>\n\n\n\n Perceived<\/strong> value indicates the extent to which the brand meets performance expectations, given its price. It can be measured by considering value for money and the reasons for purchase, for example –<\/p>\n\n\n\n \u2018Do you think that the Toyota Corolla represents good value for money?\u2019<\/p>\n\n\n\n \u2018Why did you buy the Toyota Corolla rather than another car brand?\u2019<\/p>\n\n\n\n The brand\u2019s personality is a useful metaphor to appreciate the brand\u2019s values and this shows the brands emotional and self- expressive capabilities. This is particularly useful for brands, which have only minor physical variations and are conspicuously consumed, for example brandy. In these instances, very few consumers can distinguish between the taste of different brands and the brand is used to make a statement about the user. The brand\u2019s personality can be identified through questions such as –<\/p>\n\n\n\n \u2018If brand X came to life, what sort of person would it be?\u2019<\/p>\n\n\n\n \u2018If brand X were to die, what would be written on its tomb stone?\u2019<\/p>\n\n\n\n \u2018What type of person do you think would use this brand?\u2019 \u2018If brand X were a famous person, who do you think it would be?\u2019<\/p>\n\n\n\n Organizational associations<\/strong> refer to the perceptions of a brand that consumers derive from its parent organization. This dimension is appropriate when the organization is particularly visible (as in a service business), or a corporate branding strategy is being used, such as Ford. Positive associations provide a valuable basis for differentiation. Measurements focus on how consumers consider the organization, for example –<\/p>\n\n\n\n \u2018Do you trust this brand, knowing it comes from…?\u2019<\/p>\n\n\n\n \u2018How do you feel about this organization?\u2019<\/p>\n\n\n\n \u2018How would you describe the people that work for this organization?\u2019<\/p>\n","protected":false},"excerpt":{"rendered":" In essence, the relative attributes of brand will affect its strength and this in turn will be reflected in the financial value of the brand. Measuring brand equity should therefore involve an investigation of these three components. Drawing on the published literature about the different types of measures, managers are able to choose from the…<\/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-107758","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n