Page 54 - IMDR - Journal of Management Development and Research - March2019-20
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branding has strong social media connect, blogging approach has an opportunity to
scale up the brand, branding ensures Customer service as a priority which eventually
leads to customer acquisition & loyalty. These & many more are potential
opportunities for organisations with branding exercises.
WAY OUT THROUGH AAKER MODEL
The Brand Management is essential however the same requires a definite way to work
out. You can’t be rest assured that the effort of branding shall work out with just a
promotional tool or may be it works out of a quality product delivery. Ideally it may
be combination of all. Most essentially one needs to enhance the Brand equity. Aaker
Model of Brand Equity views brand equity as a set of five categories of brand assets
and liabilities linked to a brand. The categories are Brand Loyalty, Brand Awareness,
Perceived Quality, Brand Associations, Other proprietary assets like IPR.
Brand loyalty is brand’s currency as defined in Aaker Model of Brand Equity.
Higher loyalty helps firms to reduce marketing costs. Also, loyalty is something
which cannot be copied overnight by competition and therefore gives time to the firm
to respond to any move by competitors. Brand Awareness is the starting point of
building brand equity. Awareness help the brand to get into the consideration set
while the consumer plans their purchase. Perceived Quality with respect to the
product gives an extra
edge over the actual
product features.
However, perception till
proved is of no use in the
long run e.g. Nokia
phones were perceived
sturdy and therefore the
company could survive
for long even without
upgrading to Dual SIM phones initially and to Android phones later. However in the
long run products features play over perception. Brand Associations is the extent to
which a brand name is able to ‘retrieve’ associations from the consumer’s brain (such
information from TV advertising). The extent to which association contribute to brand
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