Your contribution can guide someone’s learning journey. Share your
documents today.
Running head: Brand Equity 1 Brand Management Analysis with a discussion of the brand’s equity in terms of Keller's Brand Equity Model.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Brand Equity2 Customer Based Brand Equity (CBBE) Model Creating a strong brand has been shown to provide a several financial rewards to an organization, and has become a top priority for many organizations. The CBBE model offers a yardstick by in which brand can evaluate their progress in their brand building efforts along with the initiatives of marketing research. In addition, the CBBE model is able to give comprehensive definition of covering essential topics along with the useful insights and guidelines to facilitate marketers set decision of strategic and inform their decisions related to brand (Kapferer, 2012). The expansion of CBBE was driven by majorly three aims. First, the model has to be well integrated, logical and grounded. La Trobe University which currently has six campuses across Victoria offering a diverse range of courses to satisfy many disciplines. There are no enrolled students in the university. It has been analyzed that La Trobe is one of the top leading Victorian Universities in research contributions (La Trobe University, 2017). Figure 1: CBBE Model Source: (Keller, 2016).
Brand Equity3 There are six brand building blocks with customers have been mentioned in this pyramid. Each block of this model is reliant upon the affluent attainment of earlier step. All steps of CBBE model include accomplishing definite objectives with clients both existing and potential. The first step is able to make sure recognition of the brand with customers and their mind with a specific need of client. The second step of this model is creating the meaning of brand in the mind and the thinking of customers by connecting tangible or intangible associations of brand. The third step is to draw out the entire response of customer to the brand meaning. The fourth step is to adapt brand response to create a passionate for enhancing the active relationship between customer and the brand (Powell, 2016). Brand Identity Brand identity is also known as the brand salience and a highly salient brand is one that covers both aspects of breadth and depth of brand awareness. It is an important first step of building block but it is not usually sufficient (Darabi, Reeves and Sahadev, 2014). The main focus of La Trobe University is on brand salience and brand awareness to enhance the enrolments into the degree. The university creates a sense of community that is why it involves existing and potential customers. The identity is major thing that is why it is important for the La Trobe University to keep focus on its services and provide the student best education so that the identity of the university will remain in the mind of student it will certainly force them to offer other student for having course under this university. Brand Meaning Brand imagery is reliable on the extrinsic properties of the product and services in which the brand try to achieve the needs of customers. It shows the thinking of consumer about the
Brand Equity4 brand abstractly rather than what they think the brand actually does. Thus, brand imagery defines intangible aspects of the brand and clients can make imagery associations straight from their own experience or by hearing some other person or users. La Trobe University is focusing on those students who want to do study further appropriately and have limited financial budget for study (Clarke, 2009).University can define itself to provide the efficient services of courses with the flexibility to study anywhere and anytime. (La Trobe University, 2017). This building block covers intangible aspects of the brand are user profiles, situation of purchase, personality and values, experiences. La Trobe University can be succeeded if it offers various scholarships for those who secure good position in the university. It would be helpful to make the brand imagery in the mind of customers and many students would like to prefer this university for further education. The performance of brand defines the way in which services of university is able to meet the need of customers. Speed, care and accuracy are major factors to influence the performance of the product (Huang and Cai, 2015). Brand responses Brand responses define the attitude of the consumer towards the brand and its marketing activities. It can be differentiated as per brand judgments and brand feelings. The focus of brand judgment is upon the personal opinion and evaluation of the consumer. The clients of La Trobe University should focus on the quality, credibility, consideration and superiority of the university so that customer can get attract towards the quality and choose this university for further education. Brand feelings refer to an emotional response ad reaction of the customers towards the brand. The feeling in the context of La Trobe University of student would be sharing, excitement, happiness and confidence. In the context of university, social approval happens when the brand outcome in customer’s feeling positively about the reactions of other to them.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Brand Equity5 The response of customer towards brand would definitely influence other to get experience of the particular brand. Brand relationship Brand relationship is the last step of CBBE model which is also known as brand resonance and it can be categorized into four groups that is behavioral devotion, attitudinal attachment, sense of community and active engagement. La Trobe University can measure behavioral devotion in terms of repeat purchase such as offering course on regular basis so that after schooling student can go with La Trobe University. Behavioral loyalty is essential but not sufficient for resonance to happen because brand is only readily accessible. The brand might also obtain on broader implication to the client in terms of logic of community (Keller, 2016). Active engagement occurs when customers have strong affirmation of brand loyalty. Student can choose La Trobe University for further education and share, obtain information and updated regarding university, and share correspondence with other brand users. It would enhance the customer loyalty towards brand.
Brand Equity6 References Clarke, K, 2009, “Building CustomerBased Brand Equity in Higher Education: Applying Brand Equity Theory to an International Higher Education Marketing Context”,International Marketing and Brand Management– Spring. Darabi, M., Reeves, P. and Sahadev, S., 2014, “The relationship between SMS/MMS marketing and consumer based brand equity (CBBE)–A review and conceptualization”,Academy of Marketing. Huang, Z. J. and Cai, L. A., 2015, “Modeling consumer-based brand equity for multinational hotel brands–When hosts become guests”,Tourism Management,46, pp.431-443. Kapferer, J.N., 2012,“The new strategic brand management: Advanced insights and strategic thinking”, Kogan page publishers. Keller, K.L., 2016, “Reflections on customer-based brand equity: perspectives, progress, and priorities”,AMS review,6(1-2), pp.1-16. Keller, K.L., 2016, “Reflections on customer-based brand equity: perspectives, progress, and priorities”,AMS review,6(1-2), pp.1-16. La Trobe University, 2017, “Courses and degrees”, retrieved on 22ndOctober, 2017, from: http://www.latrobe.edu.au/courses. Powell, S.M., 2016, “Journal of Brand Management–Year end review 2016”,Journal of Brand Management,23(6), pp.601-611.