Contemporary Marketing Issue: Brand Equity Management (MKT304 Report)

This report delves into the critical topic of brand equity management within the realm of contemporary marketing. It begins by emphasizing the significance of brand equity in establishing a competitive edge for businesses, setting the stage for an exploration of its core concepts. The report then transitions into an in-depth examination of two prominent brand equity models: Keller's Customer-Based Brand Equity Model and Aaker's Brand Equity Model. Keller's model is broken down into its four key steps – brand identity, brand meaning, brand response, and brand resonance, while Aaker's model highlights the significance of brand awareness, brand loyalty, brand associations, and perceived quality. Furthermore, the report briefly touches upon Sternberg’s Triangle Theory of Love to provide a framework for understanding the emotional connection between brands and consumers, and also the benefits of brand love. Through a comprehensive analysis of these models and concepts, the report offers valuable insights into how businesses can build, measure, and effectively manage brand equity to foster customer loyalty, enhance brand value, and achieve long-term success.

Running head: CONTEMPORARY MARKETING ISSUE
CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
Name of the Student
Name of the University
Author Note

1CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
EXECUTIVE SUMMARY
The following paper discussed the management of the brand equity has a huge effect on the
enhancement of the values as demonstrated customer as well as the shareholders of the
organization. The paper opened with a discussion on the importance of the brand equity in the
development of the competitive advantage of the company. The report thereafter discussed three
different models that are related to the development of the brand equity within the company.

2CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
Table of Contents
Introduction..........................................................................................................................3
Importance of Brand Equity............................................................................................3
Keller's Brand equity model............................................................................................5
Brand Identity..............................................................................................................5
Brand Meaning............................................................................................................6
Brand Response...........................................................................................................6
Brand Resonance.........................................................................................................7
Aaker’s brand equity model.............................................................................................7
Brand Awareness.........................................................................................................8
Brand Loyalty..............................................................................................................8
Brand Association........................................................................................................8
Perceived Quality.........................................................................................................9
Sternberg’s Triangle theory of love.................................................................................9
Intimacy.......................................................................................................................9
Passion.......................................................................................................................10
Commitment..............................................................................................................10
Conclusion.........................................................................................................................10
References..........................................................................................................................11

3CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
Introduction
The positive nature of the brand equity within the organization leads to the development
of the high amount of the brand awareness within the given market wherein the concerned
company has been operational. The positive brand image of the company would help the target
clients of the company to identify the company in a short span of time thereby leading to the
development of the relationship that is being maintained among the clientele of the company.
The following paper discusses the management of the brand equity has a huge effect on the
enhancement of the values as demonstrated customer as well as the shareholders of the
organization. The paper opens with a discussion on the importance of the brand equity in the
development of the competitive advantage of the company. The report thereafter discusses three
different models that are related to the development of the brand equity within the company.
Importance of Brand Equity
The concept of brand equity within the organizations helps in the development of the
awareness that is present among the clientele of the company as well as the awareness that is
presented within the given market. The brand equity of the brand should be maintained in order
to develop an increment in the reputation and the goodwill of the company in the given market.
The maintenance of the brand equity within the organization tends to deal with the various issues
that assist in holding on to the beliefs and the trust of the clientele of the organization and thus
tends to help in the retention of the clientele of the organization (Keller, K.L., 2016). The
concept of brand equity further helps the concerned organization in the demonstration of the
vision of the organization as well as the efficient functioning of the management that is presented
within the company.
The positive nature of the brand equity would help the concerned company to
demonstrate a positive image to the clientele of the organization as well as helps in the attracting
the potential clientele as well as investors to the given company. The positive nature of the brand
equity within the organization leads to the development of the high amount of the brand
awareness within the given market wherein the concerned company has been operational
(Sasmita and Mohd Suki 2015). This leads to the increase in the loyalty of the clientele towards
the brand and thereby helps in the development of the competitive advantage of the company in
the given markets wherein the company is observed to have been operating in the current times.

4CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
The negative nature of the brand equity within the organization, on the other hand, leads to the
lowering of the brand awareness within the given market wherein the concerned company has
been operational. This leads to the decrease in the loyalty of the clientele towards the brand and
thereby helps in the depreciation of the competitive advantage of the company in the given
markets wherein the company is observed to have been operating in the current times.
The positive nature of the brand equity within the organization is observed to have a
huge number of benefits in terms of the investments that are implemented by the concerned
business organizations. The major benefit of the investments in the development of the positive
brand equity lead to the development of the loyal client base of the company. This has been
resulting from the increase in the pricing opportunities that are maintained within the
organization through the gaining of the premium prices (Pappu and Christodoulides 2017). This
is generally observed in the cases of the high-end products that are targeted to the premium and
high-end clients of the organization within the given market. This helps the concerned company
to deal with the designing of the business strategy that would lead to a more extensive client base
that is present within the organization (Han, Nguyen and Lee 2015). The implementation of the
proper brand equity within the organization would help in the establishment of the long-term
growth of the company as well as provide the concerned business organization to deal with the
expansion in the international markets with the help of the development of the client base of the
company.
The increase in the brand value of the company might also help the company to deal with
the expansion in the international markets. The positive nature of the brand image of the
concerned company would ease the entry of the company in the international markets. This
would result from the already high brand image of the company in the given markets. The
positive brand image of the company would help the target clients of the company to identify the
company in a short span of time thereby leading to the development of the relationship that is
being maintained among the clientele of the company (Sasmita and Mohd Suki 2015). The
positive nature of the brand equity within the organization tends to lead to the high amount of the
competitive advantage that is faced by the concerned organization. The positive brand image of
the company leads to the condition wherein the concerned clientele of the company is observed
to have been willing to pay the premium prices in order to gain better quality products and

5CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
services (Keller and Brexendorf 2017). This further helps in the development of the competitive
advantage of the company in the international markets as well.
Keller's Brand equity model
Figure 1: Keller's Brand equity model
Source: (Author Note)
The brand equity model as has been proposed by Keller, also known as the Customer-
Based Brand Equity Model, helps in the development of the strong brand and the ways in which
the clients of the organization might be influenced in order to gain a proper client base within the
given international markets. The model is majorly divided in to four major fundamental steps
that would help the clients form a better understanding of the products that are marketed by the
company in discussion. The four major steps that are presented within the give model include six
different steps that are required for the building of a proper brand image within the given
organization which in turn would lead to the development of the competitive advantage of the
company. These steps have been discussed as follows.
Brand Identity
The brand identity of the concerned company is known to have been one of the most
important factors that help in the development of the brand equity within the organization. The

6CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
primary step within the process of the development of the brand equity within the organization
needs to look out for the development of the organization within the given area. The company is
implied to deal with the factors that are related to the positioning of the brand in a manner that
would help in the proper recognition within the given market thereby leading to the conditions
wherein the clients would aim at procuring the products of the company while making their
buying decisions (Çifci et al. 2016). The company in discussion, Singtel, is observed to have
positioned the products of the company in a way that deals with the development of the
conditions wherein the clients of the organization tend to collect the products of the company in
preference to the other similar products present within the market (Singtel.com 2019).
Brand Meaning
This step in the model refers to the identification and the communication of the proper
meaning of the brand. This step comprises of two building blocks. These refer to the factors of
imagery and performance. The factor of imagery deals with ways in which the brand meets the
needs of the clientele of the company in a proper manner. the imagery attempts to look into the
ways in which the product is aligned to the psychological and the social needs of the company
(Apéria and Persson 2018). The products that are offered by the company in discussion, Singtel,
tends to deal in the mobile devices that are used for the telecommunication among the people
(Singtel.com 2019). The factor of the performance refers to the ways in which the concerned
products meet the needs of the clientele in terms of the physical as well as the life-cycle of the
products. The company in discussion, Singtel is known to offer the products that maintain and
needs the requirement of the clientele of the organization.
Brand Response
The brand response deals with the ways in which the clients respond to the products that
are offered by the company. This step is often found to have been dealing with two major factors
that form the basis of the step. These refer to the feeling and judgements on the part of the
clientele. The clientele of the company is observed to have been judging the products of the
company on the basis of four different categories. These refer to the categories of quality,
credibility, consideration and superiority (Cho, Fiore and Russell 2015). The products that are
marketed by Singtel are observed to be highly popular within the country and thus might be
considered to be receiving better judgments from the clientele (Singtel.com 2019). The clientele

7CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
of the company might further be advised to respond to the brand on the basis of the feelings that
they derive from the clientele.
Brand Resonance
The factor of brand resonance refers to the most desired level that the companies attempt
to achieve. This stage might further be divided into four different parts. These refer to the factors
of behavioral loyalty, community sense, attitudinal attachment, and active engagement
(Anselmsson, Burt and Tunca 2017). The company in discussion, Singtel is observed to have
been attempting to attain this position as well in the given Singaporean market (Singtel.com
2019).
Aaker’s brand equity model
Figure 2: Aaker’s brand equity model
Source: (Created by Author)
The brand equity model that had been discussed by Aaker tends to look at the brand
equity as a proper mixture of the brand associations, brand loyalty and brand awareness. The
model also discusses the perceived quality factor that influences the brand equity of a company

8CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
as well. These factors are then combined together to deal with the development of the brand
image in a proper format. The three major components of the model are as discussed below.
Brand Awareness
The consciousness of the clientele on the matters that are related to the products is often
referred to as the brand awareness on the part of the clientele of the company. The brand
awareness majorly deals with the development of the issues that are related to the associations
that are related to the ability of the people for associating with the given products (Tanveer and
Lodhi 2016). The company in discussion, Charles and Keith, have been observed to have created
a greater brand awareness among the given territories of Singapore (Charleskeith.com 2019).
This refers to the conditions wherein there is observed a greater amount of awareness among the
concerned clientele of the company.
Brand Loyalty
The brand loyalty of the clientele refers to the emotional attachment on the part of the
clientele towards a particular brand or a product. The brand loyalty of the clientele is observed in
cases wherein the concerned clients tend to purchase a single product over a longer period of
time in repetitive manner. The companies should cater to the needs and the demands of the
clientele in order to gain a set of customers who demonstrate a high amount of brand loyalty
(Molinillo et al. 2018). The company in discussion, Charles and Keith, is observed to have
developed a large client base that is spread all over the world. This helps the company to
generate a large amount of revenue in the international markets as well (Charleskeith.com 2019).
Brand Association
The association of the clientele of the organization with the concerned brand refers to the
preference that is extended to the brand on the part of the clientele. The factor of the brand
association is helpful since it relates to the brand impression that is created in the minds of the
clientele during the initial days of the marketing of the products of the brand (Liu et al. 2017).
The clientele of the company in discussion, Charles and Keith is observed to have a high brand
association thereby leading to the earning of a high revenue within the international market
(Charleskeith.com 2019).

9CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
Perceived Quality
The perceived quality factor discusses the perception of the clientele regarding the
products that are marketed by the concerned brand. The factor of perceived quality is further
known to have been influencing the revenues that is earned by the company in the given markets
(Ekinci 2018). The high amount of revenue earned by Charles and Keith reveal the high presence
of the perceived quality of the company in the international markets as well (Charleskeith.com
2019).
Sternberg’s Triangle theory of love
Figure 3: Sternberg’s Triangle theory of love
Source: (Created by Author)
The psychological theory that was developed by the Sternberg refer to the theoretical
aspects that are demonstrated through the various aspects of the addictions that are presented by
people. The theory also sheds light on the love factors as have been depicted by humans. The
theory might be implemented within the business organizations in order to gain the proper
amount of favors from the clientele as well as derive the proper loyalty towards the brand in
discussion (Garg et al. 2016). The theory is known to be dependent on the three major
components of commitment, passion and intimacy. These factors are discussed as follows.
Intimacy
The intimacy factor deals with the attachment and the closeness maintained by the
clientele with the concerned brand. This factor is observed to be one of the most important
factors that are present within the model (Wang, Qu and Yang 2019). The company in

10CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
discussion, OCBC Bank, is known to have been enjoying a greater intimacy on the part of the
clientele of the financial organization (Ocbc.com 2019).
Passion
The passions within the concerned model refers to the factors wherein the clientele
develop a better liking for the products or the services that are provided by the concerned
organization to the concerned clientele of the organization. The passionate attitude demonstrated
by the people tend to motivate the organization to serve them better which in turn helps in the
increase in the revenue of the company (Langner et al. 2016). The clients of the organization in
discussion, OCBC Bank, is observed to enjoy a greater passion as is demonstrated by the
concerned clientele of the concern (Ocbc.com 2019).
Commitment
The commitment of the people refers to their decision of continuing to use the services of
the company. The company is majorly observed to have been dealing with the persuasive factors
so as to retain the clientele of the organization (Pandir and Yasin 2017). The financial institution
in discussion, OCBC Bank is known to have been adopting various measures in order to retain
the clientele of the organization (Ocbc.com 2019). This might further affect the commitment of
the clientele towards the company in the longer run.
Conclusion
In lieu of the afore-mentioned facts, it might safely be opined that the management of the
brand equity has a huge effect on the enhancement of the values as demonstrated customer as
well as the shareholders of the organization. The brand equity of the brand should be maintained
in order to develop an increment in the reputation and the goodwill of the company in the given
market. The maintenance of the brand equity within the organization tends to deal with the
various issues that assist in holding on to the beliefs and the trust of the clientele of the
organization and thus tends to help in the retention of the clientele of the organization.

11CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
References
Anselmsson, J., Burt, S. and Tunca, B., 2017. An integrated retailer image and brand equity
framework: Re-examining, extending, and restructuring retailer brand equity. Journal of
Retailing and Consumer Services, 38, pp.194-203.
Apéria, T. and Persson, C., 2018, July. The sustainable brand equity model. A retail study
measuring sustainable brand equity. In 2018 Global Marketing Conference at Tokyo (pp. 1239-
1243).
Charleskeith.com 2019. Shop Shoes, Bags & Accessories Online | CHARLES & KEITH SG.
[online] Charleskeith.com. Available at: https://www.charleskeith.com/sg [Accessed 19 May
2019].
Cho, E., Fiore, A.M. and Russell, D.W., 2015. Validation of a fashion brand image scale
capturing cognitive, sensory, and affective associations: Testing its role in an extended brand
equity model. Psychology & Marketing, 32(1), pp.28-48.
Çifci, S., Ekinci, Y., Whyatt, G., Japutra, A., Molinillo, S. and Siala, H., 2016. A cross validation
of Consumer-Based Brand Equity models: Driving customer equity in retail brands. Journal of
Business Research, 69(9), pp.3740-3747.
Ekinci, Y., 2018, June. A model of consumer based brand equity for holiday destinations. In 8th
advances in hospitality and tourism marketing and management (AHTMM) conference (p. 830).
Garg, R., Mukherjee, J., Biswas, S. and Kataria, A., 2016. An investigation into the concept of
brand love and its proximal and distal covariates. Journal of Relationship Marketing, 15(3),
pp.135-153.
Han, S.H., Nguyen, B. and Lee, T.J., 2015. Consumer-based chain restaurant brand equity, brand
reputation, and brand trust. International Journal of Hospitality Management, 50, pp.84-93.
Keller, K.L. and Brexendorf, T.O., 2017. Measuring brand equity. Handbuch Markenführung,
pp.1-32.
Keller, K.L., 2016. Reflections on customer-based brand equity: perspectives, progress, and
priorities. AMS review, 6(1-2), pp.1-16.

12CONTEMPORARY MARKETING ISSUE – MANAGING BRAND EQUITY
Langner, T., Bruns, D., Fischer, A. and Rossiter, J.R., 2016. Falling in love with brands: a
dynamic analysis of the trajectories of brand love. Marketing Letters, 27(1), pp.15-26.
Liu, M.T., Wong, I.A., Tseng, T.H., Chang, A.W.Y. and Phau, I., 2017. Applying consumer-
based brand equity in luxury hotel branding. Journal of Business Research, 81, pp.192-202.
Molinillo, S., Ekinci, Y., Japutra, A. and Turnbull, S., 2018, June. Assessing validity of
consumer-based brand equity models for tourism destinations. In The 49th TTRA Annual
International Conference 2018: Travel and Tourism Research Association Conference.
Ocbc.com 2019. OCBC Bank Singapore - Personal Banking, Business Banking, Wealth
Management. [online] Ocbc.com. Available at: https://www.ocbc.com/group/group-home.html
[Accessed 19 May 2019].
Pandir, B. and Yasin, B., 2017. Brand love and customer engagement’s role over brand loyalty.
Journal of Management, Marketing and Logistics (JMML), 4(4), pp.359-365.
Pappu, R. and Christodoulides, G., 2017. Defining, measuring and managing brand equity. The
Journal of Product and Brand Management, 26(5), pp.433-434.
Sasmita, J. and Mohd Suki, N., 2015. Young consumers’ insights on brand equity: Effects of
brand association, brand loyalty, brand awareness, and brand image. International Journal of
Retail & Distribution Management, 43(3), pp.276-292.
Singtel.com 2019. About Us - Singtel. [online] Singtel.com. Available at:
https://www.singtel.com/about-us [Accessed 19 May 2019].
Tanveer, Z. and Lodhi, R.N., 2016. The Effect of Brand Equity on Customer Satisfaction: An
Empirical Study Based on David Aaker's Brand Equity Model. IUP Journal of Brand
Management, 13(3), p.43.
Wang, Y.C., Qu, H. and Yang, J., 2019. The formation of sub-brand love and corporate brand
love in hotel brand portfolios. International Journal of Hospitality Management, 77, pp.375-384.