Marketing Analysis Brand Equity - 1893 Words

Define what is meant by brand equity and discuss what a company can do to maintain brand equity According to Kotler and Keller â€Å"brand equity† is defined as the additional worth enriched on items and administrations. It might be reflected in the way customers think, feel, and act as for the brand, and in addition in the costs, piece of the overall industry, and benefit the brand charges (Kotler Keller, 2012, p. 243, para. 5). Essentially â€Å"brand equity† is the strength of a brand which evolves from its altruism and notoriety. Over time this equates to higher revenue from increased sales. In order for a company to maintain brand equity they answer the question by redirecting their focus toward answering the opposite†¦show more content†¦Advertisers can strengthen brand value by consistently passing on the brand s significance in wording of what their product speaks to, its center advantages, the need it fulfills, and its uniqueness. Discuss the Product Life Cycle Concept and include the relative amounts of sales and profit during each stage. â€Å"The product life cycle applies biological knowledge to products. In nature, a seed is planted, begins to sprout, becomes an adult then eventually withers away and dies. The product life cycle focuses on introduction (seed), growth (sprout), maturity (tree) and decline (death) phases. Each phase has its own marketing mix strategy and implications regarding product, price, distribution and promotion.† (Griffin, 2015). The product life cycle has four plainly characterized stages (Introduction, Growth, Maturity and Decline), each with its own qualities that mean various things for businesses that are attempting to deal with the life cycle of their specific items. The Introduction stage might be the most costly for an organization introducing a new brand/item. The extent of the business sector for the item is little, which implies sales are low, despite the fact that they will be expanding. Then again, the expense of things like innovative work, customer testing, and the advertising expected to introduce the