A customer's choice to make a purchase is linked to how that customer views a company’s brand.
Part 1
A customer's choice to make a purchase is linked to how that customer views a company’s brand. The company's brand, along with its products, services, and its customer service, contribute to the customer's perception of brand equity. Brand equity is an intangible value that the customer believes is the worth of the brand. A quality product that is durable will have a higher brand equity than a product that is not well-made and does not live up to expectations.
Read this article about brand equity.
https://www.marketingevolution.com/marketing-essentials/what-is-brand-equity-marketing-evolution
The article provides an overview of this concept. It also presents two examples of companies with high brand equity near the end of the article.
discuss the following:
Select 1 of the brands from the article that has the highest brand equity (the most important) to you.
What made you select that brand?
Sample Solution
Based on the information provided and the concept of brand equity, the brand with potentially higher brand equity for me is likely LEGO.
Here's why:
- Durability: LEGO bricks are known for their exceptional durability, lasting for generations and retaining their functionality. This aligns with the concept of brand equity, where a quality product contributes to a higher perceived worth.
- Emotional Connection: LEGO bricks often evoke positive childhood memories and encourage creativity. This emotional connection strengthens brand equity as it goes beyond just the physical product.
Full Answer Section
- Adaptability: LEGO products continuously evolve, offering new themes and building possibilities, keeping the brand relevant and engaging for different age groups. This demonstrates a brand that listens to its audience and adapts to their changing needs.