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BRANDING Brands are part of a products tangible features the verbal and physical cues that help customers identify the products they want and influence their choices when they are unsure Coca-cola is an example of a company for whom branding play an important role in marketing strategy A good brand is distinct and memorable Professor John Philip of Syracuse University wrote A brand is a product that provides functional benefits plus added value that some customers value enough to buy Strong brands like Coca-cola evoke a more extensive richer set of associations Visual images and words or phrases linked with strong brands are likely to be more easily retrieved from memory A brand may provide confidence to the consumer about the quality of the product and gratification of image of self Based on this conception brand equity can be defined as everything the consumer walks into the store with Farquhar 1989 One of the most important aspects of this definition is the fact that brand equity lies the minds of the consumers who carry fairly complicated sets of assumptions and beliefs about their roles Holbrook 1987 Aaker 1991 defined brand equity as assets and liabilities linked to a brand its name and symbol that add to or subtract from the value provided by a product or service to a firm or to that firms customer Companies like Coca-cola have a significant brand equity value their corporate logos earn worldwide recognition So brand equity is focused on the customers point of view it assesses the marketing effects uniquely attributable to a brand for example when specific outcomes result from promoting a product or service because of its brand name that would not have occurred if the same product or service did not have that name Keller 1993 gave an interesting definition of customer-based equity His definition is as follows The relative effect of brand knowledge on consumer response to the marketing of a brand
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