Concepts of brand equity and brand loyalty
(1) Can a brand with a bad reputation be rescued? Would a company be wiser to just drop a “bad brand” and start fresh with something new? (2) Is staying with the same product only a case of brand “loyalty”? Could other factors be in play that lead consumers or organizations not to switch brands?
(1) How many visible brand marks are you currently wearing? Are these common brands? (2) What do you think these brands say about you?
Brand encompasses the various elements of product identity and meaning. Brand equity reflects the value of a brand name based on its strength and appeal in the marketplace and its power as a communication vehicle. Brand loyalty can be defined at three levels: brand awareness, in which the buyer is familiar with the product; brand preference, in which the buyer will select the product if it is available; and brand insistence, in which the buyer will accept no substitute.