What is the difference between "branding" and "brand equity"?
Answer:
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Branding is achieved by using unique marks eg the nike swoosh and brand names eg gucci, levi, rolex. BMW.
The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.
The objectives that a good brand will achieve include:
* Deliver the message clearly
* Confirms your credibility
* Connects your target prospects emotionally
* Motivates the buyer
* Concrete User Loyalty
A brand has equity when the brand itself becomes valuable. This means that the brand results in great financial gains in the market place.This is why certain brand clothing, tools, appliances etc, cost so much. They have brand equity. Read advantages of brands at this link. Brand equity is one of the advantages of branding.
http://www.knowthis.com/tutorials/princi.
http://www.knowthis.com/tutorials/princi.
Branding is a strategy of creating an identify around a product or service, or family of those. For example, The Proctor-Gamble company has created many brands around specific consumer products (several Tide products, Pampers diapers, etc.), Toyota has a brand image for each of its Toyota, Scion and Lexus brands of vehicles.
Branding creates an image in consumers' minds about the product and its value, features or capabilities, quality, etc.
Brand equity is an attempt to quantify the $ value of all the brands owned by a company. The value of a company's brand equity can be calculated by comparing the expected future revenue from the branded product with the expected future revenue from an equivalent non-branded product.
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