The Impact of Brand Equity on Consumer’s Behaviour

Question: Discuss about the Impact of Brand Equity on Consumers Behaviour. Answer: Project Context Marketing plays a vital role in examining the process of business in todays world. It is quite impossible to overstate the importance of marketing in the field that would be efficient enough in generating higher productivity of the organizations. Marketing sector is that process of management that deals with responsible identification, anticipation ad satisfaction of the consumers requirements prevailing in the economy (Ekpo, et al., 2015). Marketing aims at meeting the needs and wants of the customers that would benefit the firm. Marketing oriented companies arrange their products and the services of business in accordance with the needs and wants of the customers (Hair Jr Lukas, 2014). This provides them with the initiative to fulfil their profit aspects along with the fulfilment of customers wants and needs. Being a marketing manager for a firm, it is quite important for me to frame a successful framework that would help in marketing the products associated with the firm. Marketing manager deals with the activities associated with the marketing department of the firm (Morgan Piercy, 2015). They must develop the marketing strategies or the company in line with the company objectives. They must coordinate marketing campaigns with the sales executives of the firms. There has been a considerable rise in the rate of marketing managers for the firm, which might lead to a 9% rise in the demand for such managers between the years 2014-2024. It is one of the fastest developing occupations (Knapp, Vangelisti Caughlin, 2014). Efficient marketing criteria contain some aspects that must be capable in satisfying the wants of the consumers, adhere to their problems, promote the product, and create the ability of delivering value proposition or promise to the consumers. Analysing my professionalism in the field of marketing would consist of systematic flow of processes that would include understanding the market, framing the marketing strategy, analysing the marketing programs and implementing the plan (Babin Zikmund, 2015). My analysis about my future perspectives would be accustomed to the concept of promoting the goods thereby focussing on the advantages and uses of the product that is to be marketed. The current situation of the market must be quite well versed, that would help me in structuring the future plan with respect to the marketing strategies to be framed. The strategies should be efficient enough in generating the demand accustomed to the product (Massey, 2014). Marketing the products of a particular firm is quite different with the sales promotional activities, the major motive of sales promotion is just to bear huge sales profits of the firm, whereas marketing helps in raising the demand of the product and raising the sales revenue along with their focus towards consumer satisfaction. My future professionalism in marketing would focus in targeting the market, the customer needs and the integrated marketing objectives acknowledged. This would provide me with the incentive to act in a prope r manner that would be quite appropriate in fulfilling the objectives of my role. Project Proposal: Working Title of the Project The impact of brand equity on consumers behaviour: a thematic analysis of apple Background and Definition of the Problem Brand equity is derived from the consumers perception of the brand name of a particular product or service, rather than from the product itself. The aspect of brand is considered as more meaningful than just maintaining the focus on the products (Aaker Biel, 2013). The dimensions of the product would be able to describe the attributes of the product itself that could be easily imitated by the competitors. Yet, brand is considered as one of the most important aspect that would be explained by the emotions and relationships of the firm with the consumers. It is quite important for the firm to develop the brand equity of the firm in order to raise the brand loyalty aspects among the consumers. It would positively affect the demand of the products of the firm along with the increase in their profit margin. Justification of the problem Apple is one of the most developed companies that operate its business globally. Apple deals in the production of electronic devices among various other rival competitors. The products that are provided by the firm are of high quality and maintain an average costly product in the market. Being in a competitive world, the demand value for the product must be well attained due to the tough competitor faced from the competitors. The organization must be efficient enough to generate certain beneficial aspects that could be effective enough to generate the brand equity among the customers of the firm (Vomberg, Homburg Bornemann, 2015). A firm like Apple, who sells high standardised and modernized products, must aim at improving their practices to develop the brand equity among the consumers. It would help in increasing the brand loyalty of the consumers and thereby help in generating high demand towards the product. Projects Proposed Aim The aim of this research paper is to analyse the importance of brand equity and how apples brand equity creates impact on the consumers buying behaviour. Objective The objectives of the research paper could be stated as follows: Attain the brand strategies followed by apple in order to create brand equity among the consumers Attain the information of how consumers behaviour is related to the brand image of apple Research Questions The research questions that must be adhered in this research paper would be : What are the brand strategies followed by apple in order to create brand equity among the consumers? How is consumer behaviour related to the brand image of apple? Critical Literature Review Brand equity deals with the information regarding the brand from a receivers perspective or how the consumer would absorb the marketing message of the firm (Davcik, Vinhas da Silva Hair, 2015). Certain outcomes that would adhere to the product with a brand name if compared with the outcomes of the demand of the product without a brand name would be the best definition for defining brand equity. Brand equity is the commercial value that has been perceived from the consumers through their perception towards the product (Washburn, et al., 2015). Three primary levels are adhered to brand equity. These three activities are customer market, product market and financial market. These are activities and responses during the formation of a brand. The response of the consumer could be analysed with their willingness to pay for the product. If there has been a raise in their willingness to pay for the product, hence, it helps in initiating consumer behaviour towards the product (Huang Sarigll, 2014). This process is beneficial in adding value to the products of the firms raising their goodwill and market capitalization. Brand equity is concerned with the m9dnset of the customers, which would generate the customer market, whereas the sales generates the product market and value senses the financial market. The process aids in understanding the formation of brand equity and its complexity (Fatma, Rahman Khan, 2015). The mindset of the consumers is one of the most complex part of brand equity that consists of brand awareness and bran d image. Brand awareness deals with the memory of the consumer in being able to recognize the product whereas, brand image deals with the perception of the brand based on associations (Erdem Swait, 2016). Brand equity is considered as an important aspect of three product of the firm that would be beneficial enough in analysing the future projections to be undertaken by the firm. It helps in addressing to certain strategies and policies that would be appropriate in generating demand for the product and maintaining the brand loyalty. This would thereby help in promoting the product and increase the sales and revenue of the firm. Brand equity is one of the most crucial aspects to be undertaken by the marketing section of the firm (Aaker Biel, 2013). So far, the peer reviewed journals and research conducted has been dealing with the advantages of brand equity, brand loyalty, quality and various other aspects together improving the demand rate for the product (Huang Sarigll, 2014). None of the papers have researched on the individuality of brand equity in attaining growth for the demand of the products sold. This paper would conduct such research to fill the gap. Overview of the Research The research paper would consist of five aspects introduction, literature review, research methodology, data analysis, conclusion and summary. The introduction part of the paper would consist of the background of the issues, justification, aims, objectives and research questions. It would be followed by the literature review that would help in addressing the theories on brand equity. Research methodology would analyse the method in which the research would be conducted. It would be a secondary research. In order to address the research framework would be the financial report of the firm that would consists of the sales, revenue and profit earned by the firm in the span of 5 years ("Apple - Annual Report", 2017). Approaches for the research From the resourced data, data analysis would be conducted that would show how brand equity of the firm is affecting the revenue of the company (Buil, De Chernatony Martnez, 2013). Finally, conclusion and findings of the research paper would be provided. Gantt Chart Main activities 1st week 2nd week 3rd week 4th week 5th week 6th week Topic Selection Data collection from secondary sources Framing layout of the research Literature review Formation of the research Plan Selection of the Appropriate Research Techniques Primary data collection Analysis Interpretation of Data Collection Conclusion of the Study Formation of Rough Draft Submission of Final Work Table 1: Gant chart (Source: As created by author) Reference Aaker, D. A., Biel, A. (2013).Brand equity advertising: advertising's role in building strong brands. Psychology Press. Apple - Annual Report. (2017). Investor.apple.com. Retrieved 30 March 2017, from https://investor.apple.com/secfiling.cfm?filingid=1193125-15-356351 Babin, B. J., Zikmund, W. G. (2015).Exploring marketing research. Cengage Learning. Buil, I., De Chernatony, L., Martnez, E. (2013). Examining the role of advertising and sales promotions in brand equity creation.Journal of Business Research,66(1), 115-122. Davcik, N. S., Vinhas da Silva, R., Hair, J. F. (2015). Towards a unified theory of brand equity: conceptualizations, taxonomy and avenues for future research.Journal of Product Brand Management,24(1), 3-17. Ekpo, A. E., Riley, B. K., Thomas, K. D., Yvaire, Z., Gerri, G. R. H., Muoz, I. I. (2015). As worlds collide: The role of marketing management in customer-to-customer interactions.Journal of Business Research,68(1), 119-126. Erdem, T., Swait, J. (2016). The Information-Economics Perspective on Brand Equity.Foundations and Trends in Marketing,10(1), 1-59. Fatma, M., Rahman, Z., Khan, I. (2015). Building company reputation and brand equity through CSR: the mediating role of trust.International Journal of Bank Marketing,33(6), 840-856. Hair Jr, J. F., Lukas, B. (2014).Marketing research. McGraw-Hill Education Australia. Huang, R., Sarigll, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York. Huang, R., Sarigll, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York. Knapp, M. L., Vangelisti, A. L., Caughlin, J. P. (2014).Interpersonal Communication Human Relationships. Pearson Higher Ed. Massey, G. R. (2014, December). The Role of Coercive and Non-coercive Influence Tactics in Sales Manager/Marketing Manager Working Relationships. In2014 ANZMAC Conference. ANZMAC. Morgan, R., Piercy, N. (2015). Role Uncertainty and Marketing Performance in Service Firms. InProceedings of the 1993 Academy of Marketing Science (AMS) Annual Conference(pp. 670-674). Springer International Publishing. Vomberg, A., Homburg, C., Bornemann, T. (2015). Talented people and strong brands: The contribution of human capital and brand equity to firm value.Strategic Management Journal,36(13), 2122-2131. Washburn, J. H., Till, B. D., Priluck, R., Boughton, P. D. (2015). The Effect of Co-Branding on the Brand Equity of Constituent and Composite Brands Before and After Trial. InProceedings of the 2000 Academy of Marketing Science (AMS) Annual Conference(pp. 394-394). Springer International Publishing.