The paper "Measuring Brand Association Strength" is a great example of a Marketing Case Study. The measurement of brands’ performance is conducted by evaluating the emotions of the customers. Since emotion cannot be measured, the values in the market and the market share will determine the level of satisfaction or dissatisfaction of the product by the customers. Evaluation of brand performance is very important for the company. This evaluation offers very crucial information regarding how the brand is fairing in the market. The company is able to determine the weaknesses and strengths of the brand and the reasons for the way the brand is functioning in the market.
This information, therefore, is utilized by the company to determine the areas that need improvement or the strong points so that the brand is able to reach its full potential (Alan French and Gareth Smith, 2013). Measuring the performance of a particular brand is the responsibility of brand management. This team is one that ensures that the brand is doing well in the market than the competitors and is being improved when needed. This process involves studying the customers and what they are saying about the product.
It also entails studying the market to understand the rising needs of the customers and trying to satisfy these needs through product differentiation. It enables the management to determine the forces driving the success of the brand and working on these factors to make sure that the product is doing well in the market. The mission of all the brand owners is to become leaders in the market amidst all the competing products. This implies that all the companies are aiming at gaining a considerable competitive advantage over all the competing brands in a particular industry (Cleff and Rennings, 2011). Brand Performance In order to determine the performance of a brand, it is important to conduct a market evaluation procedure that contains the feedback given by the sales value and customer reaction towards the particular brand.
The tools used for measuring brand performance are usually unique to a particular organization although there are some common aspects that are also improved with time to make to give the desired results (VanAuken, 2011).
The importance of evaluating brand performance is because it provides a link between the market performance and brand management. This, therefore, acts as a way of making strategic plans regarding the brand and its improvement to meet the corporate needs of the organization. When a successful performance evaluation is conducted, the brand management is able to understand how the brand is doing in the market as compared to the other competing brands in the same industry (Winchester, 2010). In order to determine the performance of a particular brand, there are key concepts that need to be addressed by the management team.
These include the level of brand awareness, how much the customers want to acquire the product where there are a variety of products in the market, the loyalty level of the customers and the product’ s association of the customers in the market in terms of the financial operations (Marsden, 2012). It also determines the level of knowledge that the customers have concerning the brand. Performance measurements are aimed at determining the qualitative features of the brand based on the cost of production and the output that the product has in terms of revenue generation (Rajagopal, 2008).
Alan French, Gareth Smith, 2013. Measuring brand association strength: a consumer based brand equity approach. Eur. J. Mark. 47, 1356–1367. Doi: 10.1108/03090561311324363
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