Outline the seven types of brand elements and discuss how each type of brand element
can contribute to customer-based brand equity.
By the term brand equity, the value of a brand is meant, and the emphasis of brand equity is a matter that deserves much attention and care (Fernández-Ruano et al., 2022). It is referred to as a premium value generated by a company from a product with a name that can be recognized if compared to a generic equivalent. The companies can create the equity of a brand of the products manufactured by them if they make their products memorable in the minds of the consumers. That brand’s products can be easily recognized and superior in terms of reliability and quality. The consumers’ brand equity consists of seven elements that are explained below.
Awareness: The awareness of a brand refers to the percentage of the audience or industry who are aware of the brand’s existence. It is a term related to marketing that describes the extent to which consumers can recognize a product by the name of its brand. The development of awareness of a brand is a chief step in the promotion process of a new product that has recently been launched in the market or is going to be launched. Brand Awareness is also essential for the revival of a brand or a product that was old. The awareness of a brand ideally is the inclusion of the qualities that can differentiate that brand from the competitor brands manufacturing the same type of product (Lim. and Guzmán 2022).
Reputation: Consumers’ awareness about a brand does not mean that they have a positive mindset. Hence creating a good reputation for a brand is also a crucial step that the marketers should consider. The brand owners need to know whether their product is considered premium or not. Therefore the reputation of a brand is the way the consumers feel about the quality of your brand. And the way the customers and stakeholders look at the specific brand, company, and market. If a brand name is favourable, that means the customers have faith in the brand and the product and its services to make the customers feel good and take pride while they are purchasing the product (Molinillo et al., 2022).