Role of Brand Elements in Developing Brand Equity Essay

Role of Brand Elements in Developing Brand Equity - Essay Example It enhances customer loyalty towards a particular product or service. It helps a product or service to distinguish itself from other products or services. Brands have different attributes which help them to cement their place in the minds of consumers. According to Kathiravana, et al., (2010) â€Å"Brand attributes consist of ‘bits’ of information that are linked to a brand name in consumer memory and that, when combined with the brand name, make up a brand’s image†( p.21) â€Å"Brand Equity is the value and strength of the Brand that decides its worth. It can also be defined as the differential impact of brand knowledge on consumer’s response to the Brand Marketing† (Brand Equity - Meaning and Measuring Brand Equity, 2013). It is the value that a consumer gives to a particular brand. For example, iPhone 5, Nokia Lumia and Samsung Galaxy S3 are some of the leading smartphones available in the market at present. Apple Inc. is the second largest company in the world in terms of market capitalization and they are the most valuable technology company in the world at present. Samsung, on the other hand, is one of the rapidly emerging consumer electronics company in the world and its products are well accepted in the market. Nokia was the leader in the mobile phone manufacturing industry until recent times. All these factors or brand elements will influence the consumers when they go for the purchasing of a smartphone. This paper analyses the r ole of brand elements in developing brand equity. Some of the major elements of brand equity are; changing market share, profit margins, consumer recognition of logos and other visual elements, brand language associations made by consumers, consumers perceptions of quality and other relevant brand values (Wilson C. 2008).