CBBE model of Brand Equity.

 

 CBBE model of Brand Equity.

Differentiate between luxury brands, premium brands, umbrella brands, individual brands and private label brands?

Customer based brand equity is built on the concept to build a strong brand which is very important to understand how a particular customer thinks and feels about the product if you want that a customer must love your product then you should build pleasant experience around your brand customer based brand equity shows the power of a customers attitude towards a brand and how it can lead to success and failure of that brand. Once the consumer knows about your product it is important to deliver best in quality and reliable performance each and every time this is important to get deep rooted imprint about your brand in the customers mind once this is achieved it can be further enhanced by using attractive packing excellent customer service a colourful logo and visual advertising The final stage is to create an emotional bond with the customers by giving special offers and discounts. This increases emotional response, thereby creating a strong relationship with the brand.

 The consumer based brand equity models are divided into 4 different levels and they are as follows :-

Level 1: Brand identity

This is the first stage where you need to create product awareness. At this stage, people do not see your product and cannot distinguish your product from other products. It is therefore necessary to build a strong identity by telling people about your product.

As the most important step, form the basis of the pyramid. This shows that it is important to build a strong identity from the beginning so that you can build on It.

Level 2: Brand Meaning

Once a product has been able to attract the attention of consumers, it is the next step for the product to provide more information about the product to its users. Consumers want to know more about the use, the problems they can solve, how you use the product, etc. At this stage, the customer wants to know more about the product.

Product functionality and product image are two parts of the product definition.

Product performance is the most important factor that can break or build a product. Many popular brands, such as Apple, Google, Bosch, etc. It has created a great balance of product because of its unique performance.

Level 3: Brand Response:

Customers have some expectations from the product, and when they meet expectations, the customer is happy and shows positive emotions. In the event that a product can exceed customer expectations, this product will be able to create excitement in customers' minds. This will lead to recommendations that will spread the word in the market.

It is important to know what makes the customer happy. This will help the product to work continuously on these items to get to the edge of the competition

Level 4: brand Resonance

The last and most difficult stage is product exposure. This is the stage at which the customer builds a strong relationship. This is a stage where customers are more involved with the product, and are ready to participate in online forums, social media, similar communities, and other product-related events.

Customers are ready to recommend the product to their friends and family, and they are not ready to accept any other product other than the product. This is the most difficult stage to reach.

Differentiate between luxury brands, premium brands, umbrella brands, individual brands and private label brands

Luxury brands:-

Today's understanding of the product is prone to consumers and ownership. Similarly, products are considered as images in the minds of consumers and other target groups designed by companies to identify their products. Business types are closely linked to their core products luxury is divided into 4 types and they are as follows

a)      Price: The brand offers some of the most expensive brands in their category.

b)      Quality: The product offers high quality permanent products, which will not be discarded even after prolonged use or defects, but are repaired and often benefit in value over time.

c)      Aesthetics: The brand behaves like a chic and vain dandy, who will never leave the house under a good style. Whenever and wherever this product appears, it embraces the world of beauty and elegance.

d)     Quantity: In contrast to products in a large market, a product needs to limit its product and try not to reveal its (high) sales numbers. The product plays hard to find and is not always available or locally available.

 Premium brands:-

Premium Brand is what gives you the best features at the best price. They work for the same performance and price. So as they offer the best features and quality, consumers pay the highest price for that. They feel that it is worth it.

Points for diversity

a)      Price:- Perhaps it is obvious that luxury brands will have higher prices, but that is not really the case. They are just as expensive as what they offer.

b)      Features:- Luxury Brands don't have to worry about these. They can literally sell glittering stones for the price of a house.

c)      Targeted audience:- Luxury is not for those who are price sensitive and have no appreciation for the best things in life. Luxury is for those who want to feel like 'those'.

d)     Umbrella branding:- Umbrella branding is a marketing practice involving the use of a single brand name for the sale of two or more related products. Umbrella branding is mainly used by companies with a positive brand equity. All products use the same means of identification and lack additional brand names or symbols etc.

Individual brand:-

 Individual Branding is the type of marketing strategy where individual products of a company have their unique brand name. The process of providing individual brand name helps in establishing a unique product image in the market. Moreover, it contributes to the achievement of a distinct position or positioning of the brand over rival brands. Individual branding is also known by terms like Multi-branding, Individual Product Branding, and Flanker Brands. It also defends a company's reputation in the market if one of their products turns out to be a failure.

Private label brand:-

A private label product is made by a contractor or third party manufacturer and sold under the brand name of the seller. As a retailer, you specify everything about the product - what you get into, how it is packaged, what the label looks like - and then pay for it to be produced and delivered to your store. This is the opposite of buying products from other companies whose names are branded.

For e.g:- Target sells a variety of snacks from companies such as General Mills and Frito-Lay, but it also sells its chips and chips under the Archer Farms brand - Target's private label. Hair shops often create their own line of shampoos, conditioners, and styling products for their customers to purchase and take home. Restaurants often decide to include private labels or popular mixes for customers. Maiden services can privately label a line of house cleaners and pet stores can privately label an animal feed line and grooming tools.