Discuss brand equity and brand value. How do marketers use these concepts to build powerful brands? Discuss in your own word
For any business to be successful, large customer base is an essential factor, so marketers strive to ensure that brand equity and value are high at all juncture. In an attempt to build powerful brands, marketing practitioners are tasked with building awareness with the consumers on the brand to increase the brand’s awareness. Additionally, consumers must understand the brand’s meaning and what it stands for. One marketing concept that most marketers allude in their daily business is creating awareness of the product. And further analysis of how consumers behave suggests that a definite notion about a product is critical. Based on the revived knowledge, these practitioners ascertain that a product is identified with a specific mark of quality which competitors would hardly meet. They achieve this through the use of imagery and performance that are catchy and memorable for the consumers. Brand equity and value are crucial for its success. Thus, marketers take advantage of consumers’ responses by reshaping their judgments and feeling towards the brand in a positive light.
Identify a company that delivers service and identify the specific service (real-world company). How do the four characteristics of services apply to the service you selected? How does the company deal with each service characteristic?
For this assignment, Uber, a taxi company founded in the United States of America, is an example of iconic firms which runs an online-based service and has created a strong brand in the transport economy. So, Uber is an application that connects service providers such as taxi drivers and restaurants to customers. Uber works in the service industry and thus has several characteristics of services used in service marketing. In respect to intangibility, Uber services qualify as the customer cannot see taste, feel, hear or smell the service before purchase. The order for the service, and the Uber driver shows up to take them to their location, and the transaction ends. Inseparability is possible for the Uber service since the customers can decide to seek out the taxi drivers without the use of the application. Uber compensates for this through its promotion of the service as a convenience. Perishability is critical for Uber since they cannot be stored for later use or sale. The Uber service is one a consumer for immediate use, and upon next need, they can reorder. Uber is quite variable since it has since expanded to include different vehicles, delivery services for food and parcels.