Question

Explain the three components of a Brand.

Answer 1

Three components of a Brand are as follows:

1. Brand Identity:
   1. Definition: The verbal and visual components that distinguish a brand from rivals are included in brand identity. The brand is among them.
   2. Purpose: The goal is to provide customers with a clear mental image that they can recognize and remember.
   3. Examples: The golden arches of McDonald's and the Nike swoosh symbol.
2. Brand Image:
   1. Definition: Consumers' view of a brand is its image. Along with marketing initiatives, it is influenced by their encounters and experiences with the company.
   2. Purpose: The goal is to create a consistent, powerful, and favourable impression that is in line with the identity and values of the brand.
   3. Examples: Coca-Cola, which is linked to joy and refreshment, and Apple, which is seen as premium and inventive.
3. Brand Equity:
   1. Definition: The power and worth of a brand in the marketplace is referred to as brand equity. influenced by market success as a whole, brand loyalty, and customer perception.
   2. Purpose: To increase the brand's monetary worth and offer competitive advantages like pricing power and client loyalty.
   3. Examples: Businesses like Google and Amazon are able to rule their marketplaces and encourage customer loyalty because of their strong brand equity.