Brand Equity is the value of a brand according to how far they have high brand loyalty, name awareness, an acceptable-quality, strong brand associations, as well as other assets such as patents, trademarks and channel relationships (Kotler, 2002). The product is something produced in the factory, but who actually purchased by consumers is his brand.
Meanwhile, according to Aaker (1997), brand equity is a set of brand assets and liabilities, names and symbols that add or subtract the value provided by a company's goods or services to know the firm's customers. Brand is not something that is printed in the product or its packaging, but includes what is in the minds of consumers and how consumers associate it.
An awareness should provide a reason for the note and it should be remembered. There are many ways that can be taken but the most basic thing is to be different and special. If too many kelasproduk have the same approach to communication, it will be difficult to be special. Of course need to create a link between the brand and product class.
Brand equity comes on five components namely:
1) Brand Awareness
Referring to the extent to which a known brand or stay the minds of customers. This awareness can be measured with several levels, among others:
a) Brand Recognition
The extent to which a familiar brand is known based on past exposures.
b) Recall Brand
Reflecting the brand names are remembered when certain classes of products mentioned. Brand Recall can be measured in two ways:
(1) recall without the aid (Unaided Recall)
(2) recall with the help of (Aided Recall)
2) Trademark Association
Reflecting the association made by the customer towards a given brand of. Brand association is controlled by the brand identity. Strong brand associations can help customers to process and receive information is the reason the buyer as well as create positive attitudes or feelings toward the brand in question.
3) Quality Impressions
Customer perceptions of quality and superiority relative to competing products.
4) Brand Loyality
Brand loyalty reflects customer or consumer of psychological commitment toward a particular brand and is the expectations or desires and goals of the manufacturer or company from the customer company. Brand loyalty is also a core dimension of brand equity. Loyal customers will be barriers to entry for competitors, allows the establishment of premium rates, availability of time to respond to innovations from competitors, and could be a protective fortress of competence possible price. In addition, the impact of brand loyalty in a more efficient marketing costs ie the cost of retaining customers is much cheaper than on attracting new customers.
5) The assets of the other brands as trade marks, patern and relationships with component distribution channel.
According to Aaker (1997) brand equity creates value that is as good for companies and consumers. Just as the benefits that have been given brand equity will reinforce the information, confidence and achievement of customer satisfaction (For Customers). As for the company will strengthen the efficiency and effectiveness of the program, brand loyalty, price or profit, brand extension, increased trade, and competitive advantage.
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