Brand Equity and loyalty Presentation.pptx

Brand Management

1. BRAND EQUITY What is Brand Equity? Discuss the Customer Based Brand Equity Model and its components. PREPARED BY CHITSAMBA ALEC STUDENT NUMBER: B242945B Msc DIGITAL MARKETING BRAND MANAGEMENT MMKT 504 LEVEL: 1.1

2. Brand equity is a multifaceted concept with a diversity of conceptualisations , and a multiplicity of studies has explored different characteristics of an intangible asset ( Christodoulides & de Chernatony , 2010). One of the most widely accepted definitions indicates that brand equity is “the added value with which a given brand endows a product” (Farquhar, 1989, p. 24 ). Many perspectives on the definition of brand equity has been given depending on the field of application. For instance, the financial perspective explores the financial value that brand equity generates for an organisation and call it firm- based brand equity. It is that goodwill and/or trademark that comes with the performance and establishment of a brand. Secondly, the consumer perspective , draws from cognitive psychology and focuses on the added value created by the different ways consumers perceive the brand and how their perceptions influence their behaviour and is referred to as customer- based brand equity. According to Keller ( 1993, p.2), the differential effect of brand knowledge on consumer response to the marketing of the brand is what is known as brand equity. Customer-based brand equity is a product of consistent brand promotions, positive interactions with customers and the ability to deliver brand promises. In that regard, individuals interpret brands in different and highly idiosyncratic ways, which means that the value each consumer draws from the brand is entirely subjective ( Baalbaki & Guzmán , 2016). The economics perspective examines the added value created by the extra utility a brand gives to a product or service. Fourth, the employee perspective is about the “differential effect that brand knowledge has on employee’s response to their work environment” (King & Grace, 2009 , p. 130). What is brand equity? 2

3. In accounting terms, Wood (2000), drawing from Feldwick (1996 ), defines brand equity as “the total value of a brand as separable asset – when it is sold, or included on a balance sheet” (Wood, 2000, p. 662 ). This means that accountants see the brand as something of value that represents part of a company’s wealth. It must be preserved and built to increase its worthiness. On the other hand, marketing scholars have concentrated on the marketing results that are exclusively an outcome of marketing an organizational offering under a specific brand name, that is on marketing effects that would not have occurred if the same organizational offering did not have that brand name (Keller, 1993 ). This relates to all those advantages that comes with the use of a brand. customer- based brand equity involves consumers’ reactions to an element of the marketing mix [product, price, place, and promotion] for the brand in comparison with their reactions to the same marketing mix element attributed to [an ]…unnamed version of the product or service (Keller , 1993, p. 2 ). What is brand equity? ( contiuation ) 3

4. Branded vs unbranded products and Brand equity 4 The branded bread has an additional value through attracting attention from the customers

5. One of the most well-known models for understanding and managing customer-based brand equity is the model developed by Kevin Lane Keller. Keller believed that customer-based brand equity is built on following a certain chronological order and as such the model follows four key steps in order to completely define and illustrate brand equity. The four key steps are brand identity, brand meaning, brand response and brand resonance. Brand identity: this is the first step in building customer-based brand equity, where companies establish brand awareness and create a unique brand identity that sets the company above its competitors. Brand identity means to make the consumer aware of the brand and associate the brand with a specific category or consumer need. For instance providing information through advertisements and publicity on the existence and performance of a brand such as Coca-Cola would make consumers aware of the existence and importance of the Coca-Cola brand. Brand meaning: a firm or company should create brand meaning in consumers’ minds by linking certain properties of the brand with a range of tangible and intangible brand associations. This involves shaping how customers think and feel about the brand. For instance, it will mean going an extra mile in trying to create a bond between the brand and the customers. Consumers should see the need and relevance of a brand and feel good when they are part of it. For Coca-Cola, it will mean improving the taste, colour, quality and temperament around the brand. Customer- based brand equity (CBBE) model 5

6. Brand response : this is when marketers try to generate rational and emotional consumer responses to the brand identity and brand meaning. In this situation, companies try to elicit favourable customer responses to the brand, such as brand preference, loyalty and advocacy. In the case of Coca-Cola, it means that the company is doing all efforts through marketing communications, improving brand aesthetics and brand personalities so that consumers develop a strong emotional attachment to the brand to such an extent that consumers will see no any other beverage brand besides Coca-Cola and will even proceed to be brand ambassadors and spread the goodness of the brand to other customers. Brand resonance: this is the final step of the Customer-Based Brand Equity model. This is the highest point of a brand establishment according to Kevin Lane Keller. This is where customers have a deep and enduring or lasting relationship with the brand. This is when customers have a high level of loyalty, engagement and a sense of community around the brand. The highest level of satisfaction and accomplishment is achieved in this stage. Below is the diagrammatic representation of the stages and their interpretations. CBBE Model 6

7. Source: Lalaounis (2018). Strategic Brand Management and Development: Creating and Marketing Successful Brands STAGES IN THE CBBE MODEL 7 STAGE 1 STAGE 2 STAGE 3 STAGE 4 Make consumers aware of the brand and associate the brand with a specific category or consumer need. Create brand meaning in consumers’ minds by linking certain brand properties with a range of tangible and intangible brand associations Generate rational and emotional consumer responses to brand identity and brand meaning. Transform consumer responses to long-term loyalty relationships BRAND IDENTITY BRAND MEANING BRAND RESPONSE BRAND RELATIONSHIPS

8. Based on this process, Keller (2001) proposed the Customer- Based Brand Equity (CBBE) pyramid model, which has four levels and six building blocks as shown in the diagram immediately below. KELLER’S CBBE PYRAMID MODEL 8

9. In the first level at the bottom there is brand salience, in the second level there are brand performance associations and brand imagery associations, then in the third level there are consumer judgments and consumer feelings, and finally at the top level, there is brand resonance. Each layer, starting from the bottom, must be achieved in order to reach the pinnacle of the pyramid (Keller, 2001 ). The following is detailed discussion and exposition of the pyramid levels and building blocks starting with brand salience. KELLER’S CBBE PYRAMID MODEL 9

10. The first level of the CBBE pyramid model involves brand salience, which is consumers’ awareness of the brand. In this stage, the firm must make consumers aware of the brand, and let them know it is part of a specific product or service category and/ or is connected with a specific consumer need. This will enable the organisation to create a very strong brand identity and answer the consumer’s question of ‘who are you?’ (Keller, 2001). Consumer awareness is all about the ability of the consumer to recall and/ or recognise the brand. For instance, when Coca-Cola is launching a new soft drink, it is essential that the company makes consumers aware of the new product and clearly communicates, through suitable marketing communications activities, that the product is a soft drink and will satisfy their thirst. Coca-Cola has to assure customers that their need will be met and satisfied as they seek and expect. Drinking a chilled bottle of Coke or Sprite or Fanta must make the customer feel relieved after a hot day. The satisfaction derived must go beyond the product functional purpose, but also satisfy symbolic and emotional needs. This means the product packaging and/or presentation must be good enough and must never be provoking to the customer. Integrated marketing communications activities can help the organisation generate brand awareness. Such activities can include not only the traditional activities such as advertising, sales promotions, direct marketing, public relations and publicity, and personal selling, but also digital marketing activities . Brand awareness must be reinforced by brand recall to achieve a successful brand salience. Brand recall “relates to consumers’ ability to retrieve the brand when given the product category, the needs fulfilled by the category, or some other type of probe as a cue. Brand salience (brand identity) 10

11. A salient brand is one that has both depth and breadth of awareness , i.e. it is a brand that consumers not only can easily think of, but also think of in a range of different situations. For instance, Sprite is a soft drink consumers might be able to think of easily (depth), but also it is a product which consumers might think of in a variety of situations (breadth), such as when they want a drink to cool down, a drink to have with their meal, when watching TV, or when socialising with friends. Brand salience (brand identity ) continues 11

12. The second level of the CBBE pyramid model involves brand performance associations and brand imagery associations as shown the pyramid above. In this stage, the organisation aims to create brand meaning by linking certain brand properties with a range of tangible and intangible brand associations in consumers’ minds and seeks to answer the consumer’s question of ‘what are you?’ (Keller, 2001 ). Creating a strong brand meaning means generating a positive brand image in consumers’ minds (Keller, 2001). Brand image is the “perceptions about a brand as reflected by the brand associations held in a consumer memory” (Keller, 1993, p. 3). This image will be unique for each individual depending on how the person interprets the brand. While companies cannot control this process, they can influence it by communicating the qualities that make their products different among a pool of products and when enough individuals arrive at the same gut feeling, a company can be said to have a brand ( Neumeier , 2006, p. 2). Culture influences the way an individual interprets the brand because culture acts as both “the ‘lens’ through which the individual views phenomena. This means that an individual often uses other people, especially those who are similar to him/ her, as a source of information for developing as well as evaluating his / her own beliefs about the world ( Escalas & Bettman , 2005 ). The organisation should aim to create appropriate brand stimuli so that the consumer will generate his/ her own brand meaning containing strong, unique, and favourable associations (Keller, 1993). Building perceived brand uniqueness is a useful and important strategy for maintaining and improving brand performance. Brand performance and brand imagery associations (brand meaning) 12

13. Combining strength, favourability, and uniqueness can lead to developing strong brand image (meaning) in the minds of the consumers, as an important step in the development of successful brand equity . However, it does not matter how unique a brand association is unless customers evaluate the association favourably, and it does not matter how desirable a brand association is unless it is sufficiently strong so that customers actually recall it and link it to the brand (Keller , 2001, p. 12 ). Keller (2001 ) therefore made a distinction between two types of brands associations in a consumers ’ minds: brand performance associations and brand imagery associations . Brand performance associations Brand performance associations are related to the intrinsic properties of the brand; they are related to characteristics that are inherent in the product or service. In particular, these intrinsic brand properties include, first, the product’s or service’s primary characteristics, which are essential ingredients for the product to operate in the way it is supposed to, or for the service to deliver what is expected: “Hence they are related to a product’s physical composition or a service’s requirements ” (Keller, 1993, p. 4 ). In the case of Coca-Cola, the liquid drink is the primary element of the product that seeks to quench thirsty and offer a functional satisfaction. The colour, the taste and the package design will constitute the secondary elements. It is these secondary features that will see the customer customise the product or make it more versatile. Brand performance and brand imagery associations (brand meaning 13

14. There are also inherent brand properties that include the product’s reliability, durability, serviceability, service effectiveness, efficiency , empathy, style and design, and the product’s or service’s price that affects brand performance associations. Reliability is about whether or not the product will perform consistently over time and from one purchase to the next. For instance, does the Coke taste the same way every time you buy it. Durability is about how long the product is expected to last, that is the product’s economic life. Serviceability is about how easily a product can be serviced if it needs to be repaired, so this includes factors such as the speed, accuracy, and care of product delivery and installation; the promptness, courtesy, and helpfulness of customer service and training ; the quality of repair service and the time involved (Keller, 2001, p. 10 ). Service Effectiveness is about how well the brand meets consumers’ service requirements , service efficiency is about the manner of delivery of the service in relation to speed and responsiveness, and service empathy is about whether or not the service- providing organisation is trusting, caring , and consumer- focused (Keller, 2001 ). Style and design relates to the product’s or service’s aesthetic characteristics, that is the product’s size, shape, materials , and colours. the product’s or service’s price can influence consumers’ performance related associations as consumers tend to use price as proxy for brand quality (Yoo, Donthu , & Lee, 2000 ). Brand performance and brand imagery associations (brand meaning) 14

15. Brand imagery associations Brand imagery associations are about its extrinsic properties, in relation to how the brand satisfies the consumers’ psychological or social needs. These associations are abstract thoughts in consumers’ minds, which derive not only from the consumers ’ direct experience with the brand, i.e. their use of the product or service, but also through their indirect experience with the brand. The ways the brand is depicted in advertising messages as well as brand messages based on face- to- face consumer interactions and online word- of- mouth contribute to the consumers’ indirect experience of the brand leading to imagery associations (Keller, 1993, 2001 ). This entails that brand image is complicated, based on multiple experiences, facts, episodes, and exposures to brand information , and therefore takes a long time to develop . Extrinsic brand properties include user profiles, purchase and usage situations, selection of stores, distribution intensity, brand’s personality and values and brand’s history, heritage , and experiences . Furthermore , consumers may have nostalgic associations and memories associated with the brand . In our post- modern society, these can be very powerful because of an aging population who is more prone to nostalgic feelings. It therefore follows that in the second stage of CBBE pyramid model, the organisation’s branding objective should be to create points- of- difference (POD) associations and points- of- parity (POP) associations. Brand performance and brand imagery associations (brand meaning) 15

16. POD and POP will provide appropriate stimuli which, upon interpretation by consumers, will lead to intended performance and imagery associations in their minds. POD associations are strong, favourable, and unique associations , that is, they are “attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand” ( Barwise & Meehan (2004), cited in Keller & Swaminathan , 2020, p. 82 ). POP associations are those that the brand shares with other brands (Keller & Swaminathan , 2020). Creating successful POP and POD associations helps the organisation develop successful brand positioning Brand performance and brand imagery associations (brand meaning 16

17. The third level of the CBBE pyramid model involves consumer judgments and consumer feelings in response to brand identity and brand meaning, established in levels 1 and 2. In this stage the organisation seeks to elicit consumers’ rational and emotional reactions and answer the consumer’s question of ‘what about you?’ (Keller, 2001 ). Consumer judgments Consumer judgments are consumers’ rational reactions to the brand identity and brand meaning. Consumer judgments derive from consumers bringing together their brand performance and brand imagery associations to develop their own opinions about the brand (Keller , 2001). There are four types of brand judgments which are brand quality, brand credibility, brand consideration and brand superiority. ii . Consumer feelings Brand feelings relate to the social currency evoked by the brand” (Keller, 2001, p. 14). Therefore, the important questions here are 1) what feelings does the brand elicit in consumers’ hearts?, and 2) how does the brand make consumers feel about themselves and their relationship with other people? (Keller, 2001 ). A brand with a good response must make customer feel warm, fun, excited, secure, have social approval and have self respect. It is therefore imperative that organisations such as Coca-Cola generate positive rational and emotional consumer reactions to their brand identity and brand meaning. In particular, the organisation should aim to generate positive feelings in consumers’ hearts because this will be an essential step for building a long- term relationship between brand and consumers . Consumer judgments and consumer feelings (brand responses) 17

18. Brand resonance refers to the nature of the relationship that customers have with the brand and the extent to which they feel that they are ‘in synch’ with the brand. Brand resonance is characterised in terms of intensity or the depth of the psychological bond that customers have with the brand as well as the level of activity engendered by this loyalty (Keller , 2001, p. 15 ). It is the fourth and final stage of the CBBE Pyramid Model. There are four categories of brand resonance which are behavioural loyalty, attitudinal attachment, sense of community and active engagement. Behavioural loyalty is all about how many consumers buy the brand, how much they buy, and how often. In order for the organisation to generate profit, it is essential that target consumers buy the brand often, and where relevant (e.g. non- luxury items), they buy plenty of it. However, behavioural loyalty is not sufficient to build a long- term loyalty relationship between consumers and the brand because consumers might be buying the brand out of necessity, i.e. it might be the only one available, accessible, or affordable (Keller , 2001). Attitudinal attachment is when consumers feel the brand is something special which they love to buy and consume (Keller, 2001). Nonetheless, attitudinal attachment on its own is not sufficient either because a consumer might love the brand but this does not necessarily mean he/ she turns affection to action; he/ she might simply aspire to have the brand in the future. Evidently, an organisation ought to combine attitudinal attachment with behavioural loyalty so that its target consumers not to only feel a personal connection with the brand but also purchase it often and in appropriate large volumes of it. Brand resonance (brand relationships) 18

19. A sense of community is where the brand takes on a broader meaning, and loyal consumers form social relationships with each other leading to a brand community : “ A brand community is a specialized, non- geographically bound community, based on a structured set of social relationships among admirers of a brand” ( Muñiz Jr . & O’Guinn , 2001, p. 412 ). Active engagement occurs when consumers evolve to brand ambassadors or evangelists. This is “the strongest affirmation of brand loyalty where customers are willing to invest time, energy, money, or other resources into the brand beyond those expended during purchase or consumption of the brand” (Keller, 2001, p. 15 ). A strong attitudinal attachment and a sense of community are prerequisite for becoming actively engaged with the brand (Keller, 2001 ). This means that if customers do not have positive attitudinal attachment and a sense of community with the brand, it becomes so difficulty to engage with the brand. Companies or organisations should promote their brands to develop likeness and comfort to generate brand engagement so as to achieve brand resonance. In relation to this pyramid stage, an organisation’s branding objective should be to establish a strong and active loyalty relationship between consumers and the brand. However, some authorities such as Oliver (1999) argue that brand loyalty must be a product of customer satisfaction with the brand and not only through resonance. The satisfaction that customers have with the brand touch points may also be good enough to generate loyalty. Brand resonance (brand relationships ) 19

20. In conclusion, Kelvin Lane Keller’s Customer-Based Brand Equity Model provides the scope and framework to understand and manage relationships between customers and brands. Successful relationships will be hinged on the focus and proper management of band concepts such as brand salience, brand performance associations, brand imagery associations, brand judgment, brand feelings and brand resonance. Companies should strive to strategically position their brands to create strong and lasting brand connections with the consumers. The CBBE model underscores the importance of not just building brand awareness and recognition but also delivering superior performance, cultivating compelling brand imagery and evoking positive judgments and feelings among customers. In the global competitive landscape, the CBBE model serves as tool to differentiate brands through establishing key Points of Difference after adapting to Points of Parity and then work on driving brand engagement which in turn result in brand loyalty. Brand loyalty will generate more value and profit for the brand therefore further enhancing brand equity and business performance. Keller’s CBBE blocks are thus a prerequisite for building brand equity in the market place. Conclusion 20

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22. brand positioning, involves establishing key brand associations in the minds of customers and other important constituents [internal and external stakeholders] to differentiate the brand and establish (to the extent possible) competitive superiority” (Keller & Lehmann, 2006, p . 740 ). Ries ( 2014, p. 5) defines brand positioning as the “ verbalisation of the empty hole your brand will be trying to fill” and he advises organisations to develop a strong concept and associate this concept with the brand . In order for the organisation to develop successful brand positioning, the first step is to determine category membership and communicate it to its target audiences; this is all about developing its competitive frame of reference. In other words, the firm will have to decide on which product or service category the brand will compete in, and make consumers aware of this category membership (Keller & Swaminathan , 2020 ). A second step will include establishing successful POP associations and POD associations. POD associations are unique brand attributes or benefits consumers believe they cannot find in other brands ( Barwise & Meehan (2004). POP associations will eliminate any concerns consumers might have about possible disadvantages of the brand, while POD associations will convince consumers about the advantages of the brand against its competitors (Keller et al., 2012 ). Choosing POP associations and POD associations requires careful consideration and adhering to a number of criteria from both consumer and organisation perspectives. As far as the consumer perspective is concerned, the organisation must develop brand associations that meet the desirability criteria, which means that the associations would have to be 1) personally relevant to the target audiences, i.e. associations consumers view as important, Brand Positioning 22

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24. 2) distinctive and superior , thus they create differentiation for the brand and communicate superiority in relation to competitors, and 3) believable, that is, consumers are convinced these associations are credible as they offer convincing reasons for selecting the brand over other options (Keller et al., 2012 ). To ensure sound brand positioning, an organisation must develop brand associations which meet the deliverability criteria, which means that the associations would have to be: 1) feasible, namely the organisation has the financial, human and intellectual resources to develop these associations within an appropriate time frame, 2) communicable, i.e. “there are current and future prospects of communicating information to create or strengthen the desired associations” (Keller et al., 2012, p. 125), and 3) sustainable, namely, the brand associations can be maintained over time, defended from competitive attacks, and reinforced over time (Keller et al., 2012 ). There are a number of positioning bases which can be used by firms. Fuchs and Diamantopoulos (2010) grouped these in five overarching categories. Features positioning : It is whereby the firm emphasises objectively measurable and most often tangible features which are specific to the brand’s product or service category in order to achieve competitive advantage, such as a hybrid engine in an automobile or face recognition technology in a mobile phone. Abstract attributes positioning: It is through which the organisation highlights intangible yet concrete attributes that are similar across different products or services categories, such as positioning the brand as a luxury one, such as CHANNEL, or as a sporty brand, like NIKE. Brand Positioning 24

25. c) Direct functional benefits positioning: Is whereby the firm communicates the advantages of using the brand in terms of how it satisfies consumers’ functional needs and provides problem solutions, for instance, how easy or convenient it is to use the product, for instance Smart cars are especially suitable for highly congested urban areas . Indirect experiential or symbolic benefits positioning: Is designed to emphasise the ability of the brand to satisfy consumers’ emotional and symbolic needs, for instance how the brand enables consumers to construct their identity and communicate it to others Finally , surrogate (user) positioning: Is the positioning strategy which intends to create secondary associations related to intangible aspects of the brand (and not about features and benefits), which enable consumers to make their own conclusions (Fuchs & Diamantopoulos, 2010). Generating a sound brand positioning involves creating a brand mantra. Brand mantras are short three to five word phrases that capture the irrefutable essence or spirit of the brand positioning. Their purpose is to ensure that all employees within the organisation as well as external marketing partners understand what the brand most fundamentally is to represent with consumers so that they can adjust their actions accordingly (Keller , 1999, p. 45 ). Brand mantras are important because they act as the heart and soul of the brand. They provide strategic and creative direction for the organisation in terms of what type of products or services to introduce under the brand, what sort of communications campaigns to pursue, and where the brand should be made available (Keller, 1999 ). Brand Positioning 25

26. Brand marketers can design brand mantras to improve brand positioning by bringing together three terms. First , the brand functions term, which provides a description of the product or service, experience, and benefits the brand provides to consumers. Second , the descriptive modifier, which “is a way to circumscribe the business functions term to further clarify its nature” (Keller, 1999, p . 48). Third , the emotional modifier provides further detail about how the brand delivers the benefits stated by the brand functions and the descriptive modifier, providing additional delineation and clarification (Keller, 1999 ). Brand Positioning 26

27. Brand personality is a construct which has a symbolic or self- expressive purpose (Keller, 1993). Brand personality is as important as human personality . In her seminal study, Aaker (1997) examined whether brand personality has any dimensions and she ascertained five personality dimensions, with each having a number of facets. These are: sincerity (down- to- earth, honest, wholesome , and cheerful), excitement (daring, spirited, imaginative, and up- to- date ), competence (reliable, intelligent, and successful), sophistication (upper class and charming ), and ruggedness (outdoorsy and tough). Brand personality dimensions might operate in different ways or influence consumer preference for different reasons. For example, whereas Sincerity, Excitement, and Competence tap an innate part of human personality, Sophistication and Ruggedness tap a dimension that individuals desire but do not necessarily have ( Aaker , 1997, p. 353 ). Brand personality will be influenced by the set of values the brand upholds ( deChernatony , 1999), that is, the brand values. A value is defined as “the enduring belief that a specific mode of conduct or end- state of existence is personally or socially preferable to an opposite or converse mode of conduct or end- state of existence” ( Rokeach , 1973, p. 5). BRAND PERSONALITY AND BRAND VALUES 27

28. Consumers look for brands whose values are well matched with the values they hold. The self- congruitytheory ( Johar & Sirgy , 1991) indicates that value congruity is all about the mental comparisons consumers conduct in order to determine how similar or dissimilar an entity’s values are with their own values ( Tuškej , Golob , & Podnar , 2013). Value congruity can positively influence a person’s identification with the brand, and as a consequence, their commitment to the brand ( Tuškej , Golob , & Podnar , 2013 ). De Chernatony (2010) makes the distinction between core brand values and peripheral brand values. The former are those values which the brand will always support regardless of any changes in the environment, while the latter are those values which the brand considers secondary and can be updated according to environmental changes , or can even be removed from the brand’s set of values. Hence, core values will have to be values which are credible, consistently achievable, and welcomed by the brand’s target audiences, whereas peripheral values will be continuously augmented by the organisation on the basis of the changing conditions in market and society (Collins & Porras , 1996; de Chernatony , 2010): “This way the essence of the brand can be retained while still allowing it to evolve and adapt” ( deChernatony , Drury, & Segal- Horn, 2004 ). It therefore follows that brand values are of great significance because consumers let the psychosocial differences between brands, that is, brand personalities and values, to influence their decision making. It is imperative for marketers to create brands that have a personality that positively links with the societal values of the markets they serve or wish to serve to create a strong bond with their customers’ minds. Personality is key in attitude formation and generation of repeat purchases. 28

29. Key points Brand equity, brand positioning and brand personality and values Strong brand equity leads to higher sales, competitive advantage and the power to charge premium prices. Effective brand positioning helps differentiate a brand in a crowded market place and as such guides a companies marketing strategies thereby enhancing customer loyalty. A well defined brand personality will foster emotional connections. It will build customer loyalty and as such influence customer purchasing decisions. Brand values are the core principles that guide a brand’s actions and communications. They truly reflect the brand’s belief, norms and ethics which often align with customer values such as sustainability, innovation and inclusivity. Strong brand values resonate with consumers. Brand equity, brand positioning, band personality and values are crucial for building strong and enduring relationships with customers. It is these enduring engagements that makes companies such as Coca-Cola thrive and stand above the rest in a dynamic and competitive environment. 29 Your Logo or Name Here

30. Thank you Chitsamba Alec [phone] [email protected] www.buse.ac.zw