Branding versus Brand Equity
Branding is technically defined as a way to be able to provide the clients a perfect impression about a certain product to make them finally decide to purchase it (Business.. n.
p. ). On the other hand, brand equity is technically defined as a way to calculate the value of the brand (Wikipedia n. p. ). This paper entitled, “Branding versus Brand Equity” aims to look into the differences between two technical terms known as “branding” and “brand equity”.
There are several differences between “branding” and “brand equity” and some of these are the following: First of all, branding carries the goal of a certain business or product wanting it to be the client’s first choice (Business.. n. p. ). Brand equity’s goal, on the other hand, is to find out “the value built up in a brand” (Wikipedia.. n. p. ). Second, to achieve the goal of branding as previously mentioned, what it takes for that to occur entails “building and managing a brand” (Business..n. p. ).
Meanwhile, in brand equity, the goal of branding may be reached by “calculating then drawing a comparison between the expected future profits from the branded manufactured goods with the anticipated potential or upcoming revenue from an equivalent non-branded item” (Wikipedia n. p. ). Third, branding can provide the prospective clients an unyielding idea of what they are about to purchase, making it easier for them to decide to make a purchase (Business.. n. p. ).
On the other hand, brand equity, makes it a little excruciating for a client to buy a certain product simply because brand equity may either be positive or negative (Wikipedia n. p. ). Positive here means that it may provide prospective clients an unbending thought with regards to the product or negative, which means, it may give forthcoming clients to see a product not worthy of attention and money (Wikipedia n. p. ). Fourth, since branding is founded on the goal which is to become the best alternative for prospective client, then it is most likely to result in a positive outcome (Business..n. p. ).
On the other hand, since brand equity is founded on a neutral goal, then it is most likely to result in a bad management, and eventually, a bad product as well (Wikipedia n. p. ). Fifth, branding may be utilized by all types of companies, big and small alike (Business.. n. p. ). Brand equity, however, cannot cover all types, it is limited to large companies since it entails calculations and comparison of branded and non-branded products (Wikipedia.. n. p. ).
Last but not least, branding seeks to build a flourishing brand by: 1) paying attention to the wants and needs of the clients; 2) staying honest and believing in your own brand; 3) keeping the simplicity of the brand; 4) being extensive; 5) making sure of the employees’ involvement and their believe and support on the brand itself; 6) proper articulation of the brand through print & television advertisements, leaflets, written communications etc so that the same slogan and idea is reinforced; 7) utilization of the same logo everywhere; 8) meeting the promises kept related to the “brand promises” and even exceeding if circumstances allow; and last but not least 9) looking for opportunities to improve the brand and continuously seeking for room for growth (Business.. n. p. ). Simply put, it focuses on what should be aware on, the quality, how much a client is aware of such, as the trend goes for brand equity (Wikipedia n. p. ). Conclusion Branding and brand equity are different in terms of goal, technique of reaching for that goal, in terms of appeal to clients, in terms of the size of the companies that it may serve, as well as, the focus (whether quality or quantity).