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Measuring and Managing Brand Equity - Essay Example

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The current paper highlights that the car industry is permanently in search of innovations. It is also in the business of upgrading its older models into better and more modern versions that will appeal both to loyal buyers of their brand and potential buyers…
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Measuring and Managing Brand Equity
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Download file to see previous pages The car is part of the image of the customer just as clothes and other personal effects are. In order to market cars, therefore, a car company will do well to remember this. They need to have an edge over other comporting brands in their category and they need to come out at the top.
This is what makes the car sell at premium prices. The Rolls-Royce, for example, sells durability as well as heritage. It has withstood the durability test with seventy-five percent of all its manufactured cars still performing wonderfully and still on the road. Those that cannot keep up with that kind of reputation can sell themselves through associating with dominant world-class racing teams. Then others like the BMW and Mercedes can maintain its class, which is niche marketing by adding superior interior finishing is such as hand-polished wood. There is no car that can afford not to invest in top of the art technology any more if they wish to sell. The dashboard and entertainment system needs to be of the very best quality no matter the brand of car. There should be no qualms about selling the status symbol of a car because this is a form of marketing(Linneman, 1991, p. 230). This kind of marketing appeals to those who want to make a statement about status. The car is a symbol of prosperity to such a market and luxury to them is well worth paying for
Therefore, moving up-market through selling premium cars can be a great business strategy. However, for those businesses looking into entering the market or into diversifying their already existing line of vehicles then the most techniques that work at selling cars at higher price points will require somewhat different marketing approaches. The selling of cheaper vehicles needs to extol all the added benefits and functionalities whereas for a high-end car brand the marketing needs to elaborate on the quality of the car, and by extension the image of the person buying it.
The marketing materials need to show off the quality of the car clearly.  ...Download file to see next pagesRead More
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