Measuring and Managing Brand Equity - Essay Example

Chevy/Honda 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. Although most customers will buy, a car based on the cost and functionality first there is still the appeal to own a luxury car with all the trappings that come with it. Car manufacturers know this and that is why they always endeavor to give all their customers brands, which have some brag appeal[ CITATION Kot97 \p 234 \l 1033 ]. The car is part of the image of the customer just as clothes and other personal effects are. In order to market cars therefore it 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 car sell at the 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[ CITATION Lin91 \p 230 \l 1033 ]. These 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. This calls for high-quality marketing products. The words and pictures need to make a statement that enables the customer to visualize and internalize what sets the product apart[ CITATION Lov94 \p 164 \l 1033 ]. The customer needs to feel that they are justified paying for the product. This means that only top-quality photographs, paper can be used and only top-notch commercials aired on television and radio or radio advertisements. It does not make sense to save a few dollars on marketing because it can bring bigger loses when potential customers do not to take you seriously. The Chevrolet The Trailblazer 2014 model is a beautiful and impressive looking car, which are what most appeals in marketing a car. First impressions matter in the marketing[ CITATION Kel98 \p 98 \l 1033 ] of cars and the Chevrolet Trailblazer has a head start in the way it is advertised as an SUV that not only performs in the city but also off road as well. This is meant to appeal to city folk who want to go off into the country as well as country folk who want to travel to the city often. The car also boasts of ten new features that are state the art. It not only promises the ultimate in driving experience through increases power levels but an Upgraded 2.8-liter DURAMAX diesel engine with VGT & intercooler now delivers 200 horse power. It is also top in its class with and class-leading 500 Nm of torque. This is also a marketing strategy whereby a company that has different products makes sure that it has cutting edge advantage in its products so that it sell itself without too much trouble. Superior horsepower alone no longer cuts the deal but to it, manufacturers have to offer superior driving comfort. This is in greater superior comfort afforded by the new 5-Link Rear Suspension System with Dynamic Driving Technology (DDT), which ensures that the vehicle has smoother rides even over not so good road surface areas. That’s just for starters for the promise to deliver a difference in driving with an upgraded and truly state-of-the-art SUV with Dynamic Driving Technology (DDT) that includes Anti-lock Brake System (ABS), Dynamic Brake Distribution (DBD), Traction Control (TC), Hydraulic Brake Assist (HBA), Panic Brake Assist (PBA), Electronic Stability Control (ESC), Engine Drag Control (EDC), Cornering Brake Control (CBC), Hydraulic Brake Fade Assist (HBFA), Hill Descent Control (HDC) and Hill Start Assist (HAS). Those are just three new features the car won two awards: the best SUV of the year 2013-24 from Car Awards Group Inc. and the best mid-sized seven seater from ninth Annual C Award 2013. Honda The Honda Mobile MPV is 4.4-metre long with a wheelbase of 2.6-metre and has a ground clearance of 185mm. It looks better than others in its class with its new stretched out proportions and non-boxy looks. The Mobilio’s appeals in the rear as all resemblance to other sedans changes with a new set of tail lamps and plenty of curves. This new improvements have been made in order to revamp the sedan experience for markets that already exist. The interior of the Mobilio’s now has a two-tone color scheme that gives an illusion of the cabin feel roominess. The seats are more flexible with plenty of storage space, which is what appeals to sedan lovers, and this has been capitalized on for better appeal. There is also a more generous amount of cabin space and good amount of headroom. The car is meant to appeal to families even more with an even more impressive third row seat that has adequate knee room. These are features that have to be emphasized in concentrated marketing and the Mobile is doing a good job of it as it competes for equal attention with similar the Brio and Amaze. This is done to avoid cannibalization within the car products. Conclusion If however one intends to sell cheaper brands while at the same time selling the premium models then care needs to be exercised in order to differentiate[ CITATION Lou93 \p 178 \l 1033 ]. This is what the Honda Company has done with the Honda Mobilo. This will increase the marketing in the high-end cars and lends them credibility. This is a double blessing because it will ensure that cannibalization of the other products/cars does not take place. This will work out well because the marketing of the luxury car products and features will invite customers to compare numbers. They will most probably conclude that they are getting a good deal for their money for the less-expensive models. There is the added benefit where mid-price models are offered because the buyers can have a sense of upgrading to a more superior product and get elements that were once limited to the models in the luxury market. The trick is to create the image hats all about owner experience. This is not to mean that a model in the same company should be compared to another but that every model should be showcased as an ultimate experience in its own class. The new experience in modern driving experience is that luxury cars no longer have to massive. This has been demonstrated by Mercedes, BMW and is been g emulated by cars such as Chevrolet in their premium vehicles such as the Trailblazer. They also do not necessarily have to have a six-figure fixed price tag. In fact many companies getting more into selling their compact cars, which are rated as their premium in their brands. This is because they are targeting a niche in the market hoping, these are younger buyers, and other demographics who want to buy their luxury cars while still young. These usually young professionals and entrepreneurs have made good money and are itching to spend it to make a statement. This makes good business sense since the expanded market for higher quality products is a guard during times of recession, because the buyers can easily maintain the brand status. The smaller high-end cars have also greater appeal for women as a niche, which means A high-end car should make customers feel good about them, and allow their passengers to ride in style. Make that self-indulgence a key element of your marketing strategy. From the seat material, to the climate control, to how the car handles, customers want to see their high-end car as an oasis to escape from whatever may be hassling them outside its windows. Marketing the luxury of the driving experience helps sell the car. References CITATION Kot97 \p 234 \l 1033 : , (Kotler, 1997, p. 234), CITATION Lin91 \p 230 \l 1033 : , (Linneman, 1991, p. 230), CITATION Lov94 \p 164 \l 1033 : , (Lovelock, 1994, p. 164), CITATION Kel98 \p 98 \l 1033 : , (Keller, 1998, p. 98), CITATION Lou93 \p 178 \l 1033 : , (Loudon, 1993, p. 178), Read More