Brand Equity and Customer Attitude and Behaviour - Coursework Example

A related concept, brand equity, is defined as “the value added by the brand name to the product…beyond the functional benefit it offers” (Crane, 2009, p. 131). The fact that brand equity is built by the reputation of a brand name is what bolsters the use of branding as a strategy; it is also the reason why this value should not be threatened by damage to the reputation by the perception of poor product quality and performance.Marketing Guide further explains that the objective of branding is not just to protect yourself as being better than your competitors, but branding seeks to position your brand so uniquely in the minds of your consumers so that they perceive your product as the only possible solution to your problem or need (Morita, 2010).

The objectives of good branding are as follows:The increasing demands of brand development are due to two primary factors i.e. urge for acquiring higher market share and increasing concern towards consumer value (Verma, 2009). The modern management style and thought process of decision-makers have transformed the brand strategy. When a company is able to meet its responsibilities towards stakeholders, society, community, and environment, it is able to create a high brand image in the market (Laszlo, 2008, p. 161). Managements in modern organization culture follow management theories and models which are very effective in achieving common organizational goal.

In this respect, they concentrate on the two-way communicational system within cross-functional teams and with their consumers. For example, the existing management system deliberately tries to implement integrated marketing communication that focuses on a better marketing strategy for enhancing consumer values. These efforts made by modern management are very helpful in brand development and hence, they try to draft specific plans for branding strategies (Hitt et al 2009).Recently in 2010, Toyota faced a great deal of tarnishing of its brand image because of the quality degradation of its product which led to failures of acceleration and braking system in its cars on the road causing deaths and accidents.