Optimizing Brand Equity in Hungarian Running Contests - Research Proposal Example

This section of the research will involve a critical review and analysis of secondary sources in order to deduce various theories and concepts relevant to this study. This will bring out the main views and matters that can be used in forming the yardstick of the rest of the research. The literature review will make use of groundbreaking definitions and theories propounded by authorities in order to present ideas and concepts for discussions. Brand and BrandingAuthorities like David Aaker argue that a brand that is little known in marketing but a firm that gives branding limited attention has an equally limited chance of survival and growth (Mullin, 2013).

Brand awareness is therefore a process that enables firms to connect with consumers in order to build some kind of rapport and connection with consumers (Mullin, 2013).Other authorities view the concept of brand awareness from the angle of defining what a brand is. A brand is “a name, term, sign, symbol or design, or a combination of them, intended to define goods and services of one seller or group of sellers and to differentiate them from those of competitors” (Piotraschke, 2012, p. 3). This definition indicates that a brand is something that gives the essence of a given product or idea to consumers.

Hence, the brand is an important element that enables a firm to connect with consumers and also build an emotional connection with the product or service being sold by the producer.Brand Management and Brand EquityBrand equity is the management of a company’s brand assets and brand liabilities in order to create a positive differential of brand awareness and brand meaning in order to cause the customer to respond positively to the brand in question (Crane, 2012). Brand equity is about the brand association, brand trust and brand loyalty for the positive association and connection with a given product (Glynn & Woodside, 2012).