What are five elements of brand equity ?discuss how brand equity can be leveraged through strategies like multi-tier branding ,co branding and ingredient branding?( please answer in 200 to 250 words)
The five elements of brand equity are proprietary brand awareness, association, brand loyalty, perceived quality and proprietary brand assets. Proprietary brand awareness focuses on the prominence of the brand through appropriate advertisement investments. Promotions that carry creativity are the best selling points of businesses. When customers know the existence of a specified business and the category that it belongs to, it is easy for them to purchase the products or services.
Brand equity can be leveraged through different branding types because a brand hugely depends on its image in the field. Multi-tier branding capitalizes on all the segments of the market by incorporating collaboration with other brands. It helps in the marketing of products and services from different companies with the ultimate goal of dominating the market with a variety of products. On the other hand, co-branding centralizes on the efficiency of other firms in the industry to team up and push the individual brands as a cooperative group. It helps in the facilitation of market dominance for certain products or services due to the concerted efforts in advertisement. On the other hand, the ingredient branding focuses on specified features of a brand that are promoted in the public to enhance the advertisement processes for a better brand creation.