Brand Equity, which emerged in the late sass's, revolutionized the perception of marketing as it encompasses the assets and liabilities associated with a brand. Brand Awareness is a valuable asset as it can be long-lasting and hard to dislodge once it reaches a high level of dominance. Brand Loyalty, on the other hand, provides significant competitive advantages and reduces marketing costs by retaining existing customers.
When purchasing a Hallmark card, for example, one can derive self-expressive benefits from the product, allowing individuals to express themselves. Incorporating brand identity into the strategy formulation process leads to a more precise and elaborate ultimate strategy.
...However, brand identity and position also serve other explicit roles.
Having multiple brand identities can be counterproductive if applied uniformly to all products or market segments. Instead, adapting the brand identity to each context should be considered. Augmenting the brand identity to suit specific contexts is one approach that can be adopted.
The brand position refers to the communication goals and which aspects of the identity should be conveyed to the target audience. Creating a brand position separately from the brand identity allows the identity to become a detailed representation of the desired brand image. It does not need to be a concise perspective solely meant for guiding communication.
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