BUILDING BRAND EQUITY: A STUDY OF HARSHA TOYOTA

Abstract

When creating a new product, a brand is a name or symbol that is used to identify the product's origins. Branding is a crucial choice. When a brand is well-known and has a favourable connotation in the consumer's mind, it may offer substantial value. This is known as brand equity. "A brand distinguishes the product from buyers by using a name, term, symbol, or design, or some combination of these, to distinguish the product of a particular seller from those of competitors," according to the American Marketing Association. It is possible for a seller to gain the trust and repeat business.
Creating a brand name for a product, creating a mark for the product, and establishing and popularising it are all part of the branding management process. Brands make it simple for customers to recognise goods and services. It is an effective tool for generating and maintaining demand. One advantage is brand equity. The strength of a brand in the marketplace is referred to as brand equity. Customers will remain loyal to a strong brand because it has significant brand equity. A poor brand contributes significantly to consumer equity and has lower brand equity. With brand management as a key marketing strategy, marketing planning should properly concentrate on increasing customer lifetime value.