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Managing Brand Equity
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[QUOTE="Jasz, post: 232655, member: 61772"] Brand equity is what differentiates your product from your competitors' products. If your brand equity is low, your consumers may not be able to differentiate between you and your competition. On the other hand, a strong brand equity will allow you to charge more for your product than competitors can charge for their product. This means that you can spend more money on marketing and advertising because you are making more money on sales. Ultimately, this leads to increased market share and higher profit margins. In order to manage brand equity, you need to know how your customers perceive your brand. You can do this by conducting surveys or interviews with customers and asking open-ended questions about what they like or dislike about a particular product or service. Once you have gathered this information, it's important to analyze it in order to see what patterns emerge among respondents. You'll want to pay close attention to any negative feedback as well as positive feedback so that you can make changes where necessary before launching a new product line or entering into a new market segment. Once everything has been analyzed, then it's time for action! You'll need to develop a strategy for improving customer satisfaction by making adjustments based on the data gathered during research phase. [/QUOTE]
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