EXPERIENTAL LEARNING – 1

Brand Equity Management

Name – Poushali Dasgupta

PRN Number – 18050143063
How neuroscience can help Brand building
The psychological effect of marketing is one of the crucial aspects that determine the success of a
campaign. Considering the changing digital ecosystem, it has become imperative for marketers to
effectively utilise the escalation and advancement of media options available today. Understanding
various patterns of buying behaviour through close analysis of the role of memory encoding in
purchase decision can enable marketers in developing brand equity as well as associations. In order
to build a brand, it is imperative to measure the input and the interpretation as well as the output,
which is brand recall. Understanding and using neuroscience as a tool can enhance the information
marketers already have, They can identify more consumer pain points and target accordingly. This
tool can be effectively utilised to study patterns of media consumption as well as identifying the
ideal time to enhance the information and associations with a particular brand in the ‘brand room’.

Such analysis ensures sustainable brand recall as well as identifying certain images, videos and other
such stimuli that may trigger memory. Memory encoding enables brands to retain their associations
in the minds of consumers through triggers that remind them of the brand. Some of the examples of
such methods are Cadbury’s Gorilla ad as well as ‘Generations’ by John Lewis.

My understanding of concept of 'Brand Equity' and its importance to marketers.

There is a lot at stake when a brand performs in the market. The image, associations and
understanding a brand holds in the eyes of the consumer determine the positioning as well strength
of the brand in the market. It is a long-term investment on awareness, associations, loyalty as well as
brand’s perceived self that ultimately defines the market positioning and growth. In order to ensure
reliability as a promise to consumers, it is important to deliver effective results. The only way to
convince consumers about the brand potential is to fulfil and build on the promises made by the
brand to the users as well as potential consumers. The advertising efforts should be targeted in a
systematised as well as chronological manner. It is important to further study on the changing
perceptions and preferences of consumers in the long term. Building awareness as well as expanding
on the existing brand associations are some of the key elements determining the success of
advertising campaigns in building brand equity. It is imperative for marketers to identify modern
techniques that create and increase brand value and development of brand strategy. Understanding
brand equity also enables marketers to identify consumer insights as well as the existing
competition. Attitudinal equity can help forecast changes in the buying behaviour of consumers.
Equity modelling tools are imperative for marketers to gauge the long-term performance of a brand
and understand existing perceptions through sales analysis. Other such tools used by marketers to
develop brand equity are event marketing and brand equity analysis. The translation of the
perceived consumer value provided into willingness of a consumer to pay in real help influence
pricing decisions made by marketers to enhance brand equity. Similarly, creating relevant events and
in turn, brand experiences is also an important tool drive equity.