Impact of Brand Equity on Consumer Behavior †MyAssignmenthelp.com

Question: Discuss about the Impact of Brand Equity on Consumer Behavior. Answer: Introduction: Brand equity is defined as the commercial value that derives from consumer perceptions about the brand name of a particular product or service. The concept of brand equity does not rely on the product or service itself, rather than doing this, brand equity focuses on the brand image and consumer perception about the product or services (Freling Forbes, 2013). The marketing industry is greatly influenced by the concept of brand equity which decides the success and failure of the business deals their future development perspectives. The brand name can easily generate revenues from the simple brand recognition. The products having higher brand value earn more revenues rather than a product having great quality without a bradn name. Brand equity refers to the value of brands. In contrast with these facts, bradn equity is studied from two distinct perspectives, such as Cognitive Psychology and Information Economics (Godey et al., 2016). In accordance with the definition of Cognitive Psychology, the brand equity depends on the awareness of consumers in case of brand features and offerings of the brands. Whereas, Information Economics states that brand names are itself a signal for signifying the quality of product. Consumer Behavior Consumer behavior is defined as the study of individual and groups who are using, selecting and disposing the products, services and ideas for satisfying their needs and demands. Consumer behavior has important relation with the marketing trends and concepts. Marketers understand the consumer behavior while doing some surveys about their products and making their policies popular within the market (Goh et al., 2013). The marketing professionals get trained for understanding the needs and functional demands of consumers within various segments of markets. Marketing professionals changes their strategic moves and development process of strategies according to the variations of demands of consumers. These strategies guide them to declare some products as obsolete and as a result of this fact, some new products and services are introduced within the market place with respect to the consumer demands. Impact of Brand Equity on Consumer Behavior According to Chovanova, Korshunov and Babcanova (2015), In between the year of 2009 and 2014, the complex research on brand management was conducted within Slovak republic at the Faculty of Materials Science and Technology, Slovak University of Technology. This survey revealed that the 52. 2% males, 47.8% females and more than 18 years old Slovak inhabitants are attracted towards the brand value and their responses are towards the organizations those are having high amount of bradn value for their products and services. The consumer behavior changes the entire production of any organization and also it mandates the functional strategies that are taken by the organizations for managing their brand concerns within their competitive target market. These decisional aspects maximize the market share with respect to the organizational objectives and consumer demands from their market premises (Huang Sarigll, 2014). The consumer based brand equity is come up with significant development in the field of knowledge based and strategic branding of products and service within any organization. The following figure shows the impactful decisions of different authors about consumer based brand equity. According to Rehman (2016), due to increased competencies within the sector of mobile phone manufacturing business there is one question that is getting raised in the contemporary time is that is brand equity is motivating this business or purchasing behavior of individual?. In contrast with various evidences about this fact, this aspect is highlighted that brand equity is entirely influencing the development of consumer behavior with respect to various functional areas of involvements within the competitive market. The above figure is showing significant process of managing brand value and brand management within the technical sound industry where phone manufacturing processes are prioritized with respect to consumer demands and functional aspects. There is various significant resources information that is made available within the web or journal articles. The above figures and functional aspects are showing the impacts and behavioral analysis of the consumer behavior for identifying their responses over the target markets. In accordance with the findings and analysis of the research topic, following are the concerned hypothesis identified for this research process: H1: Brand Equity of Apple is impacting on the consumer behavior H0: Brand Equity of Apple is not impacting on the consumer behavior The entire research process is based on the secondary data collection about the impact of brand equity on consumer behavior of organizations. In contrast with this fact, the consumer behavior has been studied within this report with respect to various functional aspects involved within organizational behavior and functionalities involved within their target market (Brodie et al., 2013). In contrast with these facts, the research process is arranged with respect to critical literature review based on the definitions of bradn equity and consumer behavior. The literature review is linking the research objective with the general concepts of consumer behavior and brand equity involved within any organization (al Adams, 2014). The crucial objective of this report is to analyze the crucial factors of brand equity that are impacting on the consumer behavior of Apple. In contrast with this fact, the general description about brand equity and consumer behavior discussed in the segment of lite rature is helpful to the researcher in finding and collecting raw data that shows impact of Apples brand equity on their consumer behavior. Methodology used by this research This project report is focusing on the qualitative methods as there are various secondary resources which are being used within this research topic for understanding the impact of brand equity within the consumer behavior. The brand equity of Apple is greatly impacting on their consumer behavior with respect to the standards of products and quality of services (Freling Forbes, 2013). This report is describing the process analyzing the impact of brand equity on consumer behavior of Apple. The finding and analysis shows the collection of data sets that supports the objectives of the research process. This research has considered the impact of brand equity on consumer behavior of Apple. In order to convey these aspects and funding, various research papers, journals and annual report of Apple are studied in order to collect data from those resources. The aim of this research is to make an analysis on the impact of Apples brand equity on the consumer behaviors in purchasing the products of Apple. Various secondary sources of information are used for conveying this research that is readily available within websites (Chovanova, Korshunov and Babcanova 2015). These data are viewed as the raw data involved within research process for supporting the research objectives and aims. Some of the resources that are reviewed in this research are Apple Inc. website, annual report, Australian Bureau of Statistics (ABS) report etc. In addition to this, previous research papers that are published on Apples consumer buying behavior and brand equity are used within this research process for collecting data. The Annual report of Apple is helpful in identifying the growth of revenues of Apple. According to Apple Press Info published in the site of Apple Inc. in the year of 2015, Apple was announced their financial results for its fiscal 2015 fourth quarter ended sin September 26, 2015. The company earned revenue of $51.5 billion in that year. The net profit from this was 11.1 billion dollar (Titcomb, 2015). The above figure shows the net growth of iPhone from 2011 to 2015. This reveals that in the year of 2011 Apple had growth revenue about $108.2 billion and profit $25.9 billion, in 2012 revenue was $156.5 billion and profit was 41.7 (Titcomb, 2015). In accordance with all of these data this growth of revenues and profit got higher values in the year of 2015, revenues- $233.7 billion and profit- $53.4 billion. All of these figures are showing the growth consequences about Apple that reveals high demands for the Apple products among their consumers. iPhone is one of the most popular products of Apple that is gaining high revenues in comparison with other smart phones available within the market. The above figure is showing the sales growth of iPhone in between the year of 2011 to 2015. In the year of 2011, the sales for iPhone were 16.2 million (Titcomb, 2015). This amount of sales got increased in the year of 2015 and it was 74.5 million. These raw data reveals that the demands for Apple phones and products are getting increased in the contemporary times with respect to the demands of consumers. The consumers are getting attracted towards Apple as they are finding interesting offers and functionalities among Apple Products. There are various consequences that need to be managed with respect to branding of company images. In contrast with this fact, Apple is one of the worlds leading organizations that manufacture phone and other electronic devices for grabbing customer attention. There are three objectives that are considered as building block of this research process. These research objectives are linked with specific sections that are covered within this research project. The analysis for finding the purpose of brand equity within organizations are elaborated within the literature review section for managing different developmental aspects and functional areas of development within different organizations (Freling Forbes, 2013). Apple has also followed some specific set of strategies and functional steps that are elaborated from general perspectives of phone manufacturers within competitive market. Identification of branding strategies are covered within the third section of the literature review which states that the branding strategies can motivate the user interests and gain functional advantages from significant areas of markets. The emotional branding strategies of Apple are motivating the consumer behavior with respect to their changing behaviors and functional demands of individuals (Godey et al., 2016). Apple always prioritizes the demands significant development of user interests and they provides effective innovations for make the users motivated with respect to their new developments. Linking to objective To understand the purpose of building brand equity This aspect is analyzed in the first part of the literature review that states which is defining the brand equity concepts with respect to marketing and organizational trends. In contrast with these facts, the literature review is elaborating purpose of building brand equity within organizations for managing organizational development as well as for managing customer satisfaction. The section Brand Equity is mainly answering this segment of objective. Linking to objective To identify branding strategies that is followed by Apple in order to create brand equity among consumers The identification of branding strategies that are followed by Apple for creating brand equity among consumers is identified in the section of Consumer Behavior and Impact of Impact of Brand Equity of Phone Manufacturers on Consumer Behavior which is generalizing impact of strategies that are included within the phone manufacturing industry. Therefore, this aspect can be easily related to Apple as they also focus on their strategy selection of attracting consumers. Linking to objective To analyze how brand equity of Apple influences consumers buying behavior This objective can be linked with the section of Impact of Brand Equity of Phone Manufacturers on Consumer Behavior. This aspect can be considered as the impactful area that needs to be considered by Apple as they needs to study the consumer behavior with respect to various functional aspects of consumer behavior. According to the findings from different resources such as Apple Inc websites and different journal papers, this is highlighted that the brand equity of Apple is impacting on the consumer behavior of their products. Different collected data sets and functional analysis on those data highlights the impactful situation on the consumer behavior of Apple.r This hypothesis is considered as the null hypothesis and according to the data collection and findings from the research it is highlighted that the consumer behavior is changing due to the impactful brand equity of Apple. Conclusion This research is showing all the elaboration about different research questions that are considered within this research process. The contexts are elaborated as follows: Fist research question is elaborating about the purpose of creating brand equity. According to the findings from this research process, this is identified as that Apple has increased their revenues by 51 million in the year of 2014. Therefore, this figure shows that Apples consumer behavior changes accordingly with the concept of brand equity. The second research question states about the strategies used by Apple that improves their bradn equity among their customers. This aspect is analyzed that Apple uses consumer friendly branding strategy that manages their consumer behaviors. The third research question is elaborating about the process that Apple follows for managing consumer experiences. This aspect is managed with respect to the different figures that are highlighted in the data analysis part of this research. In the year of 2015, total 74.5 billion iPhones has been sold that shows the attractive consumer behavior towards their products. This can be concluded that this research paper is consists of mainly two parts of project contexts and project proposals. Project context is nothing but the elaboration about my project profession as one marketing professional. Apart from this part of the assignment, the project proposal is elaborating about impact of brand equity on consumers buying behavior: an analysis of Apple. These second part is mainly focused within this project report. The literature review of this assignment is dependent on the secondary resources and the concerned data from secondary resources are critically analyzed within this report. The research is only trying to analyze the impact of brand equity on the consumer behavior of Apple. However, there are various other aspects such as brand quality, brand pricing and other important related to brand values that also need to be studied. Apple should focus on network connectivity of their sales and revenues growths. The organizations should utilize their brand image in order to innovate new things among consumers. The strong innovations process can only be successful if significant threats to Apples business are minimized. References Brodie, R. J., Ilic, A., Juric, B., Hollebeek, L. (2013). Consumer engagement in a virtual brand community: An exploratory analysis.Journal of Business Research,66(1), 105-114. al, B., Adams, R. (2014). The Effect of Hedonistic and Utilitarian Consumer Behavior on Brand Equity: TurkeyUK Comparison on Coca Cola.Procedia-Social and Behavioral Sciences,150, 475-484. Chovanova H.H., Korshunov I. A. and Babcanova D., (2015). Impact of Brand on Consumer Behavior. Ac.els-cdn.com. 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