Marketing results and brand equity
Marketing results or effects of a product are represented in brand equity if the brand name suits all that it can accumulate without a brand identity (Ailawadi, Lehmann & Neslin. 2003). Brands with higher equity levels contribute to outstanding results which include stable pricing premiums, higher market shares, inelastic price sensitivity, improved profitability and competitiveness of the cost structure.
In three ranks, brand equity is calculated. The human, organizational and product levels are included. One approach is to evaluate consumers' minds with regard to a specific brand, that is, a CBBE (Consumer-Based Brand Equity). CBBE measures attitude, awareness, associations, attachments as well as loyalty towards a particular brand. The measurements are demonstrating fundamental underlying brand equity dimensions. According to Ailawadi, Lehmann and Neslin (2003), the measurements of brand equity have excellent diagnostic power through beckoning transformation in brand value alongside offering reasons meant for a specific change.
Measurement approaches
The other measurement approach for the brand equity is to measure the outcomes of product levels. Here, the brand equity measurements incorporate net profit, market share, revenue, loyalty, price premiums among others. Because the metrics might be attained and computed via sales of an information, they maintain features that are desirable to be objective and accessible. Besides, since the measurements are associated to financial returns closely, they give valuable orientation in support of brand valuation.
Focus on financial returns
Finally, more focus is placed on robust financial returns that are related to any brand. Essentially, such measures include the deliberation of projected earnings which are related to a specific brand. Since the approach places the prospective of future brand into the formula., it attempts to treat a brand like an intangible financial asset which is durable.
Brand equity in the fashion industry
Ailawadi, Lehmann & Neslin (2003), measured and compared consumer-based brand equity in the fashion industry through using various consumer groups through different cultures. The elements used were brand awareness and quality. However, brand loyalty is an essential feature of brand equity which shows positive association with the intention of purchase in every consumer group. Brand loyalty and association are the influential metrics of brand equity in the apparel industry. However, dimensions such as brand awareness and perceived quality weakly support brand equity within any fashion industry. According to Ailawadi, Lehmann & Neslin (2003), quality and price-prestige associations are serving as value equity drivers within any apparel industry. On the other hand, brand attitudes and awareness steer brand equity perception. Similarly, they prop the impacts of value and brand equity on the intentions of consumers to purchase a product. The involvement of consumers impacts retailers' attributes perception that might influence retail brand equity that is consumer based. Also, in the fashion industry, involvement of consumers bears moderate effects on the retailing brand equity. Consumers behavior in the apparel industry bears significant impacts in brand equity (Ailawadi, Lehmann & Neslin, 2003). Therefore, brand equity in the fashion industry affects the sales made throughout the year the company. Thus, it similarly it might impact positively, where profits are accrued and negatively, where losses are attained.
Conclusion
Brand equity, image and awareness have considerable impacts in the fashion industry. The fashion industry should do appropriate promotion on its brands in order to increase the profitability. It would be essential when the company's brand is distinct and can never be matched by others within the same market.
References
Ailawadi, K. L., Lehmann, D. R., & Neslin, S. A. (2003). Revenue premium as an outcome measure of brand equity. Journal of Marketing, 67(4), 1-17.
