July 2009 Game Question 5 Building, measuring and managing brand equity Brand equity refers to the intangible

value that add to a company s brand to establish strong brand! "ence, according to #otler $ %eller, a brand is a name, a logo, a symbol or other feature that differentiate a firm s product or service in the mar#et place! &he added value in the brand reflect ho' customers feel, thin# and act about it! ( brand is a mar#eter promise to deliver predictable product or service performance! ( brand promise is the mar#eter s vision about 'hat the brand must be and do for customers! ( positive customer based brand equity is 'hen customers react favourably 'ith the brand! )nderstanding customer based brand #no'ledge is important because it is the foundation of brand equity! Game, from the beginning of its foundation 'as already a'are of that as since its creation, the brand Game is being a successful one! *ar#eters building brand equity by creating the right brand #no'ledge structures 'ith the right consumers! Game, target audience is +anybody 'ith disposable income! &hus, Game is targeting a massive mar#et! ,or being successful, game can build a brand equity on customers direct e-perience 'ith the products and services offered! &his e-perience has over time, creates value in its brand! &he brand has found instant success 'ith local consumers as 'ell as those tourists in .urban as Game has became a +must do for those visiting .urban! &he brand equity is 'hat creates loyalty that carries beyond price! /t is the quality of the services and products offered that motivates the customers to recommend their friends, colleagues and family to the firm! (s such, even after being ta#en over by *assmart "oldings, sales at Game has continue to rise to even greater heights! ,or building the brand equity, the first step a firm need to do is to define the current position of the firm 0 the single thing that the company stands for it s customers! &o define the brand position, the company need to identify it s #ey leaders, and decide 'hat ma#es it different from the competitors! Game current positioning is that it is continuing its e-pansion throughout the (frican country! &he unique selling point of Game is + a fun, satisfying shopping e-perience highlighted by discounted prices across massive range of goods on offer in friendly, bree1y surroundings ! ,urthermore, brand elements facilitate the process of consumer s brain mapping and are vital in building brand equity! &he point of difference 234.5 that Game offers is +(t Game you get the 'idest range of products at lo'est possible prices 0 you get more for less ! &o continue 'ith the design and appearance of Game ma#e customers attracted by it! (t Game, anyone from any race, culture is 'elcomed in the fun and friendly atmosphere! &he brand name in itself can convey the brand 0 Game! /t is easier to remember and a pronunciation is clear and easy for even non67nglish spea#er!