Brand equity (continue)
Brings credibility, aids in launching new products or services, even in new markets or target segments
Some see brand equity as the company asset
The fundamental asset underlying brand equity is customer equity – the set of loyal customers – extending loyal customer lifetime value
Brand name selection
Desirable qualities – a brand name should
(1) Suggest something about product benefits or qualities (“Sunkist”)
(2) Be easy to pronounce, recognize, and remember – short names help, but longer ones can also be effective
(3) Be distinctive
(4) Translate easily into foreign languages
(5) Be capable of registration and legal protection