Following report will provide analysis of Ralph Lauren's case study, describes the process of building Customer Based Brand Equity constructed on K.Keller's 4 Step Model, how did the brand achieved brand identity and awareness. What does it means to the customers, and to what extend brand resonance was accomplished as well as provide closer look at Points of Difference and Points of Parity in context with its main competitors and market environment. Last part consist recommendations for the future of the brand and advises on how and what the brand needs to do in order to keep their established position.
INTRODUCTION.
Building a strong recognizable brand has been proven to be rewarding on many levels for companies and it has been recognized as a top priority for many businesses. To achieve that, majority of the companies apply Kellers Customer Based Brand Equity (CBBE) model, which involves 4 steps which would help building up a strong and widely recognized brand, and at the end reflect with customers being positive about brand extensions, potential price increases etc. According to Kellers model step number one means establishing identity, wider awareness and recognition of the brand and it's the most important part of the process. Step two means creating appropriate brand meaning through strong favorable and unique brand associations. The goal is to identify what your brand means. And what does it stands for. Step 3 is based on eliciting proper, positive customer responses to brand identification and brand meaning. Customer's response can be categorized by judgments and feelings. Forging brand relationships with clients and establishing intense and active brand loyalty lands on top of the CBBE pyramid, and its achieved when customers feel a deep psychological bond with the brand. If all of the above 4 steps are properly achieved, it would mean that the brand is responsible for shaping and controlling how consumers think and feel about the product.
Penney Case Study Company History and Background J. ... Penney's recovery was also stymied by Ullman's massive 2008 deal with Ralph Lauren to launch American Living, was a Polo-lite brand sold only at Penney, which failed largely because J. ... Penney was not allowed to the Ralph Lauren name or the Polo logo. ...