Topic > Function of a Brand Audit - 1121

Brand ExplorationA brand audit is a detailed assessment of a brand's current positioning in the market relative to other competitors. It provides information on how the company is performing in the market. A brand audit also aims to examine the image and reputation of the brand as perceived by customers. The two key elements of the brand audit are brand inventory and brand exploration. Brand inventory provides an up-to-date itinerary on how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken to understand what consumers think about the brand. It aims to conduct in-depth consumer research in order to capture consumers' feelings and perceptions. This paper examines the exploratory aspect of branding in auditing under the customer-based brand equity (CBBE) model. Customer-based brand equity (CBBE) model. a top priority for many companies. Customer base brand equity (CBBE) is a model adopted by many organizations to build strong brands that can compete with others in the market. The model outlines the four steps to follow in building a strong brand. The first step involves creating an appropriate brand identity, which includes improving customers' brand awareness. The second step is about creating the right brand meaning through a powerful and unique connection with customers. The third step involves invoking a positive response to the brand, while the fourth involves engaging customers to build brand affiliation aimed at strengthening active brand loyalty. However, some building blocks are necessary… middle of the paper… reliable or not. This narrows down to how consumers view the company's expertise in producing this particular product. Therefore, the company should ensure that all staff members are highly trained so as to increase customer trust. In conclusion, the customer-based brand equity model is an important platform that can help build a strong brand. It could help a company evaluate its progress and provide a template for market research activities. If properly planned and implemented, it could help the company achieve its marketing strategies and realize an increase in profit margin (Grover & Vriens 2006, p. 147)..Works CitedGrover, R & Vriens, M 2006, The handbook of Market Research: Uses, Abuses, and Future Advances, Sage Publisher, California.