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Please respond to discussion below: Brand equity is a…
Please respond to discussion below:
Brand equity is a significant factor in influencing a company’s branding strategy and market position. Private label brands (PLBs) have changed significantly, moving away from their previous perception of inexpensive and low-quality products. As a result, they now demand specific branding strategies to maintain competitiveness. Rebranding is an essential strategy for businesses to stay relevant amidst evolving consumer preferences and competitive forces (Lancaster & Massingham, 2018). Rebranding necessitates substantial financial investment and organizational resources without any assurance of achieving desired outcomes. Brand equity is crucial in the smartphone industry as it significantly impacts consumer preferences and willingness to pay higher product prices.
Samsung and Apple: Brand Equity Strategies in the Smartphone Industry
Samsung and Apple have become dominant forces in the smartphone market due to their successful implementation of brand equity strategies. Both companies utilize the multiproduct branding strategy, which involves using a single brand name to develop and diversify their product offerings while taking advantage of the existing brand value (UMGC, 2022). Apple has consistently prioritized delivering a distinctive user experience and cultivating favorable brand associations. Iglesias et al. (2019) found that features such as iMessage contribute to developing brand loyalty among iPhone users by fostering a sense of exclusivity. Apple’s consistent branding strategy enables the company to maintain higher product prices, substantially contributing to its revenue and market dominance.
Samsung, a private-label brand, has effectively established itself as a prominent participant in the global smartphone industry. The company offers a wide range of products that target different consumer segments, which helps to establish a strong brand reputation by increasing brand recognition and perceived product quality (Markovic & Bagherzadeh, 2018). Aggressive marketing and advertising campaigns have significantly enhanced Samsung’s brand image and market position.
Learning from Samsung and Apple: Enhancing and Defending Brand Equity for Slate Inc.
Slate Inc., a cell phone company competing with Samsung and Apple, can gain insights from these companies to improve and protect its brand equity. Success hinges on implementing strategic measures that resonate with consumers and cultivate enduring trust.
Slate Inc. should prioritize investing in a unique user experience to differentiate its products from competitors, similar to Apple’s approach. Prioritizing user-friendly features and seamless integration can enhance customer satisfaction and cultivate brand loyalty. Furthermore, it is crucial to adopt social media platforms for branding. Iglesias et al. (2019) state that social media platforms provide a valuable opportunity for businesses to interact with customers, distribute engaging content, and cultivate a favorable brand perception. Slate Inc. can enhance its relationship with its target audience by leveraging the extensive reach of social media. In addition, Slate Inc. should contemplate diversifying its product offerings to accommodate different consumer demographics, taking inspiration from Samsung’s strategy. Various products can increase brand recognition and perceived excellence, attracting a more extensive customer demographic.
Conclusion
Brand equity is a significant factor in the smartphone industry, as it impacts consumer perceptions and influences purchasing choices. The success of Samsung and Apple can be attributed to their effective brand equity strategies. Slate Inc. should prioritize developing and protecting its brand equity to ensure effective competition. This can be achieved by emphasizing distinctive user experiences, utilizing social media platforms, and providing a wide range of products. Slate Inc. can enhance its market position and competitiveness in the cell phone market by investing in well-designed and consistent brand experiences.
Iglesias, O., Markovic, S., & Rialp, J. (2019). How does sensory brand experience influence brand equity? Considering the roles of customer satisfaction, customer affective commitment, and employee empathy. Journal of Business Research, 96, 343-354. https://doi.org/10.1016/j.jbusres.2018.05.043.
Lancaster, G., & Massingham, L. (2018). Essentials of marketing management. https://doi.org/10.4324/9781315177014.
Markovic, S., & Bagherzadeh, M. (2018). How does the breadth of external stakeholder Co-creation influence innovation performance? Analyzing the mediating roles of knowledge sharing and product innovation. Journal of Business Research, 88, 173-186. https://doi.org/10.1016/j.jbusres.2018.03.028.
University of Maryland Global Campus (2022). Innovation Through Marketing and Technology. UMGC MBA 640 2225 online classroom
