To strengthen your brand equity. Business & Marketing Essay

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Strengthening Your Brand Equity
Currently, the market is filled with varieties of goods that consumers can choose from. The increase in the range of goods has resulted from the emergence of different manufacturing companies producing the same product. For instance, today's potato crisps are available in several varieties, depending on the company and the flavor. This is the case with other foods and general consumer goods. In the free-market perspective, this idea of having a variety of products is acceptable. Furthermore, it provides producers with the chance to manufacture and market their goods in a fair market. At the same time, consumers have the advantage of being able to choose from different assortments. However, as market research has shown, consumers may have fewer choices than they think (Greene and Joanna 13). Hence, through cooperation with retailers, manufacturers are trying to reduce the variety of goods they sell to consumers. In this paper, therefore, I discuss how I would strengthen my brand equity in such a situation.
The first technique I would use to strengthen my brand is by offering quality goods. The quality of one's products is the backbone of their business (Hariharan et al. 95). If a manufacturer or retailer chooses to sell inferior quality goods, it is easy for them to lose customers to competitors selling similar products of excellent quality. Hence, to avoid such losses, I would ensure that all the goods produced or sold in retail are of the right quality. This technique would help my retailer or manufacturer retain their consumers because, despite the reduced variety, the quality would still be the same. The second technique I would use to strengthen my brand equity is competitive analysis. In the market place, there are many producers and retailers. Identifying the trends that these producers and retailers follow allows one to understand the industry i...