Step 3 and 4

Importance of Brand Equity

Name

Course

Instructor

Date

The Role of Brand Equity on Slate's Competitors

The meeting emphasized addressing the importance of brand equity for Slate. Reviewing the role brand equity plays on Slate's top competitors was essential. The competitors are Sony and Microsoft. The two companies employ brand equity effectively as part of their branding strategies (Fayvishenko, 2018). For instance, Sony employs brand equity to boost its brand awareness. Brand awareness is not an aspect that comes easily. There is a solid reason why the biggest brands like Sony and Microsoft spend millions of dollars to get their identities in front of people. People are more inclined to purchase from a company whose name they recognize. The fact that a company's well-known brand adds value to the things it sells. Acquiring a sense of familiarity and visibility serves as a springboard for developing further favorable connections. Sony has employed brand equity to increase its brand awareness among consumers. Brand equity also creates brand association and grows the perceived value for the companies (Jansen, 2018). In other words, this is how the theory of brand connections works. Customers' perception of a company's core values becomes etched in their minds. Creating a good relationship between a brand and its products elevates the products' perceived quality or luxury status. Brands like Sony and Microsoft have a higher chance of dominating the market since they give consumers more reasons to purchase their products.

Lessons for Slate to enhance brand Equity

Several insights can be derived from analyzing Stale's competitors regarding brand equity. The advantages of building brand equity are evident, but the work and research required to develop and maintain it are considerable (Fayvishenko, 2018). Discovering the values and demands of the target audience is the first step in understanding what makes Slate's brand special. Slate must continue spreading the word about the company's services to attract new clients and maintain the loyalty of its current ones.

References

Fayvishenko, D. (2018). Formation of brand positioning strategy. Baltic Journal of Economic Studies, 4(2), 245-248. http://baltijapublishing.lv/index.php/issue/article/view/407

Jansen, K. (2018). The dos and don'ts of building a brand identity (Part 1). Forbes. Retrieved from https://www.forbes.com/sites/forbesagencycouncil/2018/03/05/the-dos-and-donts-of-building-a-brand-identity-part-1/#7287b18a61bc