Brand equity, being the heart of brand management is very. Peter Farquhar, in a paper he published on Managing Brand Equity, suggests three stages in building strong brand identity −
● Introduce − Introduce an innovative and quality product in the market. Use brand as a platform to launch future products. Customer’s positive recognition is very important.
● Elaborate − Create brand awareness and associations so that the customers remember the brand and the positive opinions about it for a long time.
● Fortify − Make the brand create a positive consistent image in the customer’s mind. Develop brand extensions and create customer-brand emotional relationship to fortify the brand.