Brand Equity of Revlon Cosmetics

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CHAPTER (1) INTRODUCTION Brand is one of the valuable assets for the firm and also perform valuable functions for the firm. Building a strong brand is very important for the marketers by creating the right brand knowledge structures with the right customers. For customers, brands can simplify choice, promise a particular quality level, reduce risk, and/or engender trust. In today’s competitive business environment, managing brand equity has become essential for any business organization. Brand equity is the added value endowed on products and services. It may be reflected in the way consumers think, feel, and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands. Brand equity can be measured by firm based brand equity (FBBE) and consumer based brand equity (CBBE). Consumer-based brand equity (CBBE), Erdem and Swait (1998), is the value of a brand as a credible signal of a product’s position. Measuring brand equity is an important factor of brand management and can be used in order to guide marketing strategy and tactical decisions, and to track the brand’s health compared to its competitors over time. The rapidly changing social situation in the latter part of the 20th century, such as revolutionary movements for women’s equal rights, significantly affects the women consumer behaviors as well as improves their social status. The female consumers hold a different view about applying cosmetics ever since, in other words, they consider wearing cosmetics not only for enhancing self-confidence but also is a form to express social politeness. Branding is one of the most dominant trends in the global cosmetics industry. So women cosmetic customers choice the cosmetic products with high brand equity. There are many cosmetics brands in Myanmar. Popular cosmetics brands are Loreal, Revlon, Maybelline,

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