Is A Company Able To Increase Brand Equity For A Product That Is In The Maturity Phase Of The Plc?
A company is able to increase brand equity for a product that is in the maturity phase of the PLC. The maturity phase is characterized by increase competition, established brand recognition and slowing sales growth. In this phase product differentiation and market dominance become more critical (Anderson & Zeithaml, 1984). Brand equity is a set of brand assets and liabilities linked to a brand, its name, and symbol that add or subtract from the value provided by a product (Cravens, 1997). When a product reaches its maturity phase, a company is still able to increase brand equity by improving brand image, expanding brand awareness and entering new markets.
Improving brand image is an important way of increasing brand equity as it can help improving the strength, favorability, and uniqueness of the specific brand. It can be divided into two segments, repositioning the brand and changing brand elements. These segments enable some products that are in the maturity phase to be......
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