Strengthening Brand Equity: An End-Goal for Every Business

Strengthen Brand Equity
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Strengthen Brand Equity
Over recent times, obligations towards corporations have increased tremendously as the public gains more information on the position in community and particularly from a financial standpoint. To this end, customers are aware that these companies make millions and at times billions of dollars of profit. This position implies that the market is approaching perfect competition where players have sufficient information on the market. A firm that fails to establish a solid corporate social responsibility portfolio, then it is likely to receive significant backlash from the public who are the final buyers. Ultimately, they side with a firm by purchasing their products. Similarly, this criteria is apparent in that the firm is obligated to take care of its employees meaning that failure to do this, it will receive massive criticism from consumers. The primary goal of these entire operations is to maintain and advance the company’s brand image and equity. The former takes into account customers’ imaginations (thoughts and feelings) about the company’s products (goods and services). On the other hand, brand equity extends to include “the marketing and financial values linked with a brand’s strength in the market, including actual proprietary brand assets, brand name awareness, brand loyalty, perceived brand quality and brand associations” (Sallam, 2016, p. 100). In essence, Walmart’s move to increase their employees’ bonuses is an excellent procedure considering the prevailing situation of the pandemic. In this regard, Walmart is justified to use this move from their management to strengthen their brand.
There is much competition in the retail industry that Walmart faces. It exists in the same sphere with companies such as Tesco, Target, and Amazon. People recognize the com...