Assignment : Brand Equity

Defination :

The Brand Resonance​ ​refers to the relationship that a consumer has with the
product and how well he can relate to it.

The brand resonance begins with:

Brand Identification:​ The first and foremost step, is to ensure the brand
identification with the customers, i.e. creates awareness about the product and
establish an association in the minds of customers with respect to its usage and
the segment for which it exists.

Brand Establishment:​ To create a full meaning of the product in the minds of

customers, so that they start remembering it.

Eliciting Response​: Once the association is built with the customers, the next
step is to elicit the responses, i.e. what customers feel about the brand?

Relationship:​ The next and final step is to convert the responses into building
the customer’s strong relationship with the brand.
In order to accomplish these four pre-requisites for creating the brand equity, the
Six brand building blocks need to be followed that are arranged in a pyramid-like
structure called as Brand Resonance Pyramid.

There are seven reason why StayZilla fail ?

1. One of the predominant reasons why StayZilla fail is when they launch very
poor products, which was not expected by their customers. alot of customers
faces check in denied at stayzilla homes.

2. ​Too much expansion with few resources : StayZilla burned alot of cash on
Expansion plan and it is one of the measure reason behind the failure of
StayZilla.

3. ​Supply-Demand Mismatch : Due to lake in supply - demand it invested

extensively in both sides of the marketplace – creating homestays as well as
guests who would choose a homestay across the country.
4 Increase in competition : Increase in competition with OYO,MMT, Airbnb and
Yatra impacted negative on Stayzilla financial health. Due to heavy discount to
guests and advertising it’s burned alot of cash.

How StayZilla can increase brand equity ?

Brand Silence : ​StayZilla marketing team should not only focus on just creating
the awareness about the product but also includes the ease with which the
customers can remember the brand and the ability to recall it under the different
purchase situations.

Brand Performance: ​The Brand performance means, how well the functional
needs of customers are met?
At this level of the pyramid, check the way in which product is performing and
how efficiently it is fulfilling the needs of the customers, quality of service,pricing,
narrow down the gap between supply and demand.

Brand Imagery: The Brand Imagery means, what product image the customer
create in their minds? Stayzilla has to create ​its image which defines belief and
trust.

Brand Judgements: The customers make the judgment about the product by
consolidating his several performances and the imagery associations with the
brand. On the basis of these, the final judgment is made about the product in
terms of its Perceived Quality, Credibility, Consideration, and Superiority.

Brand Resonance​: The resonance is the intensity of customer’s psychological

connection with the brand and the randomness to recall the brand in different
consumption situations. It’s mean stayzilla has to work on guest service in order
to make customer loyal and repetitive.