The brand equity is an incorporeal asset or liability of a brand that depends on consumers’ association with a product. The value of the Brand equity is sometimes positive and sometimes negative. There are five components to determine the brand equity of any company, and these are:
Almost all of the customers of Rolls-Royce are self-employed, entrepreneurs, and belong to the royalty. People have welcomed the other brands of the Rolls-Royce such as Phantom, Wraith, and Ghost because they believed in the quality of the products.
Rolls-Royce is for customers, who love luxuries so, the brand focused on highest quality of the motorcars to sustain their goals. The Rolls-Royce has customized the products for the need of high-profile customers, and the buyers are loyal towards the brand because of the impeccable services they have received.
The most famous and attractive brand in the world is Roll-Royce ‘the luxury motorcar par excellence.’ The Rolls-Royce delivered their excellent services for over 100 years. The brand’s slogans or taglines are the best car in the world and Trusted to deliver Excellence, and they proved it. It is a well-known name among the wealthiest people, and they don’t need advertisement. It targets the customers having a $30 million net worth and at least possess five to six luxurious motorcars. The most important markets for the brand are North America, China, and United Kingdom.
Rolls-Royce has maintained their integrity, reliability, and innovation, and it has delivered high-quality motorcars with the highest comfort and luxury level. They are successful in achieving the consumers’ trust towards the brand. In 2017, they have promised to guard almost 7000 engineering jobs in the East Midlands as a part of the £150 million investment. Rolls-Royce has extended their brand services, which include Phantom luggage, Rolls-Royce Teleservices, and Rolls-Royce Assist.
The first name that pops up into the mind of a person is Rolls-Royce, whenever he thinks about an undemanding motorcar journey that comforts more like a luxurious room. The founder of the brand wanted to produce cars that set speed and endurance records, and also wanted them quiet that nobody would hear them coming.They start with Silver Ghost, and later in 2013, they produced Wraith and Phantom, and then, they have also introduced Dawn and VSD212.
Other Proprietary Assets
The evolution of the brand has a quite interesting story behind. In 1884, Frederick Henry Royce established cars grew from British mechanical and electrical business. In 1904, Royce made his first motorcar, and then he met Charles Stewart Rolls in May, whose brand sold motorcars in London at that time.
They both (CS Rolls & Co. and Royce limited) made an agreement, and they agreed that Royce would produce a range of cars to be sold solely by Rolls & Co., and they named it after their names as Rolls-Royce. The ownership and the patents & copyrights belong to the brand.