The Millennial Generation’s Impact on Brand Equity and Brand Personality

Abstract

The objective of this research is to find a correlation between changing generations and their influence on brand equity and brand identity. It is also aimed to present a list of strategic steps, that lead towards developing and improving the aspects of brand loyalty, directed to affect the generation of Millennials. The research methods that were used for the analysis of this thesis include qualitative research and external secondary data. The literature review is used for the theoretical framework. To confirm the mentioned correlation a short case study of Unilever beauty care brand - Dove was put together. With its existing historical data and thorough analysis of the brand's strategy, identity and advertising, throughout demographic brackets of generations, the author could recognize the changes brought in by occurred population dynamics. It also shows constructive and contradictory outcomes from Dove’s evolvement and faced challenges. Brand equity is an intangible asset that adds positive or negative variations to the overall value of a brand. Thus, in some cases, it is quite challenging to estimate a total and additional exact value, especially financially, that the brand is bringing to a product or services. Nonetheless, an extremely valuable advantage can be reached through correctly structured brand equity and brand identity, which essentially is brand loyalty. Ultimately, the aim of this research is to provide clear guidelines to additional elements that reinforce the development of loyal relationships with new age generations.