Mar 3023 Chapter Notes - Chapter 15: Brand Equity, Brand Loyalty, Golden Arches
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Chapter 15: branding: brand- the name, term, symbol, design, or any combination of these that identifies and diffe(cid:396)e(cid:374)tiates a fi(cid:396)(cid:373)"s p(cid:396)odu(cid:272)ts, brand loyalty- a (cid:272)o(cid:374)su(cid:373)e(cid:396)"s steadfast allegia(cid:374)(cid:272)e to a (cid:271)(cid:396)a(cid:374)d, e(cid:448)ide(cid:374)(cid:272)ed (cid:271)(cid:455) (cid:396)epeated purchases. Typically develops because of a (cid:272)usto(cid:373)e(cid:396)"s satisfa(cid:272)tio(cid:374) (cid:449)ith a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)"s products: brand recognition- the degree to which customers can identify the brand under a variety of circumstances. Brand marks- the elements of a brand, not expressed in words, that a consumer instantly recognizes, such as a symbol, color, or design. Importance of brand recognition can best be seen when a company changes or updates its symbol or logo: brand image- the unique set of associations that target customers or stakeholders make with a brand. I(cid:374)(cid:272)(cid:396)eases the likelihood that the (cid:272)o(cid:374)su(cid:373)e(cid:396) (cid:449)ill pu(cid:396)(cid:272)hase the fi(cid:396)(cid:373)"s (cid:271)(cid:396)a(cid:374)d (cid:396)athe(cid:396) than a competing brand. Relevance- how appropriate the brand is to you. Esteem- how well regarded the brand is.
