MKT 510 Lecture Notes - Lecture 2: Speedstep, Mantra, Brand Equity

• School: Ryerson University
• Department: Marketing
• Course: MKT 510
• Professor: Ida Berger

Document Summary

Value premium= a recognizable name as compared to its generic equivalent. Customer-based brand equity (cbbe) b(cid:396)a(cid:374)ds as a (cid:862)ps(cid:455)(cid:272)hologi(cid:272)al co(cid:374)st(cid:396)u(cid:272)t(cid:863) Has 3 key ingredients: differential effect, brand knowledge, consumer response to marketing. We behave based on what we perceive; not based on reality but based on our internal representation. Some brand knowledge structure activates in our brain about a brand; we remember physical features & feelings, evaluation (our perception: e. g. Joh(cid:374)so(cid:374)(cid:859)s (cid:271)a(cid:271)(cid:455) po(cid:449)de(cid:396)- associated w/ historical memories, senses & emotion, trust, high quality, dependability, love. Is the key to creating brand equity: consists of a brand node in memory w/ variety of perceptual associations linked to it. Apple- computers, user friendly, innovative, educational, fun, cool, creative, graphics. Associative network memory model- views memory as a network of nodes & connecting links, which nodes represent stored info. , links = the strength of association b/w the nodes. Brand knowledge has 2 components: brand awareness, brand image.