MKT 510 Lecture Notes - Lecture 2: Brand Equity, Brand Awareness, Relate

• School: Ryerson University
• Department: Marketing
• Course: MKT 510
• Professor: Marla Spergel

Document Summary

& withdrawal of advertisement, support or more willing to seek the brand in a new distribution channel. Lets break the definition down to 3 parts. 1: if no difference occurs, then the brand-name product can essentially be classified as commodity or generic version of the product. Knowledge about the brand : competition will be based on price only. 2: what they have learned, felt, seen, & heard about the brand as a result of experience overtime, brand equity depends on consumers mind. 3: makes up brand equity, are reflected in perceptions, preferences, & behaviour related to all aspects. Marketers should consider all dollars spent on manufacturing & marketing products as an investment not expense. Investment as in what consumers learned, felt, & experienced about the brand. Making a brand strong: brand knowledge: brand knowledge, what consumers know & hold in their mind about the brand, reason, cause & underpinning the response in market, key to creating brand equity.