COM 443 Lecture Notes - Lecture 1: Brand Equity, Database Marketing, Advertising Campaign
Document Summary
Brand image creates the desire to buy. Brand equity (value that a product has in a consumers mind: brand name awareness, perceived quality, brand loyalty, brand associations. The strength of a brands presence in the consumers mind. Measure these for brand awareness: recognition: past exposure, recall: comes to mind when product class is mentioned, top-of-mind: first brand recalled, dominant: only brand recalled. *advertising doesn"t sell products, it creates brand equity. Only brand equity category which drives financial performance: doesn"t matter if its top-of-mind product if they think the quality isn"t there, they"ll stop buying it) Perceived vs. true quality: can"t lie about product. Must be on an important dimension: what"s important to the customer, ex. Stages of brand loyalty: non-customers (buy competitors product, price switchers (affected by price, passively loyal (buy out of habit, fence-sitters (between 2 brands, committed. Frequent buyer programs: provides direct and tangible reinforcement for loyal behavior.
