MGMT 1 Lecture Notes - Lecture 1: Merage Family, Brand Loyalty, Brand Equity
Document Summary
Manufacturers" brands the brand names of manufacturers that distribute products nationally xerox, kodak, sony, dell, and etc. Knockoff brands illegal copies of national brand-name goods, usually at a low price: example: palo (polo), bolex (rolex), etc. Brand equity the value of the brand name and associated symbols: a major goal of marketers in the future is to reestablish this notion of brand equity, most priced brand now: apple. Brand loyalty the degree to which customers are satisfied, like the brand, and are committed to future purchases: a loyal group of customers represent substantial value to a firm, whose value can be calculated. Consumers often develop brand preference preferring one brand over another due to such cues. When the consumers reach brand insistence, the product becomes a specialty good. Creating brand associations: brand association the linking of a brand to other favorable images, the name, symbol, and slogan a company uses can assist greatly in brand recognition for the company"s products.
