MKT 510 Chapter Notes - Chapter 2: Brand Equity, Brand Awareness, Normative Social Influence
Document Summary
The power of a brand lies in what resides in the minds of customers. Customer-based brand equity: differential effect that brand knowledge has on consumer response to the marketing of that brand. Key ingredients of this definition: differential effect, brand knowledge, consumer response to marketing. Associative network memory model: views memory as network of nodes and connecting links. Brand awareness: strength of the brand node or trace in memory, which we can measure as the consumer"s ability to identify the brand under different conditions. Brand image: consumers" perceptions of a brand. Customer-based brand equity occurs when the consumer has a high level of awareness and familiarity with the brand and holds some strong, favourable, and unique brand associations in memory. Consideration advantages: when the brand is part of a consumer"s consideration set. Desirability: depends on 3 factors how relevant, how distinctive, and how believable consumers find the brand association.
