MKT 510 Chapter Notes - Chapter 2: Focus Brands, User Profile, Normative Social Influence
Document Summary
Lets break the definition down to 3 parts: differential effect . Even knowledgeable consumers in regards to their brand can be mistake during a blind test. Brand equity as a bridge: brand equity provides marketers with a vital strategic bridge from their past to their future, brands as a reflection of the past. 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. Quality of branding is very critical factor in brand building, not quantity. Brand knowledge: what consumers know & hold in their mind about the brand, reason, cause & underpinning the response in market, key to creating brand equity. Consists of brand node in memory with variety of associations to it. Apple user friendly, educational, fun, creative, innovative: creates differential effect that drives brand equity.
