MGTC21 Study Notes - CH 2.docx

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Department
Management (MGM)
Course
MGMC11H3
Professor
Bill Mc Conkey
Semester
Winter

Description
MGTC21 Study NotesCHAPTER 2 CUSTOMERBASED BRAND EQUITY CBBECustomerBased Brand Equity CCBE o incorporates theoretical advancesmanagerial practices in understandinginfluencing consumer behaviour provides unique perspective as to what brand equity ishow it should be built measuredmanaged o approaches brand equity from perspectives of consumers o understanding their needsdevising productsprograms to satisfy them heart of marketingo power of a brand lies in what customers have learned felt seenheard about the brand as a result of their experiences over time what resides in mind of customerso customerbased brand equitydifferential effect that brand knowledge has on consumer response to the marketing of the brandcustomers might be more accepting to new brand extension w positive CCBE less sensitive to price increaseswithdrawal of advertising support or more willing to seek brand in new distribution channelso negative CCBE customers react negatively or less favourably compared w unnamed or fictitiously named version of the product3 key ingredients o differential effectif no diff occur than brandname product can be classified as a generic versioncompetition would probably be on price o brand knowledgeultimately depends on what resides in the mind of customers o consumer response to marketingreflected in perceptions preferencesbehaviourBrand Equity as a BridgeBrand equity provides marketers w a vital strategic bridge from their past to their futureBrands as a Reflection of the pastthe quality of the investment in brand building is the most critical factorsBrands as direction for the futurethe true valuefuture prospects of a brand rest w consumerstheir knowledge about the brandMaking a brand strong brand knowledge Brand knowledge is the key to creating brand equitybc creates differential effect that drives brand equityneed insightful way to represent how brand knowledge exists in consumer memory associative network memory modelviews memory consisting of network of nodesconnecting links o nodesstored information concepts o linksstrength of association between info or concepts brand knowledge has two components o brand awarenessstrength of brand node or trace in memory can measure
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