COMMERCE 1E03 Chapter Notes - Chapter 15: Brand Equity, Brand Loyalty, Brand Management
Document Summary
When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs. Total product offer- everything that consumer evaluate when deciding whether to buy something. Product line- a group of products that are physically similar or are intended for a similar market. Product mix- the combination of product lines offered by an organization. Product differentiation- the creation of real or perceived product differences. Brand-a name, symbol, or design that identifies the goods or services of one seller or a group of sellers and distinguishes them from the goods and services of competitors. Brand equity- the value of the brand name and associated symbols. Brand loyalty- the degree to which customers are satisfied, enjoy the brand and are committed to further purchase. Brand awareness- how quickly or easily a given brand name comes to mind when a product category is mentioned.