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Module 6 Notes

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MKT 100
Paul Finlayson

Module 6: Brand Management and Product Development Section 1: Brand Management Brand: a set of associations linked to a name , mark or symbol associated with a product or service , much like a reputation To ease the fears of consumers, stick to brand names Brand Equity: the value of the brands name, its worth as an asset to the company Also called good will The connection between superior product and service design processes and brand equity is strong Advertising of a product is nothing without a superior product to start with Brand equity is generated by cumulative, clever innovation in product quality and product value Hard to get brand equity from baby boomers , boomer children, all grew up with conveniences, hard to impress Brand Loyalty Learning through experience , learning through observation, gives a shortcut to pick a brand you like Brand loyalty: the repeated purchase of the same brand of product or service over time Categories of brand loyalty o Emotional Loyalty: Good will, positive word of mouth, unique, memorable and reinforcing experiences o Identity Loyalty: an expression of self o Differentiation Loyalty: perceived superior features and attributes, loyalty can be lost if found out that its not true o Service contract loyalty: continued loyalty earns them special treatment or that the seller is trying very hard to keep the customer loyalty www.notesolution.com
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