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Chapter 2

Chapter 2 - Customer-based brand equity

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Ryerson University
MKT 510
Ida Berger

Chapter 2: Customer-Based Brand Equity Lecture on: September 13, 2012 Customer-based brand equity - 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: o Differential effect o Brand knowledge o Consumer response to marketing Making a brand strong: brand knowledge - 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 Sources of brand equity - 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 - Brand awareness: o Brand recognition: ability to confirm prior exposure to a brand when given the brand a s a cue o Brand recall: ability to retrieve the brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue o Advantages of brand awareness:  Learning advantages:  Consideration advantages: when the brand is part of a consumer’s consideration set  Choice advantages:  Consumer purchase motivation  Consumer purchase ability o We can create brand awareness by increasing the familiarity of the brand through repeated exposure (for brand recognition) and forging strong associations with the appropriate product category or other relevant purchase or consumption cues (for brand recall) - Brand image: o The more deeply a person thinks about product information and relates it to existing brand knowledge, the stronger the resulting brand associations will be o Brand attributes: descriptive features that characterize a product or service o Brand benefits: personal value and meaning that consumers attach to the product/service attributes o Favorability of brand associations:  Desirability: depends on 3 factors – how relevant, how distinctive, and how believable consumers find the brand association  Deliverability: depends on – actual or potential ability of the product to perform, the current or future prospects of communicating that performance, and the sustainability of the actual and communicated performance over time Building a strong brand: the four steps of brand building 1. Ensure identification of the brand with customers and an association of the brand in customers’ minds with a specific product class or customer need 2. Firmly establish the tota
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