MKT 510 Chapter Notes - Chapter 2: Unique Selling Proposition, Mantra, Brand Equity

• School: Ryerson University
• Department: Marketing
• Course: MKT 510
• Professor: Ida Berger

Document Summary

Chapter 2: customer-based brand equity and brand positioning. Great brands are not accidents; they are a result of thoughtful and imaginative planning: anyone building or managing a brand must carefully develop and implement creative brand strategies. The cbbe concept approaches brand equity from the perspective of the consumer whether the consumer is an individual or an organization or an existing or prospective customer. Understanding the needs and wants of consumers and organizations and devising products and programs to satisfy them are at the heart of successful marketing. The power of a brand lies in what resides in the minds and hearts of customers. Customer-based brand equity: the differential effect that brand knowledge has on consumer response to the marketing of that brand: a brand has negative cbbe if consumers react less favourably to marketing activity for the brand (and vice versa) According to cbbe, consumer knowledge drives the differences that manifest themselves in terms of brand equity.