MGMA01H3 Lecture Notes - Lecture 6: Weighted Arithmetic Mean, Interbrand, Blind Taste Test
8 Mar 2016
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Document Summary
Brand equity represents the added value endowed to a product as a result of past investments in the marketing for the brand. Sources of brand equity: awareness, image (strength, favorability, uniqueness) Derived from the old norse word brandr" which means to burn": used by owners of livestock to mark their animals! A name, term, sign, symbol, or design, or combination of them, intended to identify the goods and services of a seller and to differentiate them from those of the competitors. Key to creating a brand: name, logo, symbol, packaging, ads brand elements. Means of endowing products with unique associations: source of competitive advantage. Brands can be conceptualized as knowledge structures in memory that reflect how consumers think about the brand: Consumer holds some strong, favorable, and unique brand associations in memory. Creating a deeper bond with the consumers: the relationship with the consumer.
