MKT 510 Study Guide - Final Guide: Brand Equity, Brand Awareness, Premium Pricing
Document Summary
Looking at brand equity from consumer"s point of view. Effect on brand knowledge has on consumer response to the marketing of that brand. Brand equity the value premium of a recognizable name as compared to its generic equivalent. Brand knowledge - consists of a brand node in memory with a variety of perceptual associations linked to it. (ex: memories, trust, high quality, dependability, love for apple) It is the key to creating brand equity. Brand awareness: strength of the brand nodes or trade in memory, ability to identify brand under different conditions. Brand mantra: 3-5 word phrase that sums up the essence of spirit of the brand. Brand identification (elements) -> brand differentiation awareness (wom) -> brand value (profit & power) Associative network memory model: views memory as a network of nodes and connecting links, in which nodes represent stores information or concepts, and links represent the strengths of association between the nodes.
