MKT 510 Lecture Notes - Lecture 2: Unique Selling Proposition, Straddle, Brand Equity
Document Summary
Chapter 2: customer-based brand equity and brand positioning. Approaches brand equity from the perspective of the consumer (individual or organization) Its crucial to understand the needs and wants of the consumer and then provide them with a product or program that will satisfy them. The power of a brand lies in what resides in the minds and hearts of consumers. Customer-based brand equity (cbbe) is the differential effect that brand knowledge has on consumer response to the marketing of the brand. A brand has negative customer-based brand equity if consumers react less favourably to marketing activity for the brand compared with an unnamed or factiously named version of the product. The three main ingredients: differential effect. A brand arises through differences in the consumers mind: brand knowledge. Consumers can"t identify these differences without knowledge to distinguish between brands: consumer response to marketing are measured through perceptions, preferences, and behaviours related to all aspects of brand marketing.
