MKT 510 Lecture Notes - Lecture 2: Brand Equity, Reason To Believe, Brand Management
15 Aug 2016
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Cmkt510 - lecture 2 and 3 - developing a brand strategy and designing brand. Define customer based brand equity (cbbe): brand equity is determined by the customer"s beliefs or perceptions of a brand"s worth. Identify the four key elements of a brand positioning statement: Target market: describes who your target audience is in one concise statement. Consider the specific segment that you are targeting, as well as how they would like to be referred to. For example, most people would not want to be referred to as older or middle aged (even if they do fit that age group demographically). Competitive category or frame of reference: where your brand is positioned vs. the competition. The frame of reference refers to how your target audience views your brand vs. the competition (not only how you believe your brand is positioned vs. the competition).
