MKT 100 Study Guide - Final Guide: Brand Equity

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Brand equity summarizes the value that a brand adds, or subtracts from the ofering"s value. Brand equity also encompasses the concept of perceived value, which is a subjecive measure that consumers develop to assess the costs of obtaining the brand. Describe the types of branding strategies used by irms. Firms use a variety of strategies to manage their brands. First, they must decide whether to ofer naional, private-label, or generic brands. Second, they have a choice of using an overall corporate brand or collecion of product line or individual brands. Third, to reach new markets or extend their current market, they can extend their current brands to new products. Fourth, irms can cobrand with another brand to create sales and proit synergies for both. Fith, irms with strong brands have the opportunity to license their brands to other irms. State how a product"s packaging and label contribute to a irm"s overall strategy.