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Brand equity is a set of brand assets and liabilities linked to a brand
Elements of Brand Equity: Brand Loyalty Brand Awareness Perceived Quality Brand Associations
Brand Loyalty Brand loyalty is a measure of the attachment that a customer has to a brand. It reflects how likely a customer will be to switch to another brand, especially when that brand makes a change, either in price or in product features.
Brand Loyalty Pyramid Committed Buyer Likes the Brand - Considers it a Friend Satisfied Buyer With Switching Costs Habitual Buyer - No Reason to Change Indifferent – No Brand Loyalty Switchers / Price Sensitive
Anchor to which other associations can be attached
Familiarity and liking
Signal of substance/commitment
Brand to be considered
How to Achieve Brand Awareness Be different, memorable Involve a slogan or jingle Symbol exposure Publicity Event sponsorship
The customer's perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives. Perceived quality is a perception by customers. Perceived Quality
What Influences Perceived Quality of Product ?
Conformance with specifications
Fit and finish
What Influences Perceived Quality of Service ? Appearance Reliability Competence Responsiveness Empathy
Brand Association A brand association is anything "linked" in memory to a brand. Thus, McDonald's could be linked to a character such as Ronald McDonald, a consumer segment such as kids, a feeling such as having fun, a product characteristic such as service, or a symbol such as the Golden Arches.