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Brand equity from the customers perspective (Building blocks (Judgement,…
Brand equity from the customers perspective
Sources of Brand equity
, occurs when consumers have high levels of awareness and familiarity with the brand and holds in their memory some strong, favorable and unique brand associations
Awareness
Establishing brand awareness
, created by increasing the familiarity of a brand through repeated exposure. The more times a customer experiences, sees, hears or thinks about a brand the more likely the brand will be strongly registered in their minds
Advantages of brand awareness
, rising brand awareness increases the likelihood that the brand will be a member of the
consideration set
(handful of brands will be considered for purchasing)
Image
Brand associations
, the more deeply a person thinks about product information and relates it to existing brand knowledge, the stronger the resulting brand associations
Positive brand image is created by marketing campagins that link strong, favourable and unique assocations to the brand in memory
CBBE,
is the differential effect that brand knowledge has on consumer response to the marketing of that brand, if a customer reacts favorably to a product then that brand is said to have positive CBBE (
Three ingredients to this definition)
Brand knowledge
, depends on what resides in the minds of customers
Consumer response to marketing
, the differential response by consumers that makes up brand equity is reflected in perceptions, preferences and behavior related to all aspects of the marketing
Differential effect
, brand equity arises from consumer response. if no differences occur between yours and competitors products then it will essentially be a commodity
Building blocks
Judgement
, customers personal opinions and evaluations. Involve how customers bundle the performance and imagery associations and form an opinion on the brand
Imagery
, refers to more intangible aspects and extrinsic proerties, attempts to meet the customers psychological or social needs
Brand feelings
, are customers emotional responses and reactions with respect to a brand. Feelings could include;
Warmth, Fun, Excitement, Security, Self-respect
Performance
, relates to the way in which a product or service attempts to meet the customers more function needs, refers to intrinsic properties
Resonance
, refers to the nature of this relationship the extent to which customers feel they are ' in sync' with the brands. Is characterized in terms of intensity or the depth of the psychological bond that customers have with the brand.
Salience
, relates to aspects of awareness. Involves linking brand name, logo, symbol to certain associations in memory
Making a strong brand (Knowledge)
, Brand knowledge is key to creating brand equity, because it creates differential effect that drives it. Can be categorized by two components, awareness and image
Awarness
, related to the strength of brand node or trace memory as reflected by consumers ability to identity the brand under different condtions
Image
, perceptions about a brand as reflected by the brand associations (meaning of the brand for consumers) which are held in the consumers memory
Four steps to building a brand
Establish brand meaning via minds of customers by linking tangible and intangible brand associations with certain properties
Elicit the proper customer responses to this brand identification and brand meaning
Identify the brand with customers and associate the brand in the customers minds with a specific product class or customer need
Convert brand response to create an intense, active loyalty relationship between customers and the brand