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Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name.The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands.
Marketers may follow the order and model created by Aaker [32] and Keller [33] who are authorities on brand management, but branding does not always follow a rational line. One mistake can damage all brand equity. A classic extension failure example would be Coca-Cola launching "New Coke" in 1985. [34]
Kevin Lane Keller (born June 23, 1956) is the E. B. Osborn Professor of Marketing at the Tuck School of Business at Dartmouth College. He is most notable for having authored Strategic Brand Management (Prentice Hall, 1998, 2002, 2008 and 2012), a widely used text on brand management .
In 2004 and 2008, Kapferer and Keller respectively defined it as a fulfillment in customer expectations and consistent customer satisfaction. [2] Brand management uses an array of marketing tools and techniques in order to increase the perceived value of a product (see: Brand equity). Based on the aims of the established marketing strategy ...
Brand awareness is the extent to which customers are able to recall or recognize a brand under different conditions. [1] Brand awareness is one of two dimensions from brand knowledge, an associative network memory model. [2] It is a key consideration in consumer behavior, advertising management, and brand management. The consumer's ability to ...
Kevin Keller and Alice Tybout [6] note there are three types of difference: brand performance associations; brand imagery associations; and consumer insight associations. The last only comes into play when the others are at parity.
Retailers used giveaways and big discounts to reward U.S. shoppers who ventured out for Black Friday even as earlier offers, the prospect of better bargains in the days ahead and the ease of e ...
Aaker is the creator of the Aaker Model, a marketing model that views brand equity as a combination of brand awareness, brand loyalty, and brand associations. [11] The model outlines the necessity of developing a brand identity, which is a unique set of brand associations representing what the brand stands for and offers to customers an aspiring brand image.