How is a brands' value determined and why is it important? What is brand equity?
-Brand Value: the total financial value of the brand
>determined by brand equity which is measured along four consumer perception dimensions: differentiation (what makes the brand stand out), relevance (how consumer feels to meets their needs), knowledge (how much consumers know about the brand), and esteem (how highly consumers regard and respect the brand)
>used as a competitive advantage and to build customer equity
-Brand Equity: the differential effect that knowing the brand name has on customer response to the product or its marketing
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Principles of Marketing
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