- The value of a brand - and thus its equity - is ultimately derived in the marketplace from the words and actions of consumers. Consumers decide with their purchases, based on whatever factors they deem important, which brands have more equity than other brands. Although the details of different approaches to conceptualize brand equity differ, they tend to share a common core: All definitions typically either implicitly or explicitly rely on brand knowledge structures in the minds of consumers - individuals or organizations - as the source or foundation of brand equity. In other words, the real power of a brand is in the thoughts, feelings, images, beliefs, attitudes, experiences and so on that exist in the minds of consumers. This brand knowledge affects how consumers respond to products, prices, communications, channels and other marketing activity - increasing or decreasing brand value in the process.
- Brand knowledge is not the facts about the brand - it is all the thoughts, feelings, perceptions, images, experiences, and so on that become linked to the brand in the minds of consumers. All of these types of information can be thought of in terms of a set of associations to the brand in consumer memory.
- Two particularly important components of brand knowledge are brand awareness and brand image. Brand awareness is related to the strength of the brand node or trace in memory as reflected by consumer's ability to recall or recognize the brand under different conditions. Brand awareness can be characterized by depth and breath. The depth of brand awareness related to the likelihood
- Brand knowledge is not the facts about the brand - it is all the thoughts, feelings, perceptions, images, experiences, and so on that become linked to the brand in the minds of consumers. All of these types of information can be thought of in terms of a set of associations to the brand in consumer memory.
- Two particularly important components of brand knowledge are brand awareness and brand image. Brand awareness is related to the strength of the brand node or trace in memory as reflected by consumer's ability to recall or recognize the brand under different conditions. Brand awareness can be characterized by depth and breath. The depth of brand awareness related to the likelihood