Consumer Based Brand Equity
4 Pages Posted: 8 Mar 2016
Date Written: March 7, 2016
According to Kotler (2014), a brand is defined as “a name, sign, term, design, symbol or combination of them which is intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competitors”. Brakus et al., (2009) further discuss that brand can be defined as “a label designating ownership by a firm, which we experience, evaluate, have feeling towards and build associations with to perceive value.” Definitions show how companies use their brands to be recognized by their customers and differentiate from their rivals in the industry. These differences can be either functional, tangible or rational those related to product performance. Kotler and Keller (2006) suggest that there are some differences as well, like symbolic, emotional or intangible that is related to what a brand represent.
Keywords: Branding, Brand equity, loyalty
JEL Classification: M31, M11, M14, M10
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