Define brand equity. List the four sequential steps used to develop brand equity. Which step is the most difficult?
What will be an ideal response?
Brand equity is the added value a brand name gives to a product beyond the functional benefits provided. This added value has two distinct advantages: (1) brand equity provides a competitive advantage and (2) consumers are often willing to pay a higher price for a product with brand equity. The first step used to develop brand equity is to create a positive brand-awareness and an association of the brand in consumers' minds with a product class or need to give the brand an identity. Secondly, a marketer must establish a brand's meaning in the minds of consumers. This involves a brand performance dimension and a brand imagery dimension. The third step is to elicit the proper consumer responses to a brand's identity and meaning. This involves assessing consumers' judgments and feelings about the brand. The final and most difficult step is to create a consumer-brand connection that consists of an intense, active loyalty relationship between consumer and the brand. See Figure 10-5.
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