Managing Brand Equity

"For many businesses the brand name and what it represents are its most important asset."

"The assets and liabilities on which brand equity is based will differ from context to context."

"Brand equity assets such as name awareness, perceived quality, associations, and loyalty all have the potential to provide a brand with a price premium."

"Brand loyalty is qualitatively different from the other major dimensions of brand equity in that it is tied more closely to the use experience."

"It is simply much less costly to retain customers than to get new ones."

"Brand awareness involves a continuum ranging from an uncertain feeling that the brand is recognized, to a belief that it is the only one in the product class."

"Perceived quality is defined relative to an intended purpose and a set of alternatives. Thus, it is very different for Target stores than for Nordstrom or Bloomingdale's."

"A link to a brand will be stronger when it is based on many experiences or exposures to communications, rather than few."

"Although direct approaches toward learning perceptions can be useful, often it is worthwhile to consider more-indirect methods?even some that might appear a bit offbeat. "

"Often it is more difficult to maintain associations than to create them, in the face of demands upon the marketing program and of external forces alike."

"A name can serve as a substantial barrier to entry once it is established."

"Since an extension builds upon the associations of a brand name it is important to think beyond the first extension to future growth areas."

"Firms look at brands something like the way homeowners view homes: It is cheaper, and often better, to fix one up or add onto it than to buy a new one."

"Just the concept of being global can symbolize the ability to generate competitive products in addition to strength and staying power."