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Brand Equity: Value to Firm & Customers

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1) Explain how each of the three brand equity dimensions provide value to the firm.

2) Explain how they provide value to the customer.

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1) Explain how each of the three brand equity dimensions provide value to the firm.
There three dimensions to brand equity: brand awareness, brand loyalty and brand associations. Brand awareness provides value for the firm because it can drive the buying decision. Customers are more likely to buy a brand that is recognized, thus increasing sales for the firm. A brand that is recognizable can lead to dominance, as in the case of Kleenex, Coke, and Band-Aid, where the brand name becomes a descriptor for the category, and a dominant thought for consumers. This is important for firms because it serves as its self-perpetuating advertising and marketing campaign. This can help customers recognize and recall the product, an important part of the purchasing equation.
Brand loyalty is the resistance for customers to switch brands. This is important for firms ...

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This detailed solution explains how the three brand equity dimensions provide value to the firm and customer. Includes examples and APA formatted reference.

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