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Abstract
Since the term "brand equity" emerged in the 1980s, there has been a growing interest in the subject among marketing academicians and practitioners. Customers and brands are the two most important intangible assets of any organization. Keller defines Customer-Based Brand Equity (CBBE) as the differential effect that brand knowledge has on consumer response to marketing activity with respect to that brand. The purpose of this study is to review literature from a customers' point of view, Customer based brand equity can be defined and measured. The study begins with a review of the literature to establish the perpetual assets of CBBE. Based on the literature review a conceptual fundamental model is framed. The study also aimed to review the dimensions of customer-based brand equity by drawing together strands from various literature and empirical studies made within the area of customer-based brand equity. This paper will only study and define the customer based- brand equity in consumer's perspective.
Keywords: Brand Awareness, Brand Associations, Brand Loyalty, Perceived Quality.
Introduction
Brand equity is supposed to bring several advantages to a firm. For example, high brand equity levels are known to lead to higher consumer preferences and purchase intentions (Cobb-Walgren et al., 1995). Brand equity and its emergence in marketing have raised its importance in marketing strategies among managers and researchers (Keller, 2003) and have different concepts (Yoo & Donthu, 2001). Brand equity is the added value endowed to a product as a result of past investments in the marketing of the brand. Added value of a brand is created in the mind of consumers as a result of perceived performance on various marketing dimensions. Brand equity occurs when the consumer is familiar with the brand and holds some favourable, strong attitude and unique brand associations in the memory (Kamakura and Russell, 1991). In recent years, customer-based brand equity (CBBE) has garnered considerable attention. Several conceptualizations of CBBE exist, and these conceptualizations have offered valuable insight into the processes that consumers evaluate and choose brands within a given product category. However, many CBBE facets have not been systematically measured or validated within a Nomo-logical framework.
A brand is said to have positive (negative) customer-based brand equity when consumers react more (less) favourably to a product and...