Thesis On The Relationship Of Brand Equity And Brand Extension

Thesis On The Relationship Of Brand Equity And Brand Extension-69
According to Srivastava and Shockers as cited in (Soto 18), brand strength refers to associations that are conceived in a consumers mind when they see a brand.Kriegbaum as cited in (Soto 18), defined brand strength as: “psychic constructs in the mind of consumers that are linked to the brand and influence their buying decisions.” The challenge in this definition lies in seeking to explain which psychic constructs are responsible for driving brand strength.

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Another definition of a brand is that it refers to the monetary value of a brand that comes as a result of loyalty and goodwill created in customers this definition is limiting in that id does not not incorporate aspects of how to measure and report on the brand value.

Brand equity can also be defined as the benchmark of the relationship between the seller and the buyer that shows whether the buyer will continue to buy (strouse 160).

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Associations are the links that enable a customer to shift from brand identifier to attributes.

Building associations requires time and hence need for consistency in brand building (Sexton 2010).

For purposes of this research, a definition by Aaker and Biel (51) will be used: “A set of brand Assets and Liabilities linked to a brand, its name or symbol that that increase or reduce value derived from a product or service either by the firm or the firm’s customers”.

Brand image can be defined as the association network that determines how the consumer perceives a particular brand (Mooij 275).

On the Contrary, Murphy cited in (Schultz & Schultz 301) defines brand as a trademark that has both tangible and intangible attributes that get to be embraced in the minds of consumers after aggressive and skillful promotion, proper management and wide use by the customers.

Definition by Murphy is inadequate since it does not actually capture the idea of identifiers in a comprehensive way.

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