1. Brand Knowledge vs. Brand Equity: What’s the Difference?

2. Brand Knowledge “is a function of awareness, which relates to consumers’ ability to recognize or recall the brand, and image, which consists of consumers’ perceptions and of associations for the brand.” Keller 1998

3. Consumer-Based Brand Equity “…the differential effect that brand knowledge has on customer response to the marketing of that brand.”

4. Positive brand equity results in: Greater perceived differentiation Stronger brand loyalty Larger profit margins Higher trade support Increased marketing communication effectiveness Opportunities to extend and license brand name

5. What are the unique features of the brands you buy most often? Amazon.com Dunkin’ Donuts Yahoo! Costco Gap Supercuts Coke

6. Choosing elements to build brand equity: elements should be: memorable, easy to recognize or recall meaningful or descriptive, persuasive, fun and interesting, rich in visual and verbal imagery transferable within and across product categories and across geographical and cultural boundaries adaptable or flexible and capable of being updated over time protectable, both legally and competitively