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International Marketing Essay

791 words - 4 pages

C H A P T E R 1
The Importance of Brands
PEOPLE OFTEN ASK me, ‘‘What is brand equity?’’ There are many ways to
answer this. Some say it’s everything associated with the brand that adds to
or subtracts from the value it provides to a product or service. Others emphasize
the financial value of the brand asset. Still others stress the consumer
loyalty or price premium generated by brand equity. Some even talk about
the permission and flexibility a brand gives an organization to extend into
new product and service categories. While all of these are very important
parts of brand equity, I think the following story best illustrates what brand
equity is.
Imagine you are having lunch with ...view middle of the document...

You haven’t met her previously and she is not your dear friend. I would guess
that after enduring many caustic comments and being insulted a few times at
that lunch, your first impression wouldn’t be very positive. In fact, you’d probably
be inclined not to get together with that person again. You’d probably
.......................... 10080$ $CH1 04-23-03 15:43:17 PS
4 / INTRODUCTION TO BRAND MANAGEMENT
walk away from that lunch thinking, ‘‘What a miserable person. I hope I don’t
run into her again.’’
In both of these scenarios it is the same person behaving the same way in
the same situation. Yet in the first scenario, you are very quick to forgive the
behavior. In fact, you feel a lot of concern toward her. In the second scenario,
you can’t wait for the lunch to be over and you hope never to see the person
again.
In the first scenario, the person was a long-time good friend. She had a
lot of equity with you. In the second scenario, she had no equity at all. You
see, if people or brands have a lot of equity—that is, if you know, like, and
trust them —you will ‘‘cut them a lot of slack’’ even if they repeatedly fail to
meet your expectations. If a person, product, service, or organization has no
equity with you, no emotional connection, and no trust, then you are much
less inclined to forgive unmet expectations.
Did You Know?
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