Chapter 14: Branding and Packaging 297
1. Brand loyalty is a customer’s favorable attitude toward a specific brand.
a. A strong brand loyalty increases the likelihood that a consumer will consistently purchase
this brand when the need arises.
2. There are three degrees of brand loyalty.
a. Brand recognition occurs when a customer is aware that a brand exists and views it as
an alternative to purchase if his or her brand is unavailable or if the other available brands
are unfamiliar to the customer.
lengths to acquire it.
3. Brand loyalty seems to be on the decline, in part to marketers’ increased reliance on sales,
coupons, and other promotions, and in part to the array of similar products from which
customers can choose.
4. Although brand loyalty is a challenge to build, it makes a significant contribution to a
sustainable competitive advantage.
D. Brand Equity
1. Brand equity is the marketing and financial value associated with a brand’s market strength.
2. Brand equity includes proprietary brand assets, such as patents and trademarks, as well as
brand name awareness, brand loyalty, perceived brand quality, and brand association.
a. Recognition of a brand leads to familiarity, and familiar brands are more likely to be
viewed as reliable and of higher quality. A familiar brand is more likely to be in a buyer’s
consideration set.
3. Although brand equity is difficult to measure, it represents the value of a brand to an
organization. An organization may pay a premium to purchase a brand from another company
because it is less risky than developing its own.