Question

Explain in more detail the similarities between memory and the brand equity concept,

Answer 1

The customer-based brand equity (CBBE) arises when the consumer has a high level of familiarity and awareness with the brand and holds certain favorable, strong, and unique brand associations in memory. It is the differential effect of brand memory and associations on response of consumer's to the marketing of the brand. It can be either positive or negative, however it is significant that it is always compared to an unnamed version of the good or service, and it relates very strongly to the memory.