2 A Brand Its Image and Its Worth

a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers & to differentiate them from those of the competition

one of the most powerful forms of communication

is a company’s or product’s reputation in the marketplace
Brand equity is our perception of quality based on experience, often before we buy a product

To be aware of what the product or service offers, how it is different from competing brands, and how it can address their specific wants or needs

its personality and its status as compared with other brands of the same or similar quality in its category

refers to the relationship between the product and the target

Relates to how the consumer thinks about and rates a product or service against the competition

A product needs to be repositioned when there is a need to change the way it is viewed in the mind of the target