Given That the Power of a Brand Resides in the Minds

question 23

Essay

Given that the power of a brand resides in the minds of consumers and how it changes their response to marketing, there are two basic approaches to measuring brand equity. Briefly, describe each of these approaches.

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Definitions:

Bowling leagues

Organized groups of teams that compete in bowling tournaments, often serving as social gatherings in addition to competitive events.

Virtual community

A group of people who share interests, values, or goals and interact with each other over the internet.

Reference group

A social group that an individual uses as a standard for evaluating themselves and their own behavior.

Social network

A structure made up of individuals or organizations called "nodes," which are connected by one or more types of interdependency, such as friendships, kinship, common interest, or relationships of beliefs, knowledge, or prestige.