Customer Based Brand Equity for Two Wheeler: An Empirical Study in Madurai City
Brand equity is regarded as a very important concept in business practice as well as in academic research because marketers can gain competitive advantage through successful brands. The competitive advantage of firms that have brands with high equity includes the opportunity for successful extensions, resilience against competitors′ promotional pressures, and creation of barriers to competitive entry (Farquhar, 1989). In conceptualizing how customers evaluate brand equity, it is viewed as consisting of two components – brand strength and brand value (Srivastava and Shocker, 1991). Brand strength constitutes the brand associations held by customers. Basically, brand equity stems from the greater confidence that consumers place in a brand.
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