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Unformatted text preview: of brand equity. Favorable brand attitudes will only guide perceptions and behavior if those attitudes can be instantly evoked. A product is something that offers a functional benefit. A brand, on the other hand, is a name, symbol, design, or mark that enhances the value of a product beyond its functional value. The premium prices enjoyed by many brands have often been identified with brand equity (Aaker, 1991; Farquhar, 1989). Holden (1992) maintains that brand equity arises from greater brand choice probability by consumers and is reflected in willingness to pay premium prices....
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- Spring '12