Aaker 1991 defines brand equity as the set of assets like name awareness loyal

Aaker 1991 defines brand equity as the set of assets

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Aaker ( 1991 ) defines brand equity as the set of assets like name awareness, loyal customers, perceived quality and associations that are linked to the brand and add value to the products/services being offered. He presents a framework of brand equity that comprises four key measures of the consumer mindset – brand loyalty, awareness, perceived quality and brand associations along with other proprietary brand assets that give brands a competitive advantage. Aaker’s ( 1996 ) model of brand equity augments his 1991 framework by adding market-based assessment measures that correspond to the brand’s market share, price and distribution coverage. Keller ( 1993 ) looks at brand equity from the consumer psychology perspec- tive and introduces the concept of CBBE. He defines brand equity as the ‘differ- ential effect of brand knowledge on consumer response to marketing of the brand’. His framework includes two key dimensions of brand awareness (recall and recognition) and brand image (all possible associations for the brand) and classifies the method of measuring customer-based brand equity into direct and indirect approaches. The direct method measures the consumer’s response to the marketing of branded product, relative to the unbranded offer- ing. Such outcomes can be measured in terms of the consumers’ behavior or preferences (stated/observed) after exposure to marketing activity and can be expressed in terms of their utility, purchase intent, past behavior, brand evalu- ations (or ratings) and willingness to pay a premium among other measures. His indirect approach to measure CBBE identifies the sources of brand equity in the minds of the consumers that drive consumer behavior and action outcomes. It involves measuring of constructs like awareness, associations, perceptions and brand evaluations, and much of academic research on CBBE uses this approach (Christodoulides & de Chernatony, 2009 ). However, indirect measures of brand equity lack agreement on what dimen- sions constitute CBBE. Researchers believe that there is no such thing as a uni- versal measure for brand equity and that the market sector and the life stage of the brand need to be accounted for when selecting an appropriate measure to assess brand equity (Baker, Nancarron, & Tinson, 2005 ; Mourad et al. 2010 ). Ambler ( 2000 ) points out that many confuse the brand equity with brand valuation (worth of asset). For Ambler, value creation is a much more diffused process which should focus on the value that the brand creates for stakeholders. Business schools cater and create value for multiple stakeholders including stu- dents, faculty, alumni, industry, etc. Brand equity is hence both the ingredient and the outcome of this value creation process. Journal of Marketing For Higher Education 181 Downloaded by [Sapna Popli] at 08:08 20 December 2013
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Higher education represents a context in which brand image potentially plays a major role in reducing the risk associated with the service largely because the assessment of quality takes place after consumption. Hence a
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