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Brand Equity, Consumer Learning and Choice
The concept of brand equity is very important in today’s market place. Every firm is striving to build, maintain and also using it to obtain a strategic advantage. The basic idea behind that effort is to add value to the product by the help of brand. This concept brand equity engaged us to think about the future of brand equity in a broader perspective regarding internet and store branding. Different researchers portrayed brand equity in their own way but the extracted concept of these researches is that the value of brand is created due to the effect of brand on consumer.
The purpose of this study is to analyze the concept in a dynamic perspective. The incremental effect of brand on consumer’s behavior including various levels of choice process. Finally this study will lead us to examine how consumer learn information, analyze, encode and use it in decisions and choices, which somehow is influenced by brand equity. Consumer choice process does not have a certain character more over its limited to some extent, but the element belong to choice character of consumer are related to attributes of a product which are selectively encoded and represented in consumer’s memory in a learning stage. These attributes are used to analyze worth and then to derive utility of product or service. Mostly definitions are related to this consumer choice process which increment value to for consumer on all stages of choice process. This process is named as multi staged process.
There is another theory called multi attribute utility theory. This theory states that main consumer perception about product is somehow similar to the actual product attributes and consumer also keep tastes and utility in concern. There is a variance in perceived attributes and actual experience or attributes of product. This risk is associated with attributes of product usually knows as uncertainty. This uncertainty raises a question that which attribute are part