The provided text, an excerpt from Kevin Lane Keller's 1993 paper, Conceptualizing, Measuring, and Managing Customer-Based Brand Equity, lays out a detailed conceptual model of brand equity from the individual consumer's perspective. It defines customer-based brand equity as the differential effect that brand knowledge—which includes both brand awareness and brand image—has on a consumer's response to the brand's marketing efforts. The document thoroughly examines the components of brand knowledge, specifically emphasizing the favorability, strength, and uniqueness of brand associations that reside in a consumer's memory. Furthermore, the paper discusses practical issues related to building, measuring, and managing this type of brand equity, offering strategic guidance for maximizing a brand's long-term success. The author contrasts this strategic approach with financially-motivated definitions of brand valuation and concludes by suggesting several avenues for future research to refine the framework.
