JC PENNY FAIR & SQUARE STRATEGY

"The basic premise of the Customer-Based Brand Equity concept is that the power of a brand lies in what customers have learned, felt, seen, and heard about the brand as a result of their experiences over time. In other words, the power of a brand lies in what resides in the minds and hearts of customers." i How did this change with the implementation of Fair and Square? "From the perspective of the Customer-Based Brand Equity concept, brand knowledge is the key to creating brand equity, because it creates the differential effect that drives brand equity. What marketers need, then, is an insightful way to represent how brand knowledge exists in consumer memory. An influential model of i

memory developed by psychologists is helpful for this purpose."ii Describe the brand knowledge that existed in the minds of the J.C. Penney's customer. Use a scheme or brand memory diagram to represent the possible associations they had with the brand