I tell my students often about the importance of brand equity. There is no better example of this (at least right now) than Apple. The iPhone 5c and 5s were introduced to the market on September 20 and have already sold more than 9 million. I have to admit that I am one of them, though I don't follow your typical consumer. I upgraded from an iPhone 3 which was long overdue for an upgrade. But going back to the topic of brand equity, had Apple's name not been on the phone (regardless if it was the same quality product), it would not have sold nearly as much. Not only that, but Apple is using color psychology to increase sales - a "gold" version of the iPhone 5s leaves consumers with a feeling of luxury more so than most phones on the market today. Brand equity and luxury - a perfect combination.
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