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BRAND EQUITY A commonplace observation in current literature is that branding as a process of product differentiation is increasingly focusing on non-tangible rather than tangible factors - in other words, consumers perceive fewer and fewer differences between products in terms of physical specification and functionality. It has been observed that the so-called 'softer' side of branding - the image, the personality and the quality of the relationship between brand and consumer - has frequently become the cutting edge of brand differentiation. In fact, with our international experience, we can go further and say that this is a common pattern across many cat egories in developed economies worldwide. Of course, this is not to say that functionality is unimportant to consumers - often the reverse is true - but excellent product specification and performance characteristics have now effectively become the price of entry in many categories: necessary but not always sufficient. In...

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