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Brand Awareness: Brand awareness can provide a host of competitive advantages. First, people like the familiar and awareness provides the brand with a sense of familiarity. For low-involvement products, such as soap or chewing gum, familiarity can drive the buying decision. Taste tests of such products as colas and peanut butter show that a recognized name can affect evaluations even if the brand has never been purchased or used.

BRAND LOYALTY: An existing base of loyal customers provides enormous sustainable competitive advantages. First, it reduces the marketing costs of doing business because less marketing is required to retain these loyal customers. Keeping existing customers happy and reducing their motivation to change are usually considerably less expensive than trying to reach new customers and persuading them to try another brand. Of course, the higher the loyalty, the easier it is to keep customers happy.

BRAND ASSOCIATIONS: A brand association is anything that is directly or indirectly linked in the consumer's memory to a brand. The associations attached to a firm and its brands can be key enduring business assets, because they reflect the strategic position of the brand.