Brand equity is very important to marketers of consumer goods and services. Brand equity facilitates in the effectiveness of brand extensions and brand introductions. This is because consumers who trust and display loyalty toward a brand are willing to try to adopt brand extensions. While there have been methods to measure the financial value of brand equity, measurement of customer‐based brand equity has been lacking. Presents a scale to measure customer‐based brand equity. The customer‐based brand equity scale is developed based on the five underlying dimensions of brand equity: performance, value, social image, trustworthiness and commitment. In empirical tests, brands that scored higher on the customer‐based brand equity scale generally had higher prices. Discusses the implications for managers.

As we enter the twenty-first century, the marketing function remains concerned with serving customers and consumers effectively. The authors propose that just as the marketing function gradually shifted from mass marketing to segmented marketing in the twentieth century, it will increasingly move toward customer-centric marketing in the next century. In the practice of customer-centric marketing, the marketing function seeks to fulfill the needs and wants of each individual customer. The antecedents of customer-centric marketing are the increasing pressure on firms to improve marketing productivity, increasing market diversity in household and business markets, and technology applicability. On the basis of the shift toward customer-centric marketing, the authors expect increased importance of marketing as a “supply management” function, customer outsourcing, cocreation marketing, fixed-cost marketing, and customer-centric organizations. This article highlights the implications of customer-centric marketing as well as the boundary conditions that will affect its adoption.

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