About Lesson
Brand Equity refers to the value a strong brand brings to a company, expressed in terms of the additional revenue or market share it commands simply because it is recognized and trusted.
Key Components of Brand Equity:
- Brand Awareness: The extent to which consumers are familiar with the brand.
- Brand Associations: The specific thoughts, feelings, perceptions, images, experiences, beliefs, and attitudes consumers have about a brand.
- Perceived Quality: The consumer’s perception of the overall quality or superiority of a product or service.
- Brand Loyalty: The level of commitment and repeat purchase behavior by consumers.