Brand Equity is a set of assets and liabilities linked to a brand’s name and symbol that adds to the value provided by the product or service to the firm and its consumers.
Brand equity comprises four major dimensions
1. Brand Awareness
• An anchor to which other associations can be attached
• A sense of familiarity or linking
• A sense of substance and commitment
2. Brand Loyalty
• Marked reduction in marketing expenditure.
• Trade Leverage
• Attracting new customers by creating awareness and reassurance
3. Perceived Quality
• Differentiates the positions of the firm and the competitors
4. Brand Associations
• It helps the process of retrieving information
• A reason to buy
• Creates a positive attitude
Brand Equity requires careful consideration and a strategic road map to fully leverage the value and reputation of the organization.