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

·        Price

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.