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.