Let’s learn and evaluate the meaning of brand equity, components, importance, examples, the relation of brand equity and marketing, and how to measure brand equity.
What is Brand Equity?
What is Brand Equity?
Brand equity is an intangible asset of a brand in the philippines mobile number list form of brand value. It reflects the holistic reputation of a brand with brand awareness, brand associations, perceived quality, brand loyalty, etc. A higher and positive brand equity helps a brand to maximize the pricing, profits, marketing, and sales ROI.
“Brand” refers to a unique, distinct identification of a business associated with a product or service. The word “Equity” comes from the Latin word “aequus” which means “even” and “fair”. Hence, to build a unique identification and fair, optimized revenue, profit, and market share of a company, brand equity development is profitable.
Brand equity can be seen as a separate asset that is totally comprised of brand value. This value is the sum of the assets and liabilities that are generated as a result of the relationship marketing with the customers of the respective brand.
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David Aaker (Father of Modern Branding), an American organizational theorist, consultant and Professor Emeritus at the University of California, Berkeley’s Haas School of Business says-
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The most important assets of any business are intangible: its company name, brands, symbols and slogans, and their underlying associations, perceived quality, name awareness, customer base and proprietary resources such as patents, trademarks and channel relationships. These assets, which comprise brand equity, are a primary source of competitive advantage and future earnings.
After knowing what is brand equity, let us now have a look upon the ways through which brand equity can be measured.
Brand Equity Components
Brand equity components with 4 key components
Brand equity components
The brand equity model comprises 5 components. Let’s have a close look at what each of these components is and how they contribute to brand equity.