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Brand Equity refers to the commercial value that an organization generates from the consumer perception of a specific product and not the product itself
Brand Equity in simple terms refers to a brand’s value. If consumers have a good experience and think of it as exceptional the brand equity increases and are positive and if not then it decreases and is negative
Brand Equity and New Launches
Organizations often take advantage of brand equity to influence consumers so that they can accord the same trust to new launches
Example - Apple
Sources of Brand Equity
1. Brand Awareness
Brand Awareness refers to the degree of recognition that a consumer has about a specific product by its name.
Brand Recognition refers to the ability of a consumer in recognizing a brand or a product because of a distinct symbol, logo, etc.
Brand Recall refers to the likelihood of remembering a brand name instantly
Example - Coca Cola
2. Brand Loyalty
Brand Loyalty refers to the habit of a consumer of buying the same product and not switching to a similar product from the rival brand
Example - Apple
3. Perceived Quality
Perceived Quality refers to the consumer’s perception of the quality of a product with respect to its purpose. The customer also assesses the competitor’s offering for comparative judgment.
Example - Apple packaging
4. Brand Associations
Brand Associations refer to the mind and emotional connections between a brand and people. It forms because of interactions, advertising activities, celebrity endorsements, and product quality
Example - Under Armour - Project Rock
This video is on Brand Equity and has the following sub-topics.
Time Stamps
0:00 What is Brand Equity?
00:58 Brand Equity and New Launches
01:43 Sources of Brand Equity
01:53 Brand Awareness
02:42 Brand Loyalty
03:27 Perceived Quality
04:07 Brand Associations