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Brand Equity and Sources of Brand Equity

View all our courses and get certified on https://academy.marketing91.com 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