Brand Equity: Definition, Impact, Measurement, and Best Practices - Explained with industry example
Brand Equity: Definition, Impact, Measurement, and Best Practices - Explained with industry example Brand equity is a crucial concept in marketing that can significantly influence a company's success. To understand its importance, we can ask ourselves a few questions. For example, are you willing to pay higher price for a pair of shoes from your trusted brand instead of buying a cheap one from some brand you have never heard of? What is Brand Equity? Brand equity, according to Professor Aaker's definition, is a set of assets or liabilities in the form of brand visibility, brand associations and customer loyalty that add or subtract from the value of a current or potential product or service driven by the brand . The definition highlights that brand equity is not simply a positive value; it can also negatively impact a product or service associated with the brand. It's an added or subtracted value that a brand name brings to its offerings. The Impact of Brand Equity Str...