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This question is about marketing associate skills.
What is brand equity in marketing?
Brand equity in marketing is the value a brand name gives to a product or service based on the brand name alone. Brand equity only applies to a brand's perceived public value, and not the functional value of a particular product or service's functional benefits. This is a key indicator for brand loyalty among consumers and also customer retention.
Brand equity is achieved through various marketing strategies and methods. These include things like advertising, promotions, and developing an emotional connection and impact with target audiences. Positive brand equity can lead to brand awareness in the public sphere, customer loyalty, and acceptance on behalf of consumers to pay premium prices.
Here are the essential elements of brand equity:
Brand awareness
The level of consumer recognition and recall a brand has in the eyes of consumers.
Brand associations
The particular characteristics or attributes that are linked (associated) with a specific brand in the perceptions of consumers.
Brand loyalty
The amount of commitment exhibited by customers of a specific brand. This includes how likely they are to continue buying specific products, services, or other offerings from a particular brand.
Perception of quality
The perceived quality and performance of the brand, and its products and/or services. High quality in this area can result in more loyal customers and expanding target audiences.
Brand Personality
Brand personality deals with the emotional and storytelling features that are associated with a brand in the eyes of its target audience and other potential consumers.
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