Definition of Brand Equity

Brand Equity:

Brand equity refers to the value of a brand name. It is a valuable asset of a brand in any organization. Because, customers are willing to find out and buy that brand among various competitors’ brand.

Brand equity can be defined in many different ways. For a brand to be strong it must accomplish two things over time: retain current customers and attract new ones. To the extent a brand does these things well, it grows stronger versus competition, and delivers more profits to its owners.

According to Staton and Walker, “brand equity is the value, a brand adds to a product.

According to David Aaker, “A set of brand assets and liabilities linked to a brand, its name and symbol that add to or subtract from the value provided by a product or service to a firm and/or to that firm’s customers.”

By combination of brand strength and brand value brand equity is formed. Brand strength is the set of association and behaviors that brand’s customers, channel members and Parent Corporation enjoy sustainable and differentiated competitive advantages.

After all it is easy to say that brand equity is the value of successful or the failour of a company and brand names strongly related to loyalty that someone has the willingness to continue to purchase a specific brand.

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