Brand equity
Brand equity is the sum of all brand assets. It is defined as factors like consumer perception and loyalty. In determining the company’s revenue generation ability, a large factor is how a brand can influence consumer decisions. A brand with high brand equity is more likely to have customers who will buy its products than those of its rivals. A company that has high levels of loyalty to its products can be more profitable as it will likely have a steady stream of income. A company with strong brand equity can attract more customers, and also charge higher prices for their products. Customers will often pay more for brands they know and trust. This allows companies to maximize their potential to charge more. Because it can help companies secure revenue by building customer loyalty, and attracting more customers, brand equity is important. A strong brand can help achieve this. (Bhasin, 2020; Vyas, 2019). Cont…
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