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Marketing
Asked a question last year

Explain brand equity.

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Nowadays, competition is at its peak which makes the consumers to think more on the brand of the product which they want to purchase. Consumers are not thinking what features the product is providing, they are giving more emphasis on the brand. Marketers need to drop the plan and strategies to build their brand value and image in the market. Whenever marketers go out to sell the product, they have one think in their minds, as to aware the customers regarding the brand and in a way that customers must say after that yes that brand experience was good and then it comes to loyalty when product of that brand is of good quality and what all marketer described is true in all aspects, customer loyalty towards brand increases and this all makes brand equity.

BRAND EQUITY -- 

It refers to the value and image a company's brand has over the market. It is related with how the customers feel and what they think of that brand. What perception do customers have about the brand. Brand equity can be in the form of market price , share , value and all things which represent brand.

IMPORTANCE OF BRAND EQUITY

  1. ASSET FOR THE ORGANISATION
  2.  HIGH PRICING
  3. MARKET SHARE