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Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name.The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands.
Aaker is the creator of the Aaker Model, a marketing model that views brand equity as a combination of brand awareness, brand loyalty, and brand associations. [11] The model outlines the necessity of developing a brand identity, which is a unique set of brand associations representing what the brand stands for and offers to customers an aspiring brand image.
Brand extension is the system of employing a current brand name to enter a different product class. Having a strong brand equity allows for brand extension; for example, many fashion and designer companies extended brands into fragrances, shoes and accessories, home textile, home decor, luggage, (sun-) glasses, furniture, hotels, etc ...
Rebranding is a marketing strategy in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and other stakeholders. [1]
Brand equity Within the literature, it is possible to identify two distinct definitions of brand equity. Firstly an accounting definition suggests that brand equity is a measure of the financial value of a brand and attempts to measure the net additional inflows as a result of the brand or the value of the intangible asset of the brand. [48]
Brand equity is the sum of assets and liabilities relating to a brand, its name and logo, and the sum or difference is the value that is offered by the product or service or a company or the company's customers. For the assets and liabilities to have effect on brand equity, they have to be related to the name or logo of the brand.
Some studies show that negative impact may dilute brand image and equity. [7] [8] In spite of the positive impact of brand extension, negative association and wrong communication strategy do harm to the parent brand even brand family. [9] A brand's "extendibility" depends on how strong consumer's associations are to the brand's values and goals.
A consumer-brand relationship, also known as a brand relationship, is the relationship that consumers think, feel, and have with a product or company brand. [1] For more than half a century, scholarship has been generated to help managers and stakeholders understand how to drive favorable brand attitudes, brand loyalty, repeat purchases, customer lifetime value, customer advocacy, and ...