Brand equity refers to the value of a brand and consists of brand loyalty, brand awareness, perceived quality, and brand associations. Brand loyalty measures how attached customers are to a brand and are less likely to switch. Brand awareness refers to a customer's ability to recognize or recall a brand. Perceived quality is a customer's perception of a brand's overall quality compared to alternatives. Brand associations are anything linked to a brand in a customer's memory, such as product attributes, feelings, or symbols. Maintaining strong brand equity provides strategic benefits like reduced costs and increased customer loyalty.

1. Managing Brand Equity

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3. Brand equity is a set of brand assets and liabilities linked to a brand

4. Elements of Brand Equity: Brand Loyalty Brand Awareness Perceived Quality Brand Associations

5. Brand Loyalty Brand loyalty is a measure of the attachment that a customer has to a brand. It reflects how likely a customer will be to switch to another brand, especially when that brand makes a change, either in price or in product features.

6. Brand Loyalty Pyramid Committed Buyer Likes the Brand - Considers it a Friend Satisfied Buyer With Switching Costs Habitual Buyer - No Reason to Change Indifferent – No Brand Loyalty Switchers / Price Sensitive

10. Brand Awareness is the ability of a potential buyer to recognize or recall that a brand is a member of a certain product category

11. Brand Awareness Hierarchy Top of Mind Brand Recall Brand Recognition Unaware of Brand

13. How to Achieve Brand Awareness Be different, memorable Involve a slogan or jingle Symbol exposure Publicity Event sponsorship

14. The customer's perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives. Perceived quality is a perception by customers. Perceived Quality

16. What Influences Perceived Quality of Service ? Appearance Reliability Competence Responsiveness Empathy

18. Brand Association A brand association is anything "linked" in memory to a brand. Thus, McDonald's could be linked to a character such as Ronald McDonald, a consumer segment such as kids, a feeling such as having fun, a product characteristic such as service, or a symbol such as the Golden Arches.

23. Source of Reference: David Aaker, Managing Brand Equity : Capitalizing on the Value of A Brand Name , Free Press