Question

Explain how each of the three brand equity dimensions provides value to the ?rm. Explain how they provide value to customers.

Answer 1

Brand equity is nothing but a commercial value that a product or service derive from the brand name of a product or service or company. It is the image of the company for which customer buy a product and churn out money without thinking too much. In mobile phone sector apple is a brand which help to promote all his product.

A company can increase brand equity of their product by-

1. Clarifie your position in the market. It is what you stand for, like chocolate product comes from a brand of chocolate.
2. Communicate your brand value which helps to build brand equity in the market.
3. Create awareness in the market about the brand value, like what extra you are providing how we are different in the market.
4. Legal and ethical decision making in all business movement helps to build a good brand equity. We can see TATA as brand which known for its ethical work.