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1) What is the definition of brand equity?

1) What is the definition of brand equity?

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‘Brand equity’-denotes a 'value premium' which a firm obtains from a commodity having a distinguishable name, as against a generic counterpart. Firms are able to develop brand equity for their merchandise via making them clearly recognizable, making them outstanding & making them superior in reliability & in quality. Mass marketing drives also aid to develop it. Brand equity has 3 fundamental elements- customer perception, positive/ negative impacts, & a resultant value.

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