Brand Equity
Brand equity can be described as the value of a well-established brand name. A product of a popular brand can generate more revenue as compared to an unknown brand. Consumers have a perspective that a product from well know brand will be better in terms of quality than others. This gives an advantage to a branded product over an unknown product.
Elements of Brand Equity
Brand equity valuation is difficult and doesn't have any basic criteria. Some of the elements associated to it include −
#Consumer loyalty
#Awareness of brand
#Quality of product
#Association with brand
#Proprietary assets owned by the brand
Elements of brand equity add a value to the brand; a successful brand has all the elements of brand equity.Source: https://www.tutorialspoint.com/marketing_management/marketing_management_brand_equity.htm