Brand equity refers to the marketing of facts that are uniquely attributable to the brand. In particular, brand equity captures the outcomes, including how aware consumers are of the product, how much they like it, how committed they are to it, and how much they’re willing to pay for it, that result from a product’s name– for example, Coca-Cola– that would not occur if the same product did not bear that name– example, a generic cola. In the late 2000s, the Ford Motor Company decided to use its existing brand equity by re-naming its vehicle called the 500, to instead be called Ford Taurus.
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