MANAGEMENT

Detailed explanation-1: -Brand equity refers to the importance of a brand in the customer’s eyes, while brand value is the financial significance the brand carries. Both brand equity and brand value are educated estimates of how much a brand is worth.

Detailed explanation-2: -Brand equity is the value of a brand, determined by the consumer’s perception of its quality and desirability. It is based on factors such as the brand’s recognition, customer loyalty, and customer satisfaction.

Detailed explanation-3: -Increases Order Value per Customer If your brand has positive brand equity, people are more likely to spend more money to purchase those products. This results in higher profit margins. It may cost companies the same amount as competitors to make a product.

Detailed explanation-4: -Brand equity has four dimensions-brand loyalty, brand awareness, brand associations, and perceived quality, each providing value to a firm in numerous ways. Once a brand identifies the value of brand equity, it can follow this roadmap to build and manage that potential value.