BRAND EQUITY

1. A brand is an identifying symbol, mark, logo, name, word, and/or sentence that companies use to
distinguish their product from others.
2. A combination of one or more of those elements can be utilized to create a brand identity.
3. Legal protection given to a brand name is called a trademark.
4. Companies become very closely associated with their brand, if not synonymous with, their brand.
5. The more the brand is worth, the higher brand equity it is said to have.
6. A brand is seen as one of a company's most valuable assets.
7. It represents the face of the company, the recognizable logo, slogan, or mark that the public associates
with the company.
8. In fact, the company is often referred to by its brand, and they become one and the same.
9. A company’s brand carries with it a monetary value in the stock market (if the company is public),
which affects stockholder value as it rises and falls.
10. For these reasons, it's important to uphold the integrity of the brand.
11. When a company decides to settle on a brand to be its public image, it must first determine its brand
identity, or how it wants to be viewed.
12. For example, a company logo often incorporates the message, slogan or product that the company
offers.
13. The goal is to make the brand memorable and appealing to the consumer.
14. The company usually consults a design firm or design team to come up with ideas for the visual
aspects of a brand, such as the logo or symbol.
15. A successful brand accurately portrays the message or feeling the company is trying to get across
and results in brand awareness, or the recognition of the brand's existence and what it offers.
16. On the other hand, an ineffective brand often results from miscommunication.
17. Once a brand has created positive sentiment among its target audience, the firm is said to have
built brand equity.
18. Some examples of firms with brand equity—possessing very recognizable brands of products—are
Microsoft, Coca-Cola, Ferrari, Apple, and Facebook.
19. If done right, a brand results in an increase in sales for not just the specific product being sold, but
also for other products sold by the same company.
20. A good brand engenders trust in the consumer, and, after having a good experience with one
product, the consumer is more likely to try another product related to the same brand.
21. This phenomenon is often referred to as brand loyalty.
22. Brands have long been used to set products apart and have taken many different forms.
23. For example, the oldest known generic brand still used today is an herbal paste from India called
Chyawanprash.
24. In the 13th century, Italians began putting watermarks on their paper as a form of branding. 
25. The term "brand" also refers to the unique marks burned into the hides of cattle to distinguish the
animals of one owner from those of another.
26. The term generic brand refers to a type of consumer product on the market that lacks a widely
recognized name or logo because it typically isn't advertised.
27. Generic brands are usually less expensive than their brand name counterparts due to their lack
of promotion, which can inflate the cost of a good or service.
28. These brands, which are designed as substitutes for more expensive brand name goods, are
especially common in the food and pharmaceutical industry and tend to be more popular during a
recession.
29. Brand management is a function of marketing that uses techniques to increase the perceived value
of a product line or brand over time.
30. Effective brand management enables the price of products to go up and builds loyal customers
through positive brand associations and images or a strong awareness of the brand.
31. Developing a strategic plan to maintain brand equity or gain brand value requires a comprehensive
understanding of the brand, its target market, and the company's overall vision.
32. Brand equity is the price above the product’s value that consumers are willing to pay to acquire the
brand.
33. Brand equity is an internally generated intangible asset in which its value is ultimately decided by
consumers’ perception of the brand.
34. If consumers are willing to pay more for a brand than a generic brand that performs the same
functions, the brand equity will increase in value.
35. On the other hand, the value of brand equity falls when consumers would rather purchase a similar
product that costs less than the brand.
36. Brand management involves not only creating a brand but also understanding what products could
fit under the brand of a company.
37. A brand manager always has to keep its target market in mind when conceiving new products to
take on the company’s brand or working with analysts to decide what companies to merge with or
acquire