Purpose
The purpose of brand equity metrics is to measure the value of a brand. A brand encompasses the name, logo, image, and perceptions that identify a product, service, or provider in the minds of customers. It takes shape in advertising, packaging, and other marketing communications, and becomes a focus of the relationship with consumers. In time, a brand comes to embody a promise about the goods it identifies—a promise about quality, performance, or other dimensions of value, which can influence consumers' choices among competing products. When consumers trust a brand and find it relevant, they may select the offerings associated with that brand over those of competitors, even at a premium price. When a brand's promise extends beyond a particular product, its owner may leverage it to enter new markets. For all these reasons, a brand can hold tremendous value, which is known as brand equity.
Read more about this topic: Brand Equity
Famous quotes containing the word purpose:
“A major misunderstanding of child rearing has been the idea that meeting a child’s needs is an end in itself, for the purpose of the child’s mental health. Mothers have not understood that this is but one step in social development, the goal of which is to help a child begin to consider others. As a result, they often have not considered their children but have instead allowed their children’s reality to take precedence, out of a fear of damaging them emotionally.”
—Elaine Heffner (20th century)
“Natural selection, the blind, unconscious, automatic process which Darwin discovered, and which we now know is the explanation for the existence and apparently purposeful form of all life, has no purpose in mind. It has no mind and no mind’s eye. It does not plan for the future. It has no vision, no foresight, no sight at all. If it can be said to play the role of the watchmaker in nature, it is the blind watchmaker.”
—Richard Dawkins (b. 1941)
“Men may construe things after their fashion,
Clean from the purpose of the things themselves.”
—William Shakespeare (1564–1616)