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:
“Science and art, or by the same token, poetry and prose differ from one another like a journey and an excursion. The purpose of the journey is its goal, the purpose of an excursion is the process.”
—Franz Grillparzer (1791–1872)
“Since I do purpose to marry, I will think nothing to any purpose that
the world can say against it; and therefore never flout at me for what I have said against it; for man is a giddy thing, and this is my conclusion.”
—William Shakespeare (1564–1616)
“And is the price for your acceptance for me to conform? To be as you would want me to be?... You must accept me as I am. Do not question.... If my behavior seems different perhaps it is because it serves a higher purpose than to find acceptance in this dull and useless world.”
—Pat Fielder, and Paul Landres. Dracula (Francis Lederer)