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:
“Whoever considers morality the main objective of human existence, seems to me like a person who defines the purpose of a clock as not going wrong. The first objective for a clock, is, however, that it does run; not going wrong is an additional regulative function. If not a watch’s greatest accomplishment were not going wrong, unwound watches might be the best.”
—Franz Grillparzer (1791–1872)
“I have no purpose to introduce political and social equality between the white and black races. There is a physical difference between the two, which, in my judgement, will probably for ever forbid their living together upon the footing of perfect equality; and inasmuch as it becomes a necessity that there must be a difference, I ... am in favour of the race to which I belong having the superior position.”
—Abraham Lincoln (1809–1865)
“War is in truth a disease in which the juices that serve health and maintenance are used for the sole purpose of nourishing something foreign, something at odds with nature.”
—Johann Wolfgang Von Goethe (1749–1832)