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:
“Productive collaborations between family and school, therefore, will demand that parents and teachers recognize the critical importance of each other’s participation in the life of the child. This mutuality of knowledge, understanding, and empathy comes not only with a recognition of the child as the central purpose for the collaboration but also with a recognition of the need to maintain roles and relationships with children that are comprehensive, dynamic, and differentiated.”
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“Respect is not fear and awe; it...[is]the ability to see a person as he is, to be aware of his unique individuality. Respect, thus, implies the absence of exploitation. I want the loved person to grow and unfold for his own sake, and in his own ways, and not for the purpose of serving me.”
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“To found a great empire for the sole purpose of raising up a people of customers, may at first sight appear a project fit only for a nation of shopkeepers. It is, however, a project altogether unfit for a nation of shopkeepers, but extremely fit for a nation that is governed by shopkeepers.”
—Adam Smith (1723–1790)