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:
“Along the journey we commonly forget its goal. Almost every vocation is chosen and entered upon as a means to a purpose but is ultimately continued as a final purpose in itself. Forgetting our objectives is the most frequent stupidity in which we indulge ourselves.”
—Friedrich Nietzsche (1844–1900)
“God sent children for another purpose than merely to keep up the race—to enlarge our hears; and to make us unselfish and full of kindly sympathies and affections; to give our souls higher aims; to call out all our faculties to extended enterprise and exertion; and to bring round our firesides bright faces, happy smiles, and loving, tender hearts.”
—Mary Botham Howitt (20th century)
“Patience and tenacity of purpose are worth more than twice their weight of cleverness.”
—Thomas Henry Huxley (1825–1895)