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:
“I don’t think life is absurd. I think we are all here for a huge purpose. I think we shrink from the immensity of the purpose we are here for.”
—Norman Mailer (b. 1923)
“To me the sole hope of human salvation lies in teaching Man to regard himself as an experiment in the realization of God, to regard his hands as God’s hand, his brain as God’s brain, his purpose as God’s purpose. He must regard God as a helpless Longing, which longed him into existence by its desperate need for an executive organ.”
—George Bernard Shaw (1856–1950)
“Man, her last work, who seemed so fair,
Such splendid purpose in his eyes,
Who rolled the psalm to wintry skies,
Who built him fanes of fruitless prayer,
Who trusted God was love indeed
And love Creation’s final law—
Though Nature, red in tooth and claw
With ravine, shrieked against his creed—”
—Alfred Tennyson (1809–1892)