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:
“A doctrine serves no purpose in itself, but it is indispensable to have one if only to avoid being deceived by false doctrines.”
—Simone Weil (1909–1943)
“I have never doubted your courage and devotion to the cause. But you have just lost a Division, and prima facie the fault is upon you; and while that remains unchanged, for me to put you in command again, is to justly subject me to the charge of having put you there on purpose to have you lose another.”
—Abraham Lincoln (1809–1865)
“In the present civil war it is quite possible that God’s purpose is something different from the purpose of either party.”
—Abraham Lincoln (1809–1865)