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:
“In those days, when my hands were much employed, I read but little, but the least scraps of paper which lay on the ground, my holder, or tablecloth, afforded me as much entertainment, in fact answered the same purpose as the Iliad.”
—Henry David Thoreau (1817–1862)
“For the purpose of knowledge, one must know how to use that inner current that draws us to a thing, and then the one that, after a time, draws us away from it.”
—Friedrich Nietzsche (1844–1900)
“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)