Brand Equity: Understanding the Five Key Factors That Drive Brand Value
Brand equity, as defined by Aaker (1996), refers to the value that a brand brings to a product or service beyond its functional attributes. It is a crucial concept for marketers, as a strong brand equity can lead to greater consumer loyalty, price premium, and a competitive advantage. Understanding the different components that make up brand equity allows companies to effectively manage and grow their brand value. In this article, we explore the five key factors of brand equity, including brand awareness, brand loyalty, perceived quality, brand associations, and market behavior.