Brands play an important role in the purchasing decision of a product. A brand is a
name, term, sign, symbol, design or a combination of them, intended to identify the goods
and services of one seller or a group of sellers and to differentiate them from those of
its competitors. A brand is thus a product or service that adds dimensions and
differentiates it in some way from other products or services designed to satisfy the same need
(Kotler, 2006). The final consumer receives certain benefits with the consumption of
those products or services. The customer's subjective and intangible assessment of brand,
above and beyond its objectively perceived value, is known as Brand Equity. The main
sub-drivers of brand equity are customer brand awareness, customer attitude towards brand
and customer perception towards brand ethics (Keller, 2007).
More attention is being paid to measuring and managing brands as assets, as
brands represent a business, organization, product, service or celebrity. Building a strong
brand requires putting customers and their needs at the forefront of every
organizational decision. Brands help in building emotional relationships with customers, which in
turn brings tangible returns for the organization in terms of customer loyalty. |
