Branding is an essential decision due to the complexity of having a brand that represent the product . A brand in the form of name or symbol can add considerable value once consumers recognize and have positive perceptions of the brand . When brand and equity are combined , it is defined as an intangible asset based on the associations identified by consumers and the values that a brand name has established among consumers in the marketplace (Meyers et al 1998 . Brand equity is considered to be the third important component in the development of
brand identity . This paper aims to discuss the importance of brand equity to the consumer , the organization that owns the brand , and to the retailer
Consumers tend to patronize brands when they have a positive experience with the products or services . Brand equity is more than just the physical aspects of branding . It goes beyond colors , symbols , package graphics , and product and benefit descriptions , collectively known as components of brand identity . Brand identity is in the form of packaging and its decisive role of shaping a positive impression of the products . The importance of building brand equity builds loyalty and brand name awareness among consumers . In fact , actual good experiences with the product are far more effective than advertising . A positive brand equity then can be seen as strongly linked to brand loyalty as consumers are willing to pay more for the perceived greater value of the product or service than its competitors . A good example is the...