Brand equity refers to brand strength and brand value. A basic premise of brand equity is that the power of a brand lies in the minds of consumers and what they have experienced and learned about the brand over time. Brand equity can be thought of as the “added value” endowed to a product in the thoughts, words, and actions of consumers. Understanding the sources and outcomes of brand equity provides a common denominator for interpreting marketing strategies and assessing the value of a brand. This lecture describes how brand equity is valued and the connection between brand strength and brand value to keep a strong relationship between brands and customers on the long term.

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