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The most important assets of any business are intangible including its base
of loyal customers, brands, symbols & slogans and the brands underlying
image, personality, identity, attitudes, familiarity, associations and name awareness.
These assets along with patents, trademarks, and channel relationships
comprise brand equity, and are a primary source of competitive advantage and future
earnings.
The brand
is a distinguishing name and/or symbol (logo, trademark, or package design) intended to
identify the origin of the goods or services and to differentiate those goods or
services from those of competitors. A brand signals to the customer the source of the
product and protects both the customer and producer from competitors who would
attempt to provide products that appear to be identical.
By developing strong & consistent images, well-regarded
brands generate hidden assets or brand equity that give them distinct
advantages. Brand equity is a form of wealth that is closely related to what accountants
call "goodwill."
A brand is a promise made to its customers and shareholders. Promises that
are kept yield loyal customers and produce steady streams of profits. Brand equity is
initially built by laying a foundation of brand awareness eventually forming
positive brand images and is ultimately maximized by high levels of brand loyalty: |