brand-equity

Vocabulary Word

Definition

'Brand equity' measures the value of a brand's good reputation and customer loyalty. Companies with high brand equity can sell products for more because people trust and love them.

Examples in Different Contexts

In the tech world, a startup with good brand equity might find it easier to attract investors or partnerships due to the positive reputation associated with its name.

Practice Scenarios

Leadership

Scenario:

As we move forward, maintaining our competitive position in the market remains our primary focus. What steps do you suggest for bolstering our brand value?

Response:

To safeguard our brand equity, we should invest in quality, customer relationships, and consistently deliver on our brand promise.

Business

Scenario:

Our brand has gained considerable reputation over the years. Do you think it has positively influenced our pricing strategy?

Response:

Indeed, the strong brand equity we've built allows us to price our products competitively and still retain our customer base.