Apple's products are well known and valued because of the demand, and customer loyalty, and the company's price premium rank high in the consumer tech industry. This is an example of Brand Equity.
What is Brand Equity?
- A brand's intrinsic value, or the social value of a well-known brand name, is referred to as brand equity in marketing.
- Due to public perceptions that well-known companies' products are superior to those of lesser-known brands, the owner of a well-known brand name might profit more on brand recognition alone.
- Information economics and cognitive psychology have both been used to study brand equity in the research literature.
- Cognitive psychology holds that brand equity is dependent on consumer knowledge of the attributes and associations associated with the brand.
- A strong brand name serves as a reliable indicator of product quality for consumers who are only partially aware, and it also produces price premiums as a sort of return on branding investments, according to information economics.
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