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Question 1.

Explain the concept of brand equity.

Question 2.

Advertising agency Young and Rubicam (Y&R) developed a model of brand equity called Brand Asset Valuator (BAV). What is the intent of the BAV model? List and briefly characterize the five key components (pillars) of brand equity.
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Marketing Management
Edition: 13th
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Answer 1

Brand equity is the added value endowed to products and services. This value may be reflected in how consumers think, feel, and act with respect to the brand, as well as the prices, market share, and profitability that the brand commands for the firm.

Answer 2

The BAV model is based on research of almost 500,000 consumers in 44 countries. BAV provides comparative measures of the brand equity of thousands of brands across hundreds of different categories. There are five key components—or pillars—of brand equity. These pillars are: (1) differentiation—measures the degree to which a brand is seen as different from others; (2) energy—measures the brand's sense of momentum; (3) relevance—measures the breadth of a brand's appeal; (4) esteem—measures how well the brand is regarded and respected; and (5) knowledge—measures how familiar and intimate consumers are with the brand. For additional information on the BAV model, see chapter section.
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