Brand equity should be defined in terms of marketing effects uniquely attributable to a
brand. That is, different outcomes result in the marketing of a product or service because
of its brand, compared to the results if that same product or service was not identified by
that brand. Marketers build brand equity by creating the right brand knowledge structures
with the right consumers. From a marketing management perspective, however, there are
three main sets of brand equity drivers. (1) The initial choices for the brand elements or
identities making up the brand; (2) the way the brand is integrated into the supporting
marketing program; and (3) the associations indirectly transferred to the brand by links to
some other entity. Brand equity can be measured by an indirect approach that assesses
potential sources of brand equity by identifying and tracking consumer brand knowledge
structures. A direct approach assesses the actual impact of brand knowledge on consumer
response to different aspects of the marketing. For brand equity to perform a useful
strategic function and guide marketing decisions, marketers need to fully understand (1)
the sources of brand equity and how they affect outcomes of interest, and (2) how these
sources and outcomes change, if at all, over time. Brand audits are important for the
former; brand tracking for the latter. As a company’s major enduring asset, a brand needs
to be carefully managed so its value does not depreciate. Marketers can reinforce brand
equity by consistently conveying the brand’s meaning in terms of (1) what products it
