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Brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more money from products with that brand name than from products with a less well known name, as consumers believe that a product with a well-known name is ...
In general, consumer involvement will be higher for products that are very expensive (e.g., a home, a car) or are highly significant in the consumerâs life in some other way (e.g., a word processing program or acne medication). It is important to consider the consumerâs motivation for buying products.