brand equity

Perceived added value that a brand confers on a good or service. There are three distinct components to brand equity. The first component is the notion of the financial value of a brand being a distinct asset capable of representation on a company's balance sheet; this can be thought of as ‘brand valuation’. The second component is the attachment of the consumer to the brand, or ‘brand loyalty’. The final component is the description of the associations and beliefs that a consumer has about a brand, sometimes called the ‘brand description’.