What factors contribute to brand equity?

Brand equity refers to the value that a brand adds to a product or service, influencing consumer perception and behavior. The correct answer includes key factors that significantly contribute to building and enhancing brand equity.

Brand awareness is essential because it represents how familiar consumers are with a brand. Higher brand awareness means that consumers can easily recognize and recall the brand, which is crucial in influencing purchasing decisions.

Brand loyalty reflects the commitment of consumers to repurchase or continue using a brand despite changes in price or external circumstances. Loyal customers not only drive repeat sales but are often more resilient in their buying habits during challenging times.

Perceived quality is another critical factor, as it relates to how consumers evaluate the overall quality of a brand compared to its competitors. When consumers associate a brand with high quality, this perception can justify premium pricing, foster loyalty, and lead to positive word-of-mouth referrals, all of which significantly contribute to brand equity.

While the other choices might touch upon various aspects of marketing and business strategy, they do not encapsulate the core elements that directly build brand equity like the awareness, loyalty, and perceived quality highlighted in the correct answer.