Brand equity can be viewed as the set of assets (or liabilities) linked to the brand that add (or subtract) value. The value of these assets is dependent upon the consequences or results of the market place’s relationship with a brand and the elements include brand awareness, perceived quality, brand associations, brand loyalty and other proprietary brand assets such as patents, trademarks, channel relationships (Antariksa, 2011).
Brand loyalty is a measure of the attachment that a customer has to a brand, it reflects how likely a customer will be able to switch to another brand, especially when that brand makes a change, either in price or in product features. Brand awareness is a measure of familiarity of a brand.
Perceived quality is when a brand is associated with a perception of overall quality not necessarily based on knowledge of detailed specifications. Perceived quality will directly influence purchase decisions and brand loyalty, especially when a buyer is not motivated or able to conduct a detailed analysis. Brand association is the underlying value of a brand name and is often based upon specific associations linked to it and when a brand is well positioned competitors will find it hard to attack. Other proprietary brand assets include patents, trademarks, and channel relationships (Aaker, 1999).
According to Healy, (2010) branding can also be classified under five components which are storytelling, customer relationship, design, positioning and price and these can fit well in Aaker’s description of elements of the brand equity. This study will centre on the brand awareness element.