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Brand equity results in lucrative brand ___licensing___ opportunities, when another company wishes to pay a royalty or fee to use your brand name or trademark.
How does brand equity work?
The power a brand name has over consumers' perceptions and the benefit of having a recognizable and well-recognized brand are measured by brand equity. Businesses build their brand equity by offering customers satisfying experiences that encourage them to stick with them instead of switching to a rival company selling a similar item. The creation of awareness often obtains brand equity through marketing campaigns that appeal to the values of the target consumer, fulfilling promises and qualifications when consumers use the product, and loyalty and retention activities. Brand equity's two main pillars are awareness and experience.
What is licensing a brand?
Renting or leasing an intangible asset is known as licensing. It is the process of drafting and overseeing contracts between the owner of a brand and a business or person who wishes to use the brand in connection with a good for a predetermined amount of time and in a predetermined region. Brand owners can use licensing to apply a trademark or character to goods with distinct characteristics.
Learn more about Brand Licensing with the help of the given link:
brainly.com/question/15684865?referrer=searchResults
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