The origins of branding can be seen in ancient cultures, when artisans would imprint their name or other mark on their products to signify their legitimacy and quality.

David Aaker is regarded as the "Father of Modern Branding," the Vice Chairman of Prophet, the inventor of the Aaker Model, and a renowned author, lecturer, and intellectual. For his lifelong contributions to the domains of marketing and brand strategy, David Aaker has won multiple accolades and is regarded as a leading expert on branding.

The use of a name, word, sign, symbol, or design, or a mix of these, to distinguish and set one seller's or group of sellers' products and services apart from those of competitors is given by American Marketing Association.

A brand informs (Aaker 1992) the consumer of the product's origin and shields the manufacturer and consumer from rivals who could try to offer identical-looking goods. Brand name differentiates the product from another one.

The worth of a brand is represented by its brand equity (Rosenbaum-Elliott, 2015). It is the straight forward distinction between the worth of a product bearing a brand and the value of the same product without that name. Branding encompasses more than just professional skills; it is progressively taking a more comprehensive strategy incorporating lifestyle and personal values.

This study examines the definitions and aspects of brand equity through the integration of ideas from several academic works and empirical research. In addition to providing a thorough analysis of the literature on the conceptualization and measurement of brand equity. The previous 20 years have seen the development and implementation of brand equity, which is highlighted in this article. This article works on the notion of brand worth in relation to the different definitions provided by brand equity scholars.

Brand Equity

The marketing phrase "brand equity" refers to the worth of a brand. The way that consumers view and interact with the brand determines that value. A brand has good brand equity if consumers have positive opinions about it.

A brand is a product that has a distinctive personality, such as in terms of image or design. It is a recognised and consistent method of setting goods and services apart from one another. Although the term "brand" has several meanings in marketing literature, "A name, term, design, symbol, or any other feature that identifies the seller's goods or services as distinct from those of other sellers" is the definition provided by the American Marketing Association, according to et al. (2013) (p. 261).

Among the most famous marketing theories to surface in the 1980s is "brand equity." The concept of "brand equity" was first used by David Aaker, but several scholars have written about it since the 1960s, including Bennett (1988), Watkins (1986), Levitt (1962), Boulding (1956), and numerous others. It is widely believed that one of the most crucial organizational resources is brand equity. Scholarly investigations into brand equity have been conducted since the late 1980s. Previous academics have so far contributed a number of works on this idea from various angles.

The brand's potential (According to American Marketing Association, 1960), Consumer opinions on favorable attributes and the results of using a brand are the foundation of brand equity. Furthermore, an established brand creates challenges to competitive entry, resistance against the advertising campaigns of rivals, and the possibility of successful extensions (Farquhar 1989). High brand value can ban the new entrants and secure the business of the company. (Winters, 1991) considers brand equity from an alternate perspective by presuming that it is an added benefit that gives consumers less chance for elaboration due to the associations and perceptions the brand conveys. A collection of assets and liabilities related to a brand, including its name and symbol, that enhances or minimizes the value that a product or service offers to a business and/or its clients (Aaker, 1991).

 It is generally recognized that higher brand equity levels increase stock returns (Aaker and Jacobson, 1994) and consumer preferences and buy intentions (Cobb-Walgren, 1995). Kotler defines the mixture of opinions, perceptions, and ideas that a person has toward a brand. The value (Rosenbaum-Elliott, 2015) of a brand is determined by its brand equity. It is the straightforward distinction between the significance of a product bearing a brand and the value of an identical product without that brand name. Since some researchers have come to the conclusion that brands are among a company's most valuable assets, brand equity research is growing more and more common. Based on the definitions and explanations provided above, we may conclude that brand image is the concept that a consumer has when he considers the need to buy a product or service. As a result, brand image can be a crucial or intricate aspect of brand equity since it influences brand equity. 

Image of the brand in the market is very essential to understand the customer intention to buy and play an important role to change the perception of customers.

Customers' opinions regarding a brand are contingent on both functional and psychological characteristics (Martineau 1959).

A combination of the consumer's impressions from many sources makes up the brand image (Herzog 1963).  In order to develop an image, a consumer would choose a small number of impressions from the overall number of impressions he gets of a product or service, and then extend, embroider, and put together those impressions in a certain way (Reynolds 1965).

The way an item is positioned, how it is advertised, and how the consumer feels and views it is every element of the brand image (Dichter 1985). One definition of brand image is the perception of a brand as reflected by the association that consumers have towards it (Keller1993). David Aaker, (1993) had proposed the definition of brand image: A set of associations relating to things like product attributes, benefits or price, that are organized in meaningful ways. The three elements of brand image are "mystery, sensuality, and intimacy," they reflect the emotional, sensual, and logical facets of brand image. To develop a "love mark," the brand must supply these three brand image metrics (Roberts 2004). To decide what kind of brand image and associations company like to establish, it need to perform market research and appreciate the needs of the market segment that most appeal to company as well as their own capabilities (Pullig, Ch. 2008). Better strategic marketing choices regarding positioning a product and focusing on particular market segments are based on brand image. However, different academics have defined and applied the term "brand image." When measuring brand image and evaluating brand equity and positioning, the essence differences can be perplexing (Lee, L., J, James, J. D., Kim, Y. K.  2014). Clients view a brand as a unique combination of functional and emotional qualities that adds value, creates a distinctive experience, and fulfill the promises. It can reflect interests outside the brand itself and has a symbolic value apart from all that can be acquired in reality. It is the company's most valuable asset and the main strategic resource. (Grubor, A, Milovanov, O. 2017) When brand image is highly applicable to customers, it is at its strongest.

Relevance is based on what clients are looking for when selecting a realtor. It could be through aggressive marketing, a strong reputation, or a particular kind of skill. 

Dimensions of Brand Equity

The various dimension of brand equity is as under.

Brand Loyalty

The inclination of a consumer to purchase a specific brand within a product category is referred to as brand loyalty. When customers believe a brand has the appropriate product attributes, aesthetics, or quality level at a suitable price, it occurs. Repeat business and loyalty might result from this perception. Customers' inclination and relationship to a brand are thus linked to brand loyalty. A lengthy history of utilizing a product and the trust that has grown as a result of that usage may be the cause.

Customer loyalty can be described as a customer's sincere will to keep buying their favorite product regardless of external factors (Kotler & Keller, 2006). Brand loyalty is the extent to which customers remain loyal to a specific brand, irrespective of the marketing requirements from other brands. This loyalty can be demonstrated by repeat business and other positive behaviors like word-of-mouth promotion (Kotler & Keller, 2006). A biased emotional reaction over time is known as brand loyalty. It suggests a pattern of consistent brand repurchases due to favorable perceptions of the brand (Mellens, DeKimpe and Steenkamp, 1996). According to Jacoby and Chestnut (1978), Dedication is a crucial component of loyalty and sets it against repeat business, leading to from inertia. As explained by Aaker, there are five phases in a pyramid reflecting brand loyalty. The lowest category consists of non-loyal customers who don't care about a brand and think it's sufficient, indicating that brand names don't affect their purchasing decisions. Those who are happy with the product, or at the very least, not unsatisfied are at level two. Next up are happy customers who don't want to take the chance of switching products and could be referred to as habitual customers.

The next step is devoted customers who view the brand as a friend. Dedicated customers or individuals who have strong brand loyalty comprise the fifth level. They are made comprised of people who are happy customers and will tell others about the goods (Aaker 1991).

Perceived Quality

The concept of perceived worth is crucial to marketing, and in recent years, numerous writers have written on it. Aaker (1991) defines perceived quality as a consumer's assessment of a product or service's overall quality or superiority. A customer's firm's perceived value in monetary units of the collection of monetary, technical, service, and social benefits obtained in exchange for the price paid for a product's offering, while also accounting for the pricing and other options offered by suppliers (Anderson et al., 1993, in Ulaga and Chacour, 2001; Anderson and Narus, 1998).

Brand Awareness

Brand awareness is the extent in which users are familiar with a specific good or service. Brand awareness takes into account how well-known a brand is to people of all ages. When most people nearby are aware of a company's name and what it sells, it is considered to have a high level of brand awareness (Aaker1991).

The capacity of a prospective customer to identify or remember that a brand belongs to a particular product category is known as brand awareness. There is a spectrum of brand awareness, starting with the ambiguous perception that the brand is acknowledged, based on the notion that it is unique to the product class. Three wildly disparate degrees of brand awareness can be used to illustrate this spectrum. The setting and the degree of awareness attained will determine the place of brand awareness in brand equity (Aaker, 1991).

According to Keller's model, brand awareness is expressed by a pyramid that start with brand identity (an answer to the question "Who are you?") and ends with "resonance," the point at which consumers have had a satisfactory brand experience and built enough emotional bonds with the brand that they are willing to promote it (Keller1993).

Brand Association

All ideas, feelings, perceptions, visuals, experiences, beliefs, and opinions that are related to a brand constitute brand associations (Kotler and Keller 2006). As Peirce define only active variable in the mind is association, branding appears to be a cognitive process compared to a descriptive one, since any meaning of a brand is formed by innumerable associations among brand users. The differentiating characteristics of brand knowledge that are crucial in establishing the differential reaction that constitutes brand equity, particularly in significant decision settings, are the strength, distinctiveness, and favorability of brand associations (Keller, 1993).

More research reveals the complicated connection that exists between associations and emotions (Fiske, Taylor 1995). Supphellen (2000) presents a category of correlations termed emotional associations because of the apparent strength of this interaction, giving us four different kinds of associations as emotional, sensory, visual, and verbal.

Customer views, loyalty, and purchase decisions are all greatly impacted by brand equity.

In the electronics industry, attractive brand equity has an important impact on buyer preferences. It increases price premiums, customer loyalty, and buy intentions, all of which make a brand more competitive.

Purchase intention can be used as a technique to gauge a shopper's interest in making a purchase, and the relationship between the two ends is that the more straight forward and modest the buy objective, the more significant the buyer's desire to make a purchase. By the analysis of various authors concept, it is found that brand equity is essential for the survival of a company as well as sentiments of consumer are also connected with the brand name. Customer goes for a brand because of its quality assurance. A trustable brand is the assests of the business and customer are ready to pay premium prize for it because of its attributes that brand promise to provide. This article includes various prospects of different authors regarding importance of brand equity for taking purchase decision by the customers.

This review offers the requisite depth and scope of knowledge regarding brand equity and its aspects of brand equity from scholarly literature. The created conceptual framework helps analyse the role of brand awareness, brand association, brand loyalty and perceived value concerning brand equity. Building solid brand recognition is an especially successful approach for setting a product or service apart from its competitors, hence it is crucial to understand how much equity a brand commands in the market. Even though brand equity cannot be created quickly, it can be developed over time with well-thought-out campaigns.  So, in the present scenario importance of brand equity is enhanced and to achieve this target the results of the study may help the management comprehend the factors influencing consumer choice and the resulting sense of pleasure while selecting products from different brands. A strategic marketing tool, brand equity, has the power to evoke a warm, genuine connection that shapes the relationship between goods and consumers. On the other hand, Sustainability, which has become a critical environmental issue that businesses cannot ignore, is an essential component to enhance brand equity. Several scholars have shared their empirical studies on the importance of brand equity.

Theoretical And Managerial Implications

The application of many aspects of brand equity is presented, and the theoretical paradigms are further discussed in the study. This study aids in understanding the significance of the different tactics that businesses employ for developing their brands. Emphasize client happiness, cultivate enduring connections, and provide rewards for recurring business. This study helps to develop a strong brand identity, sustain consistent quality, and carefully manage brand message.

The research outcomes could enable the manager to understand the influences that are shaping the consumer decision making and resultant sense of satisfaction while choosing electronic products of various brands.

Limitation and Future Research Opportunities

This study includes the deep study of brand equity but this is not particular with the age group or income group of customers so, study can be done for particular generation because different factors work for different generation.

 Further study can also be done regarding particular industry or with particular region.

Importance of social media to create and enhance the brand equity can also be the future research option.

The author states that there are no conflicts of interest and that no external organisation, non-governmental organisation, government entity, or retail association has ever provided all or a portion of the funding for the study. No other magazine ever publishes any portion of the publication.

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