*2.2. Brand Equity*

A brand receives its value from customers by providing an image of stability, performance and other traits in reaction to a company marketing strategy. Therefore, customers know what to expect in the way of product performance. Keller (1993) named this response "customer-based brand equity". The definition of brand equity has evolved over time and academic understanding varies. Brand equity has been perceived as the added value of a product when consumers have a good impression about a brand, as the source of brand loyalty and even as the increased cash flow on branded products. Brand equity ensures higher margins compared to non-branded products. It can give a sustainable and differentiated competitive advantage (Kim and Lee 2018).
