This term came up in the marketing literature in 1980. This multidimensional concept has different meanings from the context of Accounts, Marketing, and Consumer.
● Accounting Context − It is a total value of a brand as a separable asset, when evaluated for selling. It is also called Brand Value. It is quantifiable.
● Marketing Context − It is the description of consumer’s associations and beliefs about the brand. It is non-quantifiable. Brand equity is tailored according to the needs and demands of the consumer.
● Consumer-based Context − It is a measure of consumers’ attachment to a brand. It is also called brand strength or loyalty. It is quantifiable.
As per Amber and Styles (1996), Brand Equity is a store of profits which can be realized in future.