 Welcome learners. This is the second video lecture on branding. Outline over to presentation. So after going through this video lecture you will be able to define brand equity. In my earlier video lecture I have discussed about brand. So here I will be discussing about brand equity. And then I will discuss the trademarks and its importance. First we will go to the brand equity. Brand equity is defined in terms of marketing effects uniquely attributed to a brand. Brand equity refers to the fact that brand has a power to make a difference. Brand equity is the sustainable value added to brand name in the market and in the consumer's mind. Major factors that contribute to brand equity are brand awareness, brand associations, perceived quality and brand loyalty. So when we talk about brand equity, like equity can be in terms of your financial equity and in terms of your customer based equity. So like financial equity can be measured in terms of your market share and brand valuation. And here we will be discussing about the brand equity which is created in the mind of consumers. So first we will discuss the factors that contribute to brand equity. First is your brand awareness. Manufacturers make the product but consumers buy a particular brand. People buy brands if only they are aware about that particular brand. As their general assumption is that a brand that is familiar is probably reliable and reasonable. The brand equity is partly measured by the awareness it evokes. And how many people in the market recognize the brand with product category and conscious of the promise given by the brand. So in case of brand awareness, two things are associated. One is your brand recall and another one is your brand recognition. That means once customers know about the brand then only they will purchase it. Then comes your brand associations. Brand association includes attributes, symbol and images attached with the brand. Marketing challenge is to link right associations to the brand so that the customers develop a required image that leads to the loyalty and perceived quality of the product features. So in the brand associations like customers see whether this image of the brand they can associate with themselves. And if customers likes the product, likes the brand then only they will go for repeat purchase and ultimately they will become the loyal customers. So the third important point is your perceived quality. As it is an important asset for a brand it becomes a major component of brand equity. It has tremendous power to affect all other elements of brand equity. Marketer's task of right identity of the product in the target market is possible only to perceive quality. So if customers perceive the quality of a brand is a high then they will go for a repeat purchase. And then the last component is your brand loyalty. The brand loyalty of the consumer base is often the core of brand equity. If customers are indifferent to the brand and by with respect to features, price, convenience, with little concern of brand name, brand equity will not be high. In any business gaining new customers is quite difficult and it's expensive also. So it is better for the marketers to create the loyal customers. Loyal customers are price insensitive. If you increase the price of your product then also they will go for the particular brand. So which reduces the vulnerability of any competitive action. So basically the main aim of the marketer is to create the brand loyalty for the customers. Now we will discuss about the trademarks and its importance. So first we will discuss what is trademark. Trademark is a legal term. It refers to a brand which is registered with the government under the trademark and merchandise mark act 1958. Thus all the brand names or marks cannot be termed as trademark. Only those brand name or marks which are registered with the government are known as trademark. A trademark is a recognized as a form of property. A trademark is a visual symbol in the form of a word or maybe device or a label applied to the articles of commerce with a view to indicate that the goods bearing visual symbol are the goods manufactured by a particular enterprise. So the trademark bill 1993 and the trademark bill 1995 enlarged the definition of trademark so as to include a mark capable of being represented graphically to include shape of goods their packaging and combination of colors etc. So this is the second video lecture on your branding and in this video lecture we have discussed about brand equity and trademarks. Brand equity is the sustainable value added to a brand name in the market and or in the consumers mind. Major factors to contribute to brand equity are your as I have already said brand awareness, brand associations, perceived quality and brand loyalty. So here I have given some reference for you. We will see you in the next video lecture. Thank you.