Since the emergence of the term ‘brand equity’ in the 1980s, different researchers have defined it in different ways. Reviewing the existing literature, it can be clearly stated that brand equity involves two aspects: consumers’ behavioral response to the brand, examined mainly by Customer-Based Brand Equity (CBBE) model and financial impact of the brand as expressed through return on investment, profit, turnover, etc., referred to as financial equity. Researchers have tried to establish the relationship between different brand elements and brand equity by defining brand equity in different ways. Chaudhuri and Holbrook (2001) defined brand equity outcomes as market share, price and shelf spacing and found the impact of brand attitudes and brand loyalty on brand outcome. Keller (2001) defined brand equity as brand strength in terms of market leadership and market share. Keller and Lehmann (2003) introduced ‘brand value chain’ model and measured brand equity as brand performance in terms of price elasticity and premiums, cost structure, market share, profitability and expansion success.
Researchers have used different branding elements to measure CBBE, which provides a unique perspective on what brand equity is and how these elements influence brand equity. Against this backdrop, the present paper attempts to empirically test the interrelationship of different branding elements with CBBE, especially for durable products.
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