Advertising agency Young and Rubicam (Y&R) developed a model of brand equity called Brand Asset Valuator (BAV). What is the intent of the BAV model? List and briefly characterize the four key components (pillars) of brand equity

Question

What will be an ideal response?

Answer 1

The BAV model is based on research of almost 800,000 consumers in 51 countries. BAV provides comparative measures of the brand equity of thousands of brands across hundreds of different categories. There are four key components—or pillars—of brand equity. These pillars are: (1 ) energized differentiation—measures the degree to which a brand is seen as different from others, and its perceived momentum and leadership; (2 ) relevance—measures the appropriateness and breadth of a brand's appeal; (3 ) esteem—measures perceptions of quality and loyalty, or how well the brand is regarded and respected; and (4 ) knowledge—measures how aware and familiar consumers are with the brand.