Brand equity is the resources invested to create a name, phrase, design, symbol or combination of these to identify a firm's products and distinguish them from those of its competitors adding customer value to the product brand through additional features or higher-quality materials or reducing its price increasing the content contained within the brand's package without changing its size or increasing its price the net present value of the royalties the firm receives as a result of licensing its brand to other firms to manufacture and/or market the added customer value a given brand name gives to a product beyond the functional benefits provided

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.