Brand equity can be viewed as the set of assets

Brand equity can be viewed as the set of assets (or liabilities) attached to the brand that add (or subtract) value. The elements include brand awareness, perceived quality, brand associations, brand loyalty and other proprietary brand assets such as patents, trademarks, channel relationships (Antariksa, 2011).
Brand loyalty is a measure of the affection that a customer has to a brand, it reflects how likely a customer will be able to change to another brand, particularly when that brand makes a change, either in price or in product characteristics. Brand awareness is a measure of familiarity of a brand to a customers or knowledge of certain features of the brand.
Perceived quality is when a brand is associated with a view of overall quality not necessarily based on knowledge of detailed specifications. Perceived quality will directly influence purchase decisions and brand loyalty, especially when a buyer is not motivated or able to conduct a detailed analysis. Brand association is the primary value of a brand name and is often based upon specific associations linked to it and when a brand is well positioned competitors will find it hard to show aggression. Other proprietary brand assets include patents, trademarks, and channel relationships (Aaker, 1999).

According to Healy, (2010) branding can also be classified under five components which are storytelling, customer relationship, design, positioning and price and these can fit well in various descriptions of elements of the brand equity. This study centred on the brand awareness element.

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