Most extensively used term in business is Brand Equity. We must understand that equity comes later, the brand comes first. In order to have equity, you must have a brand.If there is no brand, there is no equity. As we have already observed in brand image discussion, a brand has a whole trail of associations with it. A brand name acts as a cue to trigger these associations.Customers respond to brands in a discriminative manner. They are ready to pay a premium for the brand. This is on account of the associations pertaining to the brand in the mind space of the consumers or the existing brand image or proposed brand identity.When these responses of the customers to the image and identity are converted into money terms, it represents its financial worth or equity.This draws customers to the brand on a sustained basis.In other words, this loyalty ofthe customers to the brand forms customer equity.The key driver of  brand equity the brand image. Customer attitudes do contribute to the brand equity.Brand associations are embedded in the information nodes of the human brain.To a customer brand equity  is the outcome of a strong positive brand attitude dependent on the beliefs and meanings accessible from memory when activated.

To Upshaw, brand equity represents the total accumulated value or worth of a brand. Konapp(2000) considers brand equity is totality of brand’s perception. Keller (1993) defines brand equity in terms of  marketing effects whereby certain outcomes occur as a result of brand name, and these would not have occured, had there been no brand name.