Brand Equity is the value added by the brand to the product. It is the intangible value associated with the product that cannot be accounted for by price or features. The perceived quality attributed to the product independent of its physical features and can be measured by the additional price a consumer will pay to buy the brand vs. an equivalent non-branded (or store) brand. The real power of a brand is in the thoughts, feelings, images, beliefs, attitudes, experiences and so on that exist in the minds of consumers. This brand knowledge affects how consumers respond to products, prices, communications, channels and other marketing activity, increasing or decreasing brand value in the process