Following are the components on which brand equity is dependent:
1. Brand awareness: It is the first step in building brand equity. The customers should be aware of your brand presence.
2. Brand associations: It plays an important role in repeat sale and word of mouth marketing.
3. Perceived quality: Brands perceived quality affects its positioning and pricing decisions which in turn affect the brand equity.
4. Brand experience: A superior experience with brand results in satisfied customer. Satisfied customers prefer a brand over others hence affecting the brand equity.
5. Brand loyalty: Brand loyalty plays a key role in repetitive purchase of products and word of mouth marketing.