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Brand equity refers to the value that a brand adds to a product or service beyond its functional benefits. It represents the perception, recognition, and loyalty that customers associate with a brand, which can influence their purchasing decisions and willingness to pay a premium. In marketing management, brand equity is considered a critical asset because strong brands create competitive advantages, enhance customer retention, and facilitate market _________ _______ _________ __________ ________ ____ ______ _________.
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