Final answer:
Brand equity is falsely attributed to tangible assets; brand equity is actually the intangible value of a brand, while tangible assets refer to physical items like housing and collectibles that can provide a return on investment.
Step-by-step explanation:
The statement that brand equity refers to the tangible assets earned through a product's functional purpose is false. Rather, brand equity relates to the value that a brand adds to a product beyond its functional benefits, often measured through consumer perceptions, recognition, and loyalty. This value can manifest in several ways, like the ability to command higher prices, the power to influence customer choices, creating emotional connections, and generating customer loyalty. The concept of brand equity is closely tied to social marketing campaigns and their use of symbols or 'flagships' to create recognizable and emotionally engaging brands.
For clarification, while brand equity deals with the intangible aspects of a product's value, tangible assets are physical items such as housing, collectibles, and jewelry that are owned and have value. Tangible assets can provide a return on investment either from their use or through a potential increase in their selling price over time.