Final answer:
Brand Esteem is how highly consumers regard and respect a brand, and it is crucial for gaining repeat customers and maintaining a good reputation, which can command higher prices.
Step-by-step explanation:
The term that refers to how highly consumers regard and respect the brand is Brand Esteem. Brand esteem is part of the brand equity, which encompasses a brand's value to both the company and the consumers. High brand esteem means that consumers have a positive attitude towards the brand and hold it in high regard, which could lead to repeat customers and recommendations to others. A good reputation is essential for a company because it encourages consumer trust and reduces concerns over product quality. For instance, social marketing campaigns use flagship species to evoke trust, affection, and pride, which can motivate behavior change and establish a strong brand connection. Lastly, a company that maintains a good reputation is also able to command higher prices, demonstrating the tangible value of brand esteem.