Final answer:
Brand equity is built on a well-respected and recognizable brand name, ethical transparency in promotions, and strong advertising efforts that evoke positive emotional responses and trust from consumers.
Step-by-step explanation:
Most observers agree that brand equity consists of a few key elements. Firstly, a well-respected brand name builds its equity by developing a strong reputation over many years, often signified by recognizable logos or symbols, like Pillsbury's "doughboy" or Apple's "bitten apple." Such symbols can evoke a positive emotional response, enhancing the brand's image and customer loyalty.
Secondly, brand equity involves ethical considerations, such as transparency from brand ambassadors about their relationships with companies. This credibility is important for maintaining trust among consumers. Lastly, significant advertising efforts, including diverse media strategies to promote brand awareness and reinforce brand messaging, play a crucial role in boosting brand equity.