Final answer:
Brand elements are important but not the sole contributors to brand equity; consumer experiences, perceptions, associations, customer service, and product quality also play integral roles.
Step-by-step explanation:
False. While brand elements like logos, taglines, and packaging are instrumental in building brand equity, they are not the sole contributors. Brand equity is the value and strength of a brand that decides its worth. It is built through a variety of components including brand elements, but also through consumer experiences, perceptions, and associations with the brand. Other factors such as customer service, product quality, and marketing strategies also have a significant impact on brand equity. For example, even with strong brand elements, if customers have negative experiences or the product quality is poor, the brand equity could be negatively affected.