What term refers to the value that a brand adds to a product?

The term that refers to the value that a brand adds to a product is brand equity. Brand equity encompasses the perceived worth of a brand in relation to the product it represents, based on customer perceptions, experiences, and associations. Positive brand equity can lead to customer loyalty, higher sales, and the ability to charge premium prices, as consumers may be willing to pay more for products from a brand they trust and recognize.

Brand loyalty, while related, specifically refers to the commitment and repeat purchasing behavior exhibited by customers toward a specific brand over time. Brand awareness involves the extent to which customers can recognize or recall a brand, which is important but is not a direct measure of added value. Brand identity is more about how a brand presents itself and how it is perceived in terms of messaging and imagery, rather than the actual value it brings to the product itself. Therefore, brand equity is the most accurate term in this context.