Cosmetics Brand Equity Formation in Awareness of Latvian Consumer

Abstract

Creation of strong brand and increment of brand’s equity in the market is main goal of business. Usage of brand equity concept allows brand owners to sell branded products at higher price, gain greater market share, better promote products in the market, penetrate in market more easily, acquire more loyal consumers, improve effectiveness of marketing communications and enlarge product lines more successfully. Therefore for last 20 years brand’s equity conception, that consists from financial and consumer perceived brand’s equity, has become increasingly actual. It is also important task for brands in Latvian cosmetics market, because market itself is strongly saturated, highly competitive, and brand communication is very active, and therefore this kind of market requires brands to create their own unique approach, so they could stand out and successfully compete with other brands.Keywords: consumer based brand equity, cosmetic brand, perceived quality.Jel code: M31