Brand Equity can be defined as the commercial value that derives from consumer perception of the brand name of a particular product or service, in other words, the value premium that a company generates from a product with a recognizable name when compared to a generic equivalent. Think Apple's new iPhone X price starting at $1000 compared to a generic smartphone.
Steve M. Scheel, CEO of Scheels, and a few associates were recently featured in the Fargo INC! article "HOW TO BUILD A BUSINESS THAT WILL LAST, THE SCHEELS WAY."
What does it take to make a 115-year-old company a great place to work and shop?
Scheels'...
“Choose a job that you love and you’ll never work a day in your life.” I think we’ve all heard that before. But, I think it’s bullshit. I love cooking, owning restaurants, and working with people every day. But, it’s very difficult at times. It’s long hours standing on your feet, doing repetitive tasks. It’s late nights and early mornings. It’s being behind the scenes. And, it’s a thankless job sometimes. But, it’s something that I truly love. It’s something that brings me happiness every day and it’s a happiness that I can share.
There is only one valid definition of business purpose: to create a customer. The customer is the foundation of a business and keeps it in existence. He alone gives employment.
We assert that nothing has been accomplished without interest on the part of the actors; and—if interest be called passion, inasmuch as the whole individuality, to the neglect of all other actual or possible interests and claims, is devoted to an object with every fibre of volition, concentration all its desires and powers upon it—we may affirm absolutely that nothing great in the World has been accomplished without passion.
A great leader’s courage to fulfill his vision comes from passion, not position.
The logo on the bottom of the Southwest airplane is a heart. Do you think it’s an accident that millions of Southwest passengers perceive the airline to be the “heart in the sky?”