The added value a brand name gives to a product beyond the functional benefits provided is referred to a brand equity.
Brand equity is when the brand name of a particular product increases its value beyond the functional benefits of the product. For example, if a product is associated as a luxury product associated with celebrtities, if people value it more as a result, this is an example of brand equity.
To learn more about brand equity, please check: https://brainly.com/question/15105000
