Brand equity is a marketing term that refers to the value of a brand name. It can be measured in monetary terms, or it can be measured in terms of the power that the brand has over its customers. The Brand Equity Scheme is a marketing scheme which is used by companies to measure their brand equity and identify areas for improvement. It uses four metrics - awareness, consideration, preference, and conviction - to measure how much customers know about the company, how likely they are to consider it when making a purchase decision, whether they prefer it over other brands when given the choice, and whether they are willing to make an extra effort to buy from it.