Final answer:
The overall value of a brand to an organization is called brand equity. It represents the extra money that consumers are willing to spend to buy that brand compared to a generic or unbranded product.
Step-by-step explanation:
The overall value of a brand to an organization is called brand equity.
Brand equity represents the extra money that consumers are willing to spend to buy a particular brand compared to a generic or unbranded product. It is the result of a combination of factors, including the brand's reputation, customer loyalty, perceived quality, and brand associations.
For example, consumers may be willing to pay more for a Nike shoe compared to a generic shoe because they trust the Nike brand and perceive it to be of higher quality. This extra value that consumers attribute to the Nike brand is the brand equity.