Which of the following terms relates to the strength of a brand in comparison to its competitors?

Brand equity refers to the value a brand adds to a product or service based on consumer perception, recognition, and loyalty as compared to its competitors. It encompasses elements like brand awareness, perceived quality, brand associations, and customer loyalty. When a brand has strong equity, it can command a premium price, enjoy customer loyalty, and have a competitive edge in the market.

Market share refers to the portion of a market controlled by a particular company or brand but does not specifically address the strength of a brand itself. The product life cycle outlines the stages a product goes through from introduction to decline, focusing more on the product’s market performance over time rather than the brand's comparative strength. Target audience identifies the specific group of consumers a brand aims to reach but does not pertain directly to the overall strength of the brand against its competitors.

Thus, brand equity is the term that most accurately reflects the assessment of a brand's strength in relation to its rivals.