Perceptional and behavioral components of brand equity are significant elements of branding and have been extensively discussed in the marketing domain (Ailawadi, Neslin, & Gedenk, 2001; CobbWalgren, Rubel, & Donthu, 1995; Keller & Lehmann, 2006). Some of these authors have based their arguments on functional and symbolic attributes and responsibilities of a brand (Aaker, 1991; Keller, 1993; Yasin, Nasser Noor, & Mohamad, 2007), and refer to the way consumers perceive a brand and the benefits they receive from consuming it. Studies like Cobb-Walgren et al. (1995) reviewed the categories that were similar in physical attributes but varied significantly in the advertising support used by them to create psychological differences. The elements of brands considered by Cobb-Walgren et al. (1995) were not similar in respect of functional and financial risk to the elements that had an impact on brand equity. Brand perception is also considered as the added value given by current and potential consumers to the brand name, symbols and personality (Cornwell, Pappu, & Spry, 2011). The management of brand perception is a significant marketing strategy, which can position a brand uniquely in consumers’ minds, and often results in sales, margins, profitability, and ongoing interest from stakeholders (Jung & Sung, 2008; Yoo & Donthu, 2001). Brand equity has been explained as the added value that a brand name gives to a product; it is considered to be directly related to marketing concepts and is multi-dimensional in nature (Cobb-Walgren et al., 1995; Huang & Sarigöllü, ۲۰۱۲; Jung & Sung, 2008; Yasin et al., 2007). Although brand equity has been defined in a unique manner for each of its stakeholder groups by previous studies (Aaker, 1991; CobbWalgren et al., 1995; Delassus & Descotes, 2012), we have adopted the six elements of brand perception given in the literature, which are brand awareness, perceived quality, brand association, brand fondness, brand image, and product country image. However, there is limited study of the perceptional and behavioral components of brand equity, specifically in the retail setting in a less explored context such as Latin America. Given the importance of brand perception, it is desirable to investigate it in different markets to add to previous studies. In addition, the novelty of this study is the combination of in-depth interviews and a fuzzy-set theoretic approach.