Abstract: At present, the value of B2B brand is becoming increasingly obvious, and the question about the sources of B2B brand equity has also received academic attention. However, the theoretical cycle has not made sufficient explanation concerning whether B2B brand equity has been affected by B2B markets. From the perspective of B2B2C, this paper takes the terminal market pull and the brand sensitivity as the mediating variables and the brand loyalty as the dependent variable to explore the source of brand equity with B2B element. The results show that the visuality, resource and complexity of the ingredients and the consumer market investment have a positive impact on the terminal market pull, while the impact of service support is not significant. The ingredient resource, the consumer market investment and the service support have a positive impact on brand sensitivity, while ingredient visuality and ingredient complexity have no significant impact. The terminal market pull and the brand sensitivity have a positive impact on the brand loyalty. The above-mentioned conclusion has provided theoretical basis for B2B enterprises to carry out cross marketing and joint marketing and to expand the influence of industrial chain.

Key words: brand equity; terminal market; brand sensitivity; ingredient brand