In present scenario, customers are well aware about the price and feature of all the substitute of a product. They have more awareness, more accessibility to the various brands in market. Generic competition among the products has made the competition tougher. The aim of this work is to understand the effect of optimum brand promotional activities to improve brand equity. Students enrolled in university in faculty of management sciences were considered as target population. Respondents were selected on the basis of non-probability convenience based sampling technique. A survey questionnaire was conducted. The number of respondents was 273 which were included in the study. Reliability test, descriptive analysis, factor analysis and regression analysis used for data interpretation. SPSS 20 version software was used for data analysis. It is concluded from the study that celebrity endorsement, advertisement and sales promotion have significant effect on brand image, brand awareness, brand association, brand loyalty and perceived quality. Brand image has significant positive effect on brand awareness, brand association, perceived quality and brand loyalty. It is further evident that brand image has partial mediating effect on brand awareness, brand association and brand loyalty through advertisement, celebrity endorsement and sales promotions. Brand image has mediating effect on perceived quality through celebrity endorsement, advertisement and sales promotion. The results of this study will help out the brand managers and marketing managers in beverage industry for designing and launching the promotional mix. The study has been conducted in only one metropolitan city of Pakistan. Respondents may be different in different cities due to their change in life style and preferences. Future researchers can conduct the same study in different cities or at national level.