What is brand equity, and what are the major elements that underlie brand equity?
What will be an ideal response?
A well-managed brand is an asset to an organization. The value of this asset is often referred to as brand equity. Brand equity is the marketing and financial value associated with a brand's strength in a market. Besides the actual proprietary brand assets, such as patents and trademarks, four major elements underlie brand equity: brand name awareness, brand loyalty, perceived brand quality, and brand associations.Being aware of a brand leads to brand familiarity, which in turn results in a level of comfort with the brand. A familiar brand is more likely to be selected than an unfamiliar brand because the familiar brand often is viewed as more reliable and of more acceptable quality. The familiar brand is likely to be in a customer's consideration set, whereas the unfamiliar brand is not.
You might also like to view...
Which of the following is NOT an example of fraud in the acquisition and payment cycle?
a. Theft of inventory by employees. b. Inventory shrinkage. c. Large manual adjustments to inventory accounts. d. Excess inventory because of a production slowdown.
Gatekeepers are important in the B2B buying process because ________.
A. they act as a buffer between the buying center members and consumers in the buying process B. they act as initiators in certain scenarios of the purchase decision process C. they limit the number of vendors in a given buying process D. they engineer costly capital equipment purchases by employing a wide range of financial tools E. they provide the organization with relevant expertise in particular purchase decisions
Employees are most likely to seek unionization if they believe that doing so will achieve results that they cannot achieve acting individually.
Answer the following statement true (T) or false (F)
Gwyn dies without a will, survived by her nephew Halsey and her aunt Ilene. Halsey and Ilene are Gwyn's
A. collateral heirs. B. grantors. C. testators. D. lineal descendants.