Question

The added value a brand name gives to a product beyond the functional benefits the product provides is called brand Blank______.

Multiple choice question.
equity
esteem
capture
personality

Answer 1

Step-by-step explanation:

The added value a brand name gives to a product beyond the functional benefits the product provides is called brand equity.

Brand equity refers to the intangible value that a brand carries in the minds of consumers. It encompasses the reputation, recognition, and perceived value associated with a brand. Brand equity can be built over time through effective marketing strategies, consistent brand messaging, positive customer experiences, and the overall perception of the brand's quality, reliability, and uniqueness.

A strong brand equity can lead to various advantages for a company, such as increased customer loyalty, higher brand preference, premium pricing, and a competitive edge in the market. It represents the positive associations and emotional connections consumers have with a brand, which can influence their purchasing decisions and overall brand perception.

In summary, brand equity captures the added value that a brand name brings to a product, going beyond its functional benefits, and encompasses the intangible aspects that make a brand desirable and valuable in the eyes of consumers.

Answer 2

The added value a brand name gives to a product beyond the functional benefits the product provides is called brand equity. It refers to the value that a brand has in the minds of consumers, influenced by factors such as reputation, loyalty, and associations.

Step-by-step explanation:

The added value a brand name gives to a product beyond the functional benefits the product provides is called brand equity. Brand equity refers to the value that a brand has in the minds of consumers, which can be influenced by factors such as brand reputation, brand loyalty, and brand associations.

For example, let's consider two smartphones with similar features and functionalities. One smartphone is from a well-known and highly regarded brand, while the other is from a relatively unknown brand. Despite the similarities in functionality, the smartphone from the well-known brand may have a higher perceived value and command a higher price due to its strong brand equity.

Brand equity is an important asset for companies as it can lead to increased customer loyalty, brand recognition, and competitive advantage in the market.