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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

How do brands help customers in product selection? How do brands help companies introduce new products? Explain the three levels of brand loyalty.

Summary Introduction

To determine: The ways brands help customers in product selection, the reasons brands help companies to introduce new products and the three levels of brand loyalty.

Introduction: The procedure of selection of a product that individuals do in their own lives is noticeably like the procedure of product improvement that individuals experience in their expert lives.

Explanation

The ways brands help customers in product selection are as follows:

Since brands are effectively instantly recognizable, they lessen the measure of time purchasers must spend shopping; purchasers can rapidly recognize the brands they incline toward. Brands can symbolize a specific quality level to a consumer, enabling that impression of value to speak to the genuine nature of the product. Brands in this way help to decrease a purchaser's apparent danger of procurement. At last, customers may get a mental reward that originates from owning a brand that symbolizes status.

The reasons brands help companies to introduce new products are as follows:

Since purchasers are now acquainted with a firm’s current brands, branding causes a firm to present another product that conveys a similar brand name. Branding helps vendors in their limited time endeavours since advancement of each branded item in a roundabout way advances different products of a similar brand...

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